SOCA's Anthem Benefits Help Small Businesses Save Money & Attract Workers
Health insurance is one of the most important benefits that you can offer your employees. For small businesses especially, offering superior coverage at reasonable costs helps you stand out from the competition. A superior benefits plan can help your business compete with even the top corporate brands, and if you opt for health benefits through a Multiple Employer Welfare Arrangement (MEWA), like those offered by chambers of commerce under the SOCA umbrella, health insurance plans can come at competitive rates.
MEWAs are a great option for small businesses because they allow many employers to spread the risk of health coverage over multiple parties, reducing liability and cost of coverage. The SOCA Benefit Plan is one of the best MEWAs available to small businesses in Ohio due to the scale of the network and the trustworthy coverage from Anthem.
Many businesses who are considering the SOCA Benefits Plan wonder what specific perks the plan can offer them and their employees. They also wonder about the specifics of open enrollment and how they can prepare their employees and themselves for the hectic window of eligibility.
In this post, we will cover the specifics of the SOCA Benefit Plan, what open enrollment is for health insurance, and how MEWAs can save your business significant funds. Keep reading to learn more!
SOCA Benefit Plan Administered by Anthem
The SOCA Benefits Plan is a great option for small businesses in Ohio. A self-funded solution for small businesses and sole proprietors, this plan gives your business many benefits that are designed to attract and retain your employees while factoring in your limited budget and specific needs.
How do you retain your top talent by offering quality benefits? Check out this blog here!
Benefits are focused on reduced costs and a range of options, two of the biggest pain points small businesses experience. Let's take a look at some of the top benefits that the SOCA Benefits Plan can offer you.
Top Benefits from the SOCA Benefit Plan
-- Competitive rates.
-- Fixed, predictable monthly payments.
-- A variety of health plan designs.
-- Anthem's broad Blue Access PPO provider network and Essential Rx drug list.
-- Coverage for claims run out/terminal liability coverage.
-- Expanded wellness offerings.
-- Exclusive rates and plan options including vision, life, disability, and more.
Opting for the SOCA Benefits Plan is a great way to save your small business money and take advantage of your chamber of commerce benefits. In the next section, we will take a look at open enrollment for health insurance.
What is Open Enrollment for Health Insurance?
Open enrollment for health insurance typically occurs once a year, allowing employees and individuals to make changes to their health insurance coverage. During this time, employees can enroll in a new health insurance plan, make changes to their current coverage, or add or remove dependents from their plan. Open enrollment may also be the only time employees can enroll in a Flexible Spending Account (FSA) or Health Savings Account (HSA).
Open enrollment affects employees by providing them with the opportunity to review their current health insurance coverage and make any necessary changes to ensure that their plan meets their needs and the needs of their families. It also allows employees to explore different plan options and potentially save on costs or improve their coverage.
As a small business owner, it's important to communicate open enrollment information to your employees in a clear and timely manner. This may involve hosting informational meetings, sending out email reminders, and providing educational materials about the available health insurance plans and any changes to the coverage options. It's also crucial to ensure that employees understand the deadlines and requirements for making changes during the open enrollment period.
How MEWAs Can Save Your Business in a Big Way
MEWAs can provide significant benefits for businesses looking to save money on employee benefits. By joining a MEWA, companies can pool their resources with other businesses to access better rates and coverage options for health, dental, and other welfare benefits. This can result in cost savings for participating companies, as they can leverage the collective bargaining power of the group to negotiate more favorable terms with insurers. This is especially advantageous for small and mid-sized companies that may not have the same negotiating power on their own.
In addition to cost savings, MEWAs can also help businesses attract and retain top talent by offering competitive benefit packages that may otherwise be out of reach for smaller employers. This can contribute to a more satisfied and loyal workforce, while also leveling the playing field with larger corporations when it comes to recruiting efforts.
The SOCA Benefits Plan can be a game-changer for businesses looking to provide quality benefits to their employees while saving money in the process. MEWAs, like the SOCA benefit plan, offer a practical solution for businesses looking to maximize their benefits budget and remain competitive in the labor market. In addition, because coverage is provided by Anthem, it is dependable and offers a wide range of care options.
How do self-funded plans differ from ACA coverage? Check out this blog to learn more!
Superior Coverage for Your Small Business Through SOCA
Providing your employees with comprehensive health coverage is one of the best benefits you can offer. Not only will you be able to attract new employees, but you will also be able to retain existing employees more easily.
MEWAs are a great option for providing superior coverage for less. They allow you to join forces with multiple businesses across the network to spread out costs while providing top-tier benefits to give you the perks you need to go toe-to-toe with the top corporate brands.
Your employees also need to know about open enrollment so they can sign up for coverage with regular rates. The open enrollment period can be a confusing time, so any information you can offer your employees about specific options can go a long way toward making this process easier.
If you are curious about the benefits SOCA can provide your brand, click here to reach out now!
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