Year End Check List: WTIA’s Health Insurance Coverage?
Year End Check List
Most Washington state technology businesses (> 70% of all tech employers) have chosen to align their fiscal year with the calendar year. This creates some nice administrative efficiencies and a sense of organizational urgency in an already very busy time of year.Â Many of you are immersed in budget and operating plan approvals, kicking off the performance review cycle, and making incentive compensation decisions. Â We want to discuss one additional critical business decision that is often addressed during this time of year: the purchase of health insurance for your employees.
Business Planning and Health Insurance Benefits
For those organizations with a December 31st year end, considering new options for employee health insurance coverage can start as early as October 1, with the actual purchase decision usually being made in the time frame between Thanksgiving and Christmas.
Health insurance coverage is a big decision and typically represents the second largest expenditure (behind staff salaries) made by tech companies. In the tech sector, there is a significant shortage of qualified professionals which creates even more urgency around offering top notch insurance benefits as a differentiation benefit that employers offer when recruiting and retaining top employees.
As companies prepare to make their health insurance decisions for FY14, they should be aware that they are entering an unprecedented time in the history of healthcare. Â The adoption of the Federal Patient Protection and Affordable Care Act (ACA) legislation has significantly changed the healthcare landscape for tech companies in that there is now a requirement for most companies to offer insurance and the options can be purchased have been limited.
The WTIA has a fantastic solution
One of the core service offerings to our membership is a suite of comprehensive healthcare insurance benefits targeted at small and mid-sized technology employers.Â The WTIA has received unprecedented feedback that the WTIA Employee Benefit Trust (the vehicle that offers the health insurance) is not only the most valuable service to our members historically, but will actually increase in value due to the changing market landscape driven by ACA.
The Trust has been recognized as âbona fideâ (True-Employer Association Health Plan), which assures that it will continue to serve its eligible members beyond the 2014 implementation of healthcare reform. This is a critical designation as many other Trusts or vehicles that have historically provided insurance to tech employers have been or will be terminated because of ACA.
If your company is one of the 70%+ companies that has a December 31st year end and makes insurance decisions in conjunction with Q4 planning, now is the time to act. If you have an existing insurance broker that you work with, have them show you a WTIA insurance quote as part of your proposal package. If you donât have a broker, call the WTIA and we can connect you with a great advisor that specializes in serving the tech sector. The best part about all of this is that, as a WTIA member, you will save significant money, get comprehensive insurance benefits and showcase yourself as an employer that is committed to investing in your greatest asset â people.
Who to contact at the WTIA