Andalusia Group Health Insurance & Employee Benefits Plans

Andalusia Group Health Insurance & Employee Benefits Plans

Andalusia is not only the largest city in Covington County, Alabama but also its economic center. This city prides itself on offering an unsurpassed quality of life.

Business owners and employers in Andalusia work hard to uphold these standards by providing a competitive employment package to attract the best professionals in the vicinity.

Andalusia, AL Large Group Health Insurance Plans

Employers compelled by their size to offer large group health coverage due to the Affordable Care Act must follow the rules that apply to large employers. Those rules include affordability requirements and minimum essential coverage, which consists of these ten components:

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

However, you can choose coverage delivery using a structure that makes sense for your business.  Companies can seelct a point-of-service plan, a preferred provider organization, a health maintenance organization, or a self-funded plan if it offers the necessary coverage and is affordable according to the IRS’ definition.

Andalusia, AL Small Business Health Insurance Plans

Small companies in Andalusia have options when considering whether and how to provide job-based small business health care coverage to their workforce. For example, businesses with fewer than fifty employees may be eligible for tax credits when establishing and operating a plan. Plus, some HRAs (Health Reimbursement Accounts) provide payroll tax savings to the employer by reducing the taxable wages for enrolled workers. Your Taylor Benefits Insurance representative can help you evaluate the potential of the ACA SHOP (Small Business Health Options Program) and understand your reporting requirements.

Andalusia, AL Employee Benefits Plans and Employee Benefits Packages

The cost of an employee is made up of both pay and benefits, with approximately seventy percent of the cost comprised of pay and the remaining thirty percent in benefits. Some expenses are mandatory, like employer payroll taxes (Medicare and Social Security contributions). Still, other pieces vary depending on the company’s benefits package.

Health insurance is typically the highest-cost benefit, with the average cost for family coverage increasing regularly. Of course, the employer doesn’t have to pay the entire amount. In most cases, companies share the premium with the employee. Nonetheless, it’s a substantial outlay for both the company and the subscriber. Retirement plan contributions are also a significant expense for many companies. However, the range of costs is broad due to the multitude of choices employers have when selecting a retirement plan for workers. In addition, some approaches offset the cost to a degree with tax savings. Employees appreciate these benefits and consider them strongly when deciding between potential employers.

Group Health Insurance and Employee Benefits

When you give your employees group health insurance and employee benefits plan as part of their employment package, you stand a better chance not only of succeeding with your recruiting and retention efforts but also of increasing productivity.

According to the Society for Human Resources Professionals (SHRM), most employees agree that when employers have their best interests in mind, they will often work harder to achieve success.

With a group health insurance plan in place, you will be surprised at how easy it will be to attract and retain the best professionals in your field in Andalusia. Taylor Benefits Insurance Agency is ready to help you through the process of creating and implementing a group health insurance plan.