Trying to rise above the competition as an Arkansas-based business means you need to find a way to stand out. One great way to attract and retain hard-working, qualified employees is by offering them a comprehensive health insurance and employee benefits package. As a business owner, it’s important to care for your employees so that they can better care for themselves and their families at home. Of course, you need to accomplish this while staying within your benefits budget, which is where Taylor Benefits Insurance Agency can help.
When you have the support of a licensed insurance broker at Taylor Benefits Insurance Agency, you can expect to get precisely what you need from a group health and employee benefits plan. Our professionals will network with some of the leading insurance carriers to identify the right approach for you. They’ll modify your plan as necessary and even negotiate costs to get your company’s workers even lower insurance premiums.
Group health insurance coverage is a plan covering a number of people under the same contract. With such a plan, all members of the group will get the same level of coverage, regardless of their occupation, age, and gender. Large group health insurance will eliminate the requirement of buying a separate insurance plan for every member of the company.
Often, employers offer group health insurance coverage to their employees as a part of their compensation and benefits. In many cases, the plan is also available for participation by spouses, kids, and other dependents of the group members.
A group insurance plan may offer services to the following groups:
The eligibility requirements for group health insurance plans will depend on the insurer, but typically include these:
Large or small business health insurance is more widespread than ever. Most people realize the importance of health insurance, and the need to offer options allowing employees to choose the one that works best for them.
Let’s take a look at how the plan is beneficial for the employers:
The salary you pay your employees is often a primary inducement for hiring and retention, but it might not always be enough. You need to show your employees that you care for them, and one way to achieve that is by providing robust benefits. When you sponsor an Arkansas small business group insurance plan, it’s a significant step in the right direction for creating a positive work environment.
Satisfied employees are more productive and more likely to stay with the company. One important contributor to employee satisfaction is a good benefits package.
Participating in a group health insurance policy provides financial security for your workforce. This, in turn, will help boost employee retention as the employees get the assurance that their health care costs are going to be taken care of. Employees can reduce their financial stress when they aren’t worried about medical expenses and being protected by the ACA essential benefits allows them to take care of their health concerns.
Creating a good impression in your industry helps build strong, lasting relationships with customers and vendors. Providing small business health insurance or health savings accounts demonstrates your goodwill toward your employees. This helps foster loyalty among the employees towards the organization and will pay off in a better reputation in the community as well.
Arkansas companies that offer qualified health insurance may be eligible for a tax credit to cover some of the premium and administrative costs. Eligibility depends on the number of employees, the average wage paid, and the amount of the premium subsidized.
If a potential or current employee has a choice between similar positions with two companies, they will evaluate the difference between salary, incentives, and perks. Creating an attractive benefits package will often give you an edge over your competitors.
Also, consider going the extra mile by extending health insurance coverage to the employee’s family members. Incorporating dependent coverage in your plan will make a tremendous impression on potential recruits as well as your current team members.
Since group health insurance plans include people with a range of health conditions, the risk is distributed across the participant group. The more participants there are, the lower the overall financial risk. This risk distribution allows the sponsoring company to save money comparted to the cost of a comparable policy for an individual. As a matter of fact, small business health insurance plans are as much as 30% cheaper than individual health insurance plans.
Because of changes prompted by the ACA, Arkansas small business owners can now provide healthcare benefits to their employees at a more affordable price. A small business health insurance plan may enhance employee satisfaction and productivity.
Here are some of the top benefits of group health insurance benefits for employees:
One of the primary benefits for employees is knowing that you are covered in case of emergency. You may be very healthy, but that doesn’t eliminate the potential for an accident or illness that requires hospitalization or other care.
In that situation, knowing you have medical coverage makes a difference in your outlook. As a covered employee, you don’t have to worry about how to pay for the medical services you need. If your employer is paying all or part of the premium, that also give you a financial benefit to complement your salary.
Being able to include your dependents in your employer coverage is a tremendous benefit. you can avoid the expense and stress of finding adequate protection for your family members. Of course, coverage varies according to the specific components of your policy, but you can enjoy the convenience of including everyone in the same insurance policy.
Consumers holding individual health insurance policies may have to pay for services initially and then seek reimbursement from their insurer. This process can be a burden for people with limited income or high medical expenses. In contrast, when you have coverage through a small group policy, you typically pay only your deductible and any coinsurance amount. You will enjoy the reduced stress and won’t need to worry about whether you can afford to visit a doctor for the services you need.
Arkansas small business owners spend a lot of time reviewing group health insurance plans. It can be difficult to understand the different costs and benefits of each health insurance plan. Insurance companies are motivated by making the sale, so as a policy sponsor, you should consider these tips:
When you are evaluating group health insurance, selecting the plan with the cheapest price may not be the best idea. Often, cheaper health plans do not offer complete health care coverage. If the plan seems surprisingly inexpensive, make sure that it includes everything your employees need. Of course, you don’t want to pay more than necessary, but you don’t want your employees to be dissatisfied with the coverage.
Health care costs are increasing every year, often much more than household income. Although your small business employees can opt to get individual coverage through the ACA (Affordable Care Act) marketplace, it’s preferable for small companies to provide sufficient coverage.
When you are considering the choices, ensure that the plan you contract for has adequate coverage and offers affordable premiums for your workforce.
The network size of the small business health insurance plan will have an effect on the number of options employees have when they are choosing their care and the amount they have to pay out of their pocket.
