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  • In recent years, small and mid-sized businesses have been offering employee benefits at record levels. This is a recent change, as in the past, many small businesses struggled to compete with larger companies in terms of the benefits they could offer their employees. However, in today’s economy, during unprecedented times with inflation and the Great Resignation, small and mid-sized businesses can now offer better benefits packages to their employees.

    The Job Market

    Let’s start by understanding what the job market looks like in today’s economy. The job market has become increasingly competitive in recent years. With unemployment rates at record lows and growing demand for skilled workers, businesses of all sizes must work harder to attract and retain top talent. Offering a competitive benefits package is one way small businesses can differentiate themselves from their competitors and attract the talent they want and need. Research shows that 73% of employees would be encouraged to stay with their current employer longer if given access to more benefits options.

    The Affordable Care Act (ACA)

    The Affordable Care Act (ACA) has also made it easier and more affordable for small businesses to offer health insurance to their employees. The ACA is a comprehensive health care reform law enacted in 2010. The law has three primary goals, which include the following:

    • Make affordable health insurance available to more individuals 
    • Expand the Medicaid program to cover all adults with income below 138% of the federal poverty level (FPL)
    • Support innovative medical care delivery methods designed to lower the costs of health care generally 

    Before the ACA, many small businesses struggled to provide health insurance to their employees due to the high costs involved. However, the ACA introduced a range of tax credits and subsidies for small businesses, which has made it easier for them to offer health insurance to their employees. This has been a game-changer for many small businesses, allowing them to provide better benefits packages without breaking the bank.

    Offering Benefits Is Important!

    There has been a growing awareness among business owners about the importance of employee well-being. Many employers now understand that happy, healthy employees are more productive and engaged. As a result, businesses have begun investing in employee benefits programs that promote health and wellness, such as gym membership reimbursements, mental health counseling, and wellness programs. These programs not only improve employee morale but also help to reduce health care costs for the business in the long run.

    The COVID-19 pandemic also highlighted the importance of employee benefits. Many businesses have had to adapt to remote work and make significant changes to their operations to keep their employees safe. In this new landscape of work, employee benefits such as paid time off (PTO), sick leave, and flexible working arrangements have become essential. Employers who have been able to provide these benefits have been able to maintain high levels of employee engagement and productivity during challenging times.

    GMS Is Here To Help You Thrive

    As businesses continue to recognize the importance of investing in their employees, we can expect to see even more innovative and comprehensive employee benefits programs in the future. Providing benefits not only helps attract and retain top talent but also contributes to a positive work culture and can boost productivity and morale. Benefits such as health insurance, retirement plans, and paid time off can make a significant difference in the lives of employees and their families, leading to increased job satisfaction and loyalty. While offering benefits may require an investment of time and resources, the long-term benefits for your business and employees make it a smart and necessary decision. As small businesses begin offering employee benefits at record levels, it’s time to make a change. Partner with a professional employer organization (PEO), such as GMS, who will provide you with a competitive benefits package. GMS changes the approach to increase affordable options and give your employees access to small business health insurance. We give small businesses the buying power of a larger corporation. In turn, we’re able to offer the following:

    • Financial security 
    • Flexible benefit options
    • Unprecedented customer service experience 

    GMS’ Benefits Account Manager Becky Fink said it best, “When employers offer benefits, they see greater employee retention. GMS enables clients to offer their employees a wide selection of benefit options. Our benefits experts help clients manage enrollment, payroll deductions, and renewals, so offering employee benefits is a breeze.”

    Get a quote from us today to gain a competitive edge in today’s labor market.

  • Starting November 1st, open enrollment begins, where consumers can enroll in an Affordable Care Act (ACA) health plan. The ACA is a comprehensive health care reform law that was enacted in March 2010 and has the following goals:

    • Make affordable health insurance available to more people
    • Expand the Medicaid program to cover all adults with income below 138% of the federal poverty level (FPL)
    • Support innovative medical care delivery methods designed to lower the costs of healthcare generally

    The annual open enrollment period allows individuals to enroll in various major medical health insurance plans or ACA-compliant health insurance plans. Individuals may sign up for health insurance, make adjustments to their current plan, or even cancel a plan. The deadline to get enrolled is on January 15th, 2023. If you miss this open enrollment period, you will have to wait until the next open enrollment period in the fall of 2023.

    GMS Is Here To Save The Day

    If you choose to make your job simpler and partner with GMS, we’ve got you covered during this stressful time. Your designated benefits account manager works with you and your employees to ensure everyone gets the coverage they want and need. GMS does more than simply offer coverage like a medical insurance company. We also provide our clients with various tools and resources to find a coverage solution tailored to their needs. Let’s make open enrollment more efficient this year. Contact us today!

  • If Congress allows the expansion of the health care subsidies included in the American Rescue Plan Act (ARPA) to expire, thousands of South Carolinians could see their 2023 premiums skyrocket. This is specifically related to individuals who get their health insurance through the Affordable Care Act’s (ACA) individual marketplace.

    There are currently about 365,000 individuals who have ACA plans. Amongst those individuals, 60,000 would lose health coverage and become uninsured if these subsidies don’t get extended. In addition, 225,000 South Carolinians would lose all or a portion of the financial assistance they currently receive.

    Benefits Of Temporary Subsidies 

    The ACA has provided subsidized health insurance on HealthCare.gov and state-run Marketplaces since 2014. There are approximately nine million individuals who purchase coverage with federal premium assistance. However, there are still millions who remain uninsured.

    The March 2021 COVID-19 relief legislation, also known as the ARPA, extends eligibility for ACA health insurance subsidies to individuals who buy their own health coverage on the Marketplace who have incomes over 400% of poverty. This law increases the amount of financial assistance for those on lower incomes who were already eligible under the ACA. It is shown that 21.8 million individuals are eligible for a subsidy to purchase Marketplace coverage with the passage of the ARPA. Also, 63% of uninsured individuals are now eligible for financial assistance through the Marketplaces, Medicaid, or basic health plans.

    Since the temporary subsidies in 2021, there has been an increase in financial assistance. In addition, these subsidies expanded aid to many middle-income individuals who had previously been ineligible for assistance.

    What This Means For Other States

    Outside of South Carolinians who are expected to see health premiums rise, the federal government has warned millions of individuals across the U.S. that they could lose health insurance. It is estimated that approximately three million individuals would lose health insurance should these subsidies stop. In addition, 10.4 million individuals with an ACA plan would pay a significantly higher dollar amount for coverage to stay insured.

    How GMS Comes Into Play

    Access to quality, affordable health care is essential for individuals to remain healthy. While questions are still looming, it’s concerning to individuals in South Carolina and across the U.S. who have been utilizing these subsidies. Let GMS take the stress off your shoulders. We now offer individuals voluntary benefits, providing you with access to health care, life insurance, pet insurance, and so much more. Contact us today.