How to give your business a name that stands out, spells success
The average annual premium for employer-sponsored family health coverage rose 5% this year from last year to $20,576, including employer and worker contributions, according to the annual survey by the Kaiser Family Foundation. Average annual premiums reached $7,188 for single coverage, a 4% increase.
While the headline numbers are eye-popping, you probably care more about your contribution.
The average annual dollar amounts contributed by covered employees for 2019 are $1,242 for single and $6,015 for families, a whopping 25% jump since 2014 and 71% since 2009.
Of course it doesn't stop there. The dreaded deductible can add up to significant additional outlays toward the cost of health care. The average deductible among covered workers with a deductible is $1,655, up 36% over the past five years and 100% over the last 10 years.
So what can you do? Shop around. Yes, it's tedious, but it could save money. Start by reviewing your current plan and what you spent this past year; then try to project what your health care costs will be in the year ahead.
Compare plans and determine what they cover, how much they cost, including co-pays and deductibles, and whether your doctors are in the network.
High deductible health plan/health savings account: High deductible health plans offer lower premiums and are paired with tax advantaged health savings accounts. Both allow you to set aside pre-tax money to pay for unreimbursed health care costs.
If you're generally healthy and want to save for future health care expenses, the HDHP/ HSA may be an attractive choice. Or if you're near retirement, it may make sense because the money in the HSA can be used to offset medical care costs after retirement.
However, if you think you might need expensive medical care next year and would find it hard to meet a high deductible, it might not be your best option. The IRS has specific contribution and deduction rules about HSA contribution limits, so be sure to check them out.
Flexible spending accounts: These allow you to set aside up to $2,750 next year to pay unreimbursed medical expenses. These plans are subject to a “use-it-or-lose it” provision, which means that employees often must incur eligible expenses by the end of the plan year or forfeit any unspent amounts.
Insurance coverage: The buying power of a big group can mean more affordable rates for life, disability and long-term care insurance. Many of these policies are portable, which means that you can take them with you, if you leave the company.
Paying off student loans: According to the 2019 Society for Human Resource Management survey, employer-provided student loan repayment as a benefit has doubled since 2018 from 4 percent to 8 percent. Reimbursement for continuing education: This valuable benefit is tougher to find, but some employers still help pay for undergraduate, graduate and certificate classes. There is usually a requirement that workers earn at least a B to qualify for reimbursement.
Consumers can form an impression of a brand within seconds. If you want your new business to resonate with potential customers, you need to spend time coming up with a great name. Crowdspring founder and CEO Ross Kimbarovsky emphasizes that the name of your company is a crucial part of your brand strategy. Crowdspring is a Chicago-based company that helps businesses, entrepreneurs, agencies and nonprofits with design and naming for every stage of their business.
Below, Kimbarovsky shares some of his tips for using a strong name to set your company's brand up for success.
and create a huge brand, which is why you see successful companies pick more unusual names. But obscure words are also really difficult to spell and often difficult to pronounce.
You need a big marketing budget and a big effort to create a brand identity based on a word that people just don't know.
Employer health insurance coverage: |