Some PPO and HMO plans have a limited network of hospitals, specialty care, and doctors. The subscribers receive maximum benefits by choosing providers within the network. That doesn’t mean they can’t use out-of-network providers, but they might have to pay more for the doctor or hospital they prefer.
It’s a better idea to choose a plan that includes a broader network of providers. This way the members of the health plans will have the option to choose from more hospitals and doctors.
When employees are sick, is it convenient to get medical care? Does the health insurance plan offer telehealth options or other convenient service delivery choices?
Check if the plan has a 24/7 nurse care line for answering questions from subscribers and an online chat with medical personnel. These services are more convenient for the employees and help in keeping the cost under control.
A good small business health insurance plan isn’t just about the treatment of illness and injuries. It is also designed to promote good health and well-being. When your employees are healthy, it is good for your business. If they are healthy, they don’t take unexpected days offs and they may be more productive.
Consider choosing a plan that includes free employee health assessments, wellness incentives, and the resources to keep employees engaged and healthy.
Prescription drug expenses can be a significant challenge for some workers, and the high cost is often hidden in a health insurance policy. Some insurers have complex formulas for covering essential drugs, so make sure you inquire about the coverage tiers, deductibles, and copayments. If the plan has a large number of excluded drugs, that could be a red flag.
When you compare group health insurance plans with individual health insurance plans, it may seem that the group plan has less flexibility. That could reflect the need for coverage that is appropriate for a wide range of individual needs. Sometimes an individual plan is customizable to match the preferences of the subscriber in a way that a group plan can’t meet.
Still, choosing the employer-sponsored group plan is likely to be a more significant benefit overall, saving you time, money, and stress. If your company also pays part of the premium, that’s an added benefit.
As a subscriber of the employer-based health insurance plan, you forego the ability to customize your coverage. Some companies do offer a choice between a basic and a more comprehensive plan. If yours does, you may have to pay more to get the specific options you prefer.
When you are getting group health insurance from your employer, you should not just limit yourself to knowing the benefits it has to offer. You should dig a little deeper to make the most of the health plan.
Here we are going to discuss some tips that will help you maximize the benefits of your group health insurance:
It’s a great idea to take advantage of the insurance coverage that your employer offers you. However, if you have access to coverage from another source (for example, if your partner’s employer provides insurance for dependents), consider maintaining both. If the premium cost isn’t prohibitive, there are times when dual coverage may be beneficial.
The Affordable Care Act requires insurers to offer preventive care without a deductible. That includes appointments for vaccines, mammograms, blood pressure checks, and other services that help subscribers stay healthy. Preventive care is available with no copayment, and taking advantage of it can help you improve your overall health.
If your policy is a PPO (Preferred Provider Organization) or HMO (Health Maintenance Organization) you are encouraged or even required to use medical service providers within the network. If you seek care from a doctor or hospital outside the network, you will definitely pay more for the service, and you could be stuck with the entire cost.
There are different types of health insurance policies. Two of the most common types are group health insurance and individual health insurance. Here is a look at some iof the differrences:
Group health insurance is provided to you by your employer or another organization and is sponsored by the company. Because the policy covers a group, the premium is based on the risk of all the participants, not just yours. In contrast, if you buy an individual or family policy, the cost depends on your medical history, age, gender, and coverage selected. The contract belongs to you, not your employer. You control it and can cancel at any time. With employer-based coverage, you will lose your insurance if you change jobs or retire.
One of the significant advantages of a group health plan is cost. Since the overall premiums are often lower and the employer may pay all or at least some of the expense, you can usually save money. On the other hand, an individual plan may be more costly, and the expense will likely increase as you age.
If you’re interested in learning more about Taylor Benefits and how our experienced brokers can help your business thrive, give us a call today at the number listed at the top of this page. We will discuss your options and even provide you with a FREE estimate! With over 25 years of history in the insurance industry, we know we can help you get exactly what you want out of a comprehensive group health and employee benefit plan.
These are concise answers to frequently asked questions about Arkansas health insurance coverage.
A large group health insurance plan is the best option for large businesses with more than 50 employees in Arkansas. The advantages of large group health insurance plans are that they offer insurance at a lower cost. Other details include:
There are several ways that group health insurance plans work for small businesses in Arkansas.
First, small businesses can insure themselves with a simple group health plan. The compsany selects the insurer and the structure, negotiating for the coverage and premiums. The employer asnd the employees often share the cost.
The second option is the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Employers can offer a certain amount of money in benefits each month to employees who purchase insurance individually.
It is also possible to invest in a health reimbursement plan such as Group Coverage Health. The company would provide group health insurance and a monthly allowance to cover deductibles, copays, and other expenses.
The riskiest options for small business health insurance are self-funded plans. Instead of paying monthly premiums, employees submit their medical bills or prescription medications, and employers compensate them accordingly.
Lastly, Associate Health Plans (AHPs) are another option for small businesses. An AHP is when a group of smaller firms within an industry or location join forces to purchase coverage from an insurance company for a larger group health plan.
Most Arkansas companies provide health insurance that covers the majority of medical treatments and equipment, including prescription medications, doctor’s appointments, and surgeries.
Dental and vision plans must be purchased separately because most health insurance policies do not cover these.
The cost for an employer to provide health insurance depends on multiple factors. The larger the company is, the lower the per-person price is likely to be. However, large companies with over fifty employees must ensure that the employees’ share of the policy premium is not more than 9.12 percent of their income. That could result in the company paying a greater share.
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