Akron Group Health Insurance & Employee Benefit Plans

Akron OH Large Group Health Insurance Plans

Companies that employ fifty or more workers must comply with the Affordable Care Act (ACA) requirements, which established rules for employer-sponsored health insurance. Most sizeable companies already provide access to insurance. Still, the legislation added some new stipulations to make insurance more affordable and available for employees. For example, policies must meet an affordability standard that limits the percentage of their income that they can be required to pay. Companies can offer more than one plan, but at least one must satisfy this requirement. Every plan must meet the other conditions, including offering the ten essential benefit areas outlined by the ACA:

1. Ambulatory patient services (outpatient care)
2. Emergency services
3. Hospitalization, including surgical and medical
4. Maternity and newborn care, including delivery
5. Mental health and substance use disorder services
6. Prescription drugs
7. Rehabilitative services and devices
8. Laboratory services
9. Preventative and wellness services, including chronic disease management
10. Pediatric services, including dental and vision care for children under the age of 19

Other changes that support subscribers include prohibiting insurers from denying coverage due to pre-existing conditions and allowing dependents to remain on a parent’s plan until they turn 26.

Akron, OH Small Business Health Insurance Plans

In cities like Akron, small companies have many choices for providing health insurance — if they choose to do so. However, since the Affordable Care Act mandate for coverage doesn’t apply to businesses with fewer than fifty workers, it’s up to each small business. Companies seeking resources and information about insurance for their staff can find help from SHOP (Small Business Health Options Program), which was created by the ACA and provides incentives for offering compliant coverage.

Some businesses can qualify for a tax credit if they are eligible using these criteria:

• Employ fewer than 25 employees
• Pay lower average wages (currently set at less than $53,000 yearly)
• Offer an eligible health plan from the Small Business Health Options Program or through a qualified broker like Taylor Benefits Insurance.
• Subsidize at least half the cost for enrolled workers. The company does not have to share the cost for dependents.

Talk to your consultant about options for your small business.

Akron, OH Employee Benefit Plans and Employee Benefit Packages

You may think of health insurance when you hear the term “employee benefits,” and insurance is undoubtedly a significant component of many good benefits packages. In fact, it’s probably the most frequently requested benefit. But there is more to a good benefits plan than health insurance. For example, employees also want paid time off, flexible schedules, the ability to work remotely (at least part of the time), and casual office culture.

Workers also value retirement plan assistance, vision and dental insurance, wellness programs, and stock options, among other offerings.

Akron Group Health Insurance and Employee Benefits

The city of Akron in Ohio has won multiple economic awards for “city livability”. It is also seen as a high-tech haven, owing to its great contribution to the information age. This city also hosts the Biomedical Corridor that is dedicated to attracting health-related ventures. Employers in Akron strive to keep the best professionals from jumping ship by offering a good benefits package. This is one of the considerations that most job hunters give prominence when seeking out new opportunities. Group health insurance and employee benefits also play a role in determining your employee turnover.

Group Health Insurance and Employee Benefits

A common mistake most of the small business owners in Akron make is assuming they can’t afford a decent benefits package for their employees. However, while refraining from paying premiums for your employees’ group benefits may seem to work for your bottom line from a short term perspective, it could end up strangling the long term potential of your business. Offering group health insurance and other employee benefits will jump start the growth of your business. Research has found that when employees feel that their healthcare needs and employee benefits are met, they tend to be more productive.