Venture capitalists and private equity firms’ participation in the US economy has continued to increase over the years. Their effects are felt in almost all sectors today. Still, despite their enormous contribution and the numerous opportunities they create, they do not receive the full benefits of ERISA when it comes to fully insured healthcare plans.
This challenge comes from the fact that their portfolios are comprised of individual, separate companies. When added together, their employment numbers can be on par with some fortune 500 companies. However, because of their portfolio structure, they often can not achieve the same benefits, like self-funding their healthcare plans. So, they remain subject to specific state regulations. That means they may not have access to standardized health insurance plans, as they vary from one state to another.
RiseWell offers a solution that addresses the numerous discrepancies that hamper venture capitalists, private equity firms, and home offices from accessing the best healthcare plans in the US. Learn how a nationwide ERISA healthcare solution from RiseWell can benefit venture capitalists and private equity firms across the country.
Benefits of a Nationwide Healthcare Solution From RiseWell
Below are many reasons why RiseWell should be a top choice when looking to find a game-changing healthcare solution, regardless of the state in which the business is located.
Standardized expenses across a portfolio of companies
Venture capitalists and private equity firms can have a footprint in almost all corners of the country through their portfolio of companies. Moreover, many single portfolio companies span multiple states, making it challenging to provide the best healthcare services for their employees. Conforming with each state’s regulations is one of the reasons it can be difficult to offer the best coverage for their employees.
Companies often opt for the standard options available when offering health benefits, which come at varying costs. However, RiseWell healthcare plans can span state lines allowing continuity of premiums in all fifty states.
By using RiseWell, all your employees enjoy the same benefits across the company despite working or operating from a different state. As a result, employee discord is prevented by ensuring that none have different coverage levels or premiums. It is also a win-win for private equity firms and venture capitalists as they are assured of predictable, controlled, and standardized costs irrespective of the state in which they are located.
Standardizing healthcare costs can be removed from the decision-making process, allowing more important factors to drive your strategic thinking regarding geographic footprint or offering flexible work locations to your employees without concern about where they choose to live.
Offers the same benefits in every state
Each state in the US has a set of rules that govern it, and adherence to these rules is mandatory unless there is an exemption. While ERISA overrides most state laws, many traditional fully-funded plans are still subject to state taxes and fees. This means healthcare plans between states often lead to discrepancies in compliance and tax issues, creating various benefits from one state to another.
For example, employees within the same company may have different max-out-of-pocket, co-pays, or wellness benefits. Alternatively, to offer the same level or meet a minimum requirement for another state may cost the company significantly for employees in a given state.
It isn’t easy to maintain uniformity in all the cities where you have a footprint with such discrepancies. However, RiseWell standardized healthcare plans ensure the appropriate level of uniformity. In addition, there are healthcare plans suitable for all situations, regardless of the state in which the employees need coverage.
Turns healthcare benefits into a tool for retaining and recruiting talent
Attracting and retaining top talent is paramount. It is challenging to compete in the marketplace if the right employees aren’t in your company. Attracting the best talents goes beyond offering them a standard salary and a good working environment.
At a minimum, Millenials and Generation Z expect the “Big 3” employee benefits: healthcare benefits, paid time off, and retirement savings. Unfortunately, not offering health care benefits puts companies at a considerable disadvantage in the marketplace for talented workers.
The healthcare benefits you offer your employees can determine if they will stick around for long or if they will be the reason your employees keep an eye out for new opportunities in the marketplace. Level the playing field with your competitors by offering healthcare benefits suited to your employees’ needs. RiseWell ensures your benefits are competitive enough to attract any employee you wish to recruit and give them the desire to stay.
Only need a minimum of two employees
When a business is new and only has a few employees, it is likely for venture capitalists, private equity, and family offices to overlook the need for healthcare benefits. Money is tight and investing in innovation and growth are priorities. As a result, many prefer to wait for it to be a requirement to offer employees health benefits instead of using equity to incentivize employees. Another reason is the challenge of providing cost-effective plans to a small number of employees.
Being able to provide premium healthcare to two or more employees could change the game for venture capitalists. Consider the added return from attracting top talent with a full employee benefit plan equivalent to a large company and holding onto equity.
RiseWell understands there is a lot to consider during the early stages of business development. However, companies can benefit from a nationwide ERISA healthcare solution from RiseWell with just a minimum of two employees.
Eliminates barriers to healthcare
Employees may need access to healthcare any time of the day. Orbital Advisors understands eliminating barriers is essential. With RiseWell’s healthcare plans, all employees can access healthcare services round the clock with a concierge care coordinator, a plan-specific app, and 24/7 virtual telehealth. When employees use technology to communicate with their doctors, it can help cut the time they spend accessing healthcare services and, in turn, improve their performance at work. This is just another incentive RiseWell brings for employees, and it can go a long way in ensuring they stick around.
RiseWell supports venture capitalists, private equity firms, and family offices in different ways to offer the best healthcare services to their employees. Our services are unmatched, and irrespective of the states where the company has a physical presence. As a result, orbital Advisors provide the most competitive benefits across the board.
For more information on how you can get the most from RiseWell’s solution to level the playing field of large companies, make sure to to get in touch with us to start a conversation with one of our healthcare experts.