Electrical contractor - Canyon State Electric (CSE) is continuing a decade-long tradition of offering free health insurance for employees.
According to Poynter, average insurance prices are increasing ten percent over 2021 nationally, with some companies’ costs rising as much as 30%. Petersen-KFF Health System Tracker attributes the skyrocketing costs to greater utilization of healthcare benefits and increased healthcare spending in transitioning from the COVID-19 pandemic.
When insurance rates increase, employers have two options: pass along costs to employees, or pay to make up the difference. Many national employers can cut deals with insurance agencies, while small and mid-size businesses are left to weigh the pros and cons of the additional expense.
Expanding insurance cost
The company has decided to absorb the extra expense and offer a free insurance plan for employees
Electrical contractor - Canyon State Electric (CSE), which employs nearly one hundred electricians throughout the Phoenix valley, is experiencing an expanding insurance cost of 24%. Regardless, the company has decided to absorb the extra expense and offer a free insurance plan for employees.
“Normally, on average, you’ll see about a six percent increase year-over-year. And even then, that cost will be shared with the employee,” said Martha Terrazas, Canyon State Electric’s Human Resources Manager, adding “A lot of the electricians that work for us are the only earners in their families. Offering free health insurance gives them one less thing to worry about.”
The no-cost insurance plan covers 100% of preventative care with the largest healthcare system in the Phoenix area, Banner Health, and offers low rates for inpatient, outpatient, emergency, and urgent care.
Health, happiness, and well-being
Humberto Valdez, Journeyman with Canyon State Electric, said the plan helps him feel comfortable: “My oldest just went to college, and I have a two-year-old. It’s like I’m starting all over. It helps; having a good medical policy.”
“We’ve always treated our employees like an extension of our family,” said CEO Stephanie Maderazzo-Hughes, adding “Our priority is their health, happiness, and well-being. As costs go up, it’s even more important to take care of our people.”
“The benefits, the holidays we offer, the events; how we give back to our employees is amazing. I’ve never been a part of a company that does so much for its staff,” said Martha Terrazas.
Best Place to Work
Canyon State Electric has been named Best Place to Work in Arizona by AZ Big Media every year since 2018, and one of Arizona’s Most Admired Companies in 2022 by BestCompaniesAZ. New health insurance plans for the company go into effect on October 1.