Arkansas Group Health Insurance & Employee Benefits Plans

Trying to rise above the competition as a company in the State of Arkansas isn’t easy unless you find a way to stand out. One of the greatest ways to attract and retain hard working, qualified employees is by offering them a comprehensive health insurance and employee benefit 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’ll need to do this at the most affordable rate which is where Taylor Benefits Insurance Agency can help.

When you go through a licensed insurance broker at Taylor Benefits Insurance Agency, you can expect to get precisely what you desire out of a group health and employee benefit plan. Our professionals will network with some of the leading insurance carriers to get you the right plan. They’ll modify your plan as necessary and even negotiate costs to get your company’s workers even lower insurance premiums.

What is Group Health Insurance Coverage?

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. Arkansas 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 payout benefits. At times, the plan might extend to cover the spouses, kids, and other dependents of the group members.  

Types of Group Insurance

A group insurance plan offers cover to the following types of groups.

  • Formal: It is also called the employer-employee group. So, the members of the group health insurance work for the same company or employer. The group health insurance policy is purchased by the employer of the group. It can be indemnity health insurance plans, preferred provider organization (PPO) plans, health maintenance organization (HMO) plans, etc.
  • Informal: When the group members belong to a cultural or societal association, they are called an informal group, they might have the same account or credit card. The administrator or the owner of the group buys the small business health insurance plan on behalf of the group members.

Who can Be a Part of a Group Health Insurance Coverage?

Take a look at the eligibility requirements to avail group health insurance plans-

  • The minimum number of members will vary with the group health insurance policy you are buying. Some plans for small businesses might require at least 10 members to be a member of the group. But others might require 50 members in the group to avail health insurance for small businesses.
  • The members of the group should be a minimum of 18 years old
  • All members should be full-time and active members of the group
  • The maximum age limit for the group members might vary. A few plans come with a minimum age limit of 60 years, while others allow entry till 80 years.

How can Employers Benefit from Group Health Insurance?

Large or small business health insurance has become highly popular in recent times. People have started realizing the importance of creating a robust health insurance portfolio consisting of different plans and how helpful these might be during a medical emergency.

Let’s take a look at how the plan is beneficial for the employers-

Positive Work Environment and Improved Performance

The salary you are offering to your employees is an important aspect but it might not always be enough. You need to show your employees that you care for them. When you provide Arkansas small business group insurance plan, it is like taking a step in the right direction for maintaining a positive workspace environment.

If you take steps to ensure that your employees are content and happy with their job, it can improve their performance. Employees tend to value employers who care for them by providing essential health benefits. Thus, they put more effort into the work they do.

Boosts Employee Retention

The group health insurance policy provides financial security. This, in turn, will help in boosting employee retention as the employees get the assurance that their health care costs are going to be taken care of. The minimum essential coverage helps for own health care.

Creates a Good Impression in the Industry

Creating a good impression in your industry helps in building a strong and long-term relationship with the customers. By providing small business health insurance or health savings accounts, you will reflect the goodwill towards your employees. This will eventually reflect in the work they do. It develops a feeling of loyalty among the employees towards the organization.

Offers Tax Credit Benefits

The premium employers pay for the group health insurance plans is eligible for 50% federal tax credit. It is one of the most important benefits of the health plan. As an employer, you can get up to 50% premium tax credit back from the federal government as tax incentives. This compensates Arkansas small business owners who offer health insurance coverage by paying monthly premiums.

Gives You an Edge Over Your Competitors

When an employee has to choose between two companies with the same working environment, he will look for average annual wages, incentives, and perks. The goodwill you create by offering additional health benefits to the eligible employees will give you an edge over your competitors.

So, go the extra mile by extending the health insurance coverage and medical needs to the employee’s family members. It offers medicaid services to the children, spouses, and even parents under the same plan. As you are doing it for the betterment of your employees, you can stand out among your competitors.

Value for Money

As group health insurance plans are personalized to cater to a large number of people, the health risk is distributed across a large number of people. Hence, it is an economical choice to save money for any small business owner. As a matter of fact, small business health insurance plans are 30% cheaper than regular health insurance plans.

How can Employees Benefit from Group Health Insurance?

Arkansas small business owners can now provide healthcare benefits to their employees at a more affordable price. A small business health insurance plan will keep your employees happy and make them more productive.

Here are some of the top benefits of group health insurance benefits for employees.

Healthcare Coverage at Zero Cost

One of the primary benefits of small business health insurance plans for employees is that you know your healthcare cost is covered in times of emergencies.

You might have been quite healthy but there might come a time in your life when you fall sick and needs hospitalization. In such a situation, the group health insurance is going to cover your pre existing health conditions, primary care physician expenses. The amount you get from the health plan depends on its terms and conditions.

Small business owners who pay average annual wages of less than $25,000 are willing to pay the premium amount to the insurance company to cover the pre existing health conditions of their employees.

Health Coverage for Families

Handling health insurance plans for your families from different medical providers can be stressful. Rather, with group health insurance, your family will be included in the health coverage.

However, the employee coverage claim might vary from one policy to the other as per the medical underwriting terms. Usually, the claims cover the costs of daycare, medicines, maternity, and a lot more. It is how eligible small businesses offer financial support to their employees.

No Waiting Period for Small Business Health Insurance

All health insurance plans come with pre-determined waiting periods for some treatments and illnesses for the entire group. For instance, maternity benefits have a 24-36 months waiting period for Arkansas residents during the open enrollment period.

But you don’t have to worry about that when you get a group small business health insurance plan for all employees. This is because it doesn’t come with a waiting period and patient protection starts from Day 1. It allows small employers to take advantage of all coverages and offer health insurance to all employees irrespective of their household income.

Easy Claims

It is another benefit of group health insurance plans. It comes with a hassle-free claiming and settlement process. With an individual health policy, you often have to go through a time-consuming process. However, when you are choosing group medical insurance, you only have to submit the hospