Learn how health insurance for electricians can:
Shield your team from job-related hazards.
Keep your crew loyal and motivated.
And strengthen your electrical business.
Let’s find out how!
From electrical shocks and falls to exposure to hazardous equipment, electricians deal with risks on a daily basis that most other occupations don’t. Electricians health insurance acts as a safety net, paying for unanticipated medical costs that may otherwise put a significant strain on employees.
Additionally, providing health insurance helps in attracting and keeping talented personnel. Experienced electricians are in high demand in the skilled trades sector, and offering a full benefits package that includes health insurance, helps your company stand out. In most cases, workers decide to choose the employers who offer peace of mind through their extensive health insurance offerings.
Health Insurance Options for Small Electrical Businesses
You have a number of health insurance options as a small electrical business. Your budget and specific requirements will help determine which option you choose:
Group Health Insurance Plans
Traditional group health insurance plans offer varying degrees of flexibility and coverage. In general, they provide comprehensive coverage for employees including access to medical services like doctors visits, hospital care and prescription drugs.
Some of the common group health plans include HMOs (health Maintenance Organizations), PPOs (Preferred Provider Organizations), and HDHPs High Deductible Health Plans). While these are three of the most popular options, we encourage business owners to learn about all of the health insurance options before making an ultimate decision.
Specialized Plans for High-Risk Professionals
Some insurance companies offer group plans specifically designed to meet the needs of workers in high-risk occupations, such as electrical work. Due to the high-risk nature of the profession, these plans often feature premium discounts and other benefits like improved coverage for work-related injuries or safety resources.
Choosing a health plan intended for high-risk occupations gives employees confidence knowing that they are covered against even the most dangerous work conditions.
ICHRA and QSEHRA
Individual Coverage Health Reimbursement Arrangement (ICHRA), and Qualified Small Employer Health Reimbursement Arrangement (QSEHRA), are unique, non-traditional health coverage options. These options let employers give their employees a monthly allowance for purchasing their own individual health insurance. The main difference between the two is that QSEHRAs are for businesses with less than 50 full-time employees. ICHRAs on the other hand are available for companies of any size.
These arrangements are favorable for both employers and employees. They give flexibility to business owners, since you decide how much money you want to spend each month. On the other hand, employees like these setups since they have the freedom to choose their own level of care.
The Benefits of Offering Group Health Electricians Insurance
Purchasing electrician insurance offers your company several financial benefits:
- Tax Credits and Deductions: By providing group health insurance, you may be eligible for the Small Business Health Care Tax Credit. This credit works by covering up to a maximum of 50% of your employee premium costs. Potential tax savings like this, make it easier to offer extensive employee benefits without breaking the bank.
- Increased Productivity and Decreased Absenteeism: Workers who have health insurance are more likely to receive preventative care, maintain their health, and take fewer sick days. Most companies offering benefits face fewer employee disruptions, and have smoother business operations since all their team members are ready-to-go!
- Increased Employee Loyalty: Workers who have health insurance tend to be happier and more devoted. By increasing work satisfaction and lowering turnover, health benefits help you keep talented electricians who care about your company’s success.
How to Pick the Right Health Insurance Plan for Electricians
It’s important to carefully consider your options when choosing a health insurance plan for your electrical business. Taking the following steps ensures that get a well-rounded plan that suits your particular business needs:
- Evaluate Your Company’s Needs: Take into account your company’s size, employee demographics, and any special requirements of your employees. For instance, workers with families probably want more extensive coverage, while younger workers generally prefer lower costs.
- Work with an Insurance Advisor: It can be quite beneficial to work with an insurance advisor who is knowledgeable about the unique risks that electricians face. They can assist in creating plans that take your particular challenges into account . GHQ (Group-Health-Quotes), is a great resource to help you make an informed decision . They provide side-by-side plan comparisons, free quotes, and expert insurance agents to help with the process.
- Determine Your Budget: Take the time to sit down and determine how much you can realistically afford to contribute to premiums on a monthly basis. Additionally, it’s important to also consider how much your employees are likely able to pay. Many businesses looking for affordable options share the costs of premiums with their employees.
Legal Considerations for Small Electrical Businesses
- ACA Requirements: The Affordable Care Act (ACA) states that businesses with 50 or more employees are required by law to provide health insurance.
- OSHA and Safety Regulations: Although the Occupational Safety and Health Administration (OSHA) does not mandate that companies offer health insurance, doing so promotes a safe and healthy work environment. Health insurance lessens the effects of occupational illnesses or injuries by promoting quick medical intervention and preventive care. By encouraging general well-being and making workers feel protected at work, health insurance supports OSHA’s safety objectives
Additional Insurance Options for Electrical Workers
Given the hazards and physical demands of electrical work, additional coverage options provide an additional layer of security:
- Disability Insurance: Provides relief to employers and employees by replacing a portion of a worker’s income if they are unable to work due to injury or sickness.
- Workers’ Compensation: This coverage is legally required in all US states except for Texas. It provides pay and other benefits for employees if they suffer a work-related injury or illness.
- Life Insurance: Life insurance provides the families of employees with some security in the form of money, if an unexpected tragedy strikes.
- Wellness Programs: Wellness programs are a great way to encourage healthy habits among your workforce. These programs often offer benefits such as gym memberships, nutrition programs, smoking cessation courses and much more.
Don’t Wait: Protect Your Electrical Business Today!
Protecting your electrical business with the proper health insurance policy makes a significant impact on the development of your organization. Don’t leave your employees unprotected in an industry that carries such significant risk.
Ready to take the next steps? It’s as easy as 1, 2, 3! Just visit Group-Health-Quotes.com, fill out a form or call us at 888-571-0291. We’ll match you up with a licensed insurance agent to pair you with a plan that fits all of your needs. We even offer a quote comparison tool to ensure that the plan you select matches your budget.
Want more advice about employee benefits? Maybe you’re looking for tips to help you run your small business more effectively. Take some time to explore our resource library where we house tons of actionable guides and blogs, aimed to make your life easier and your business run smoother!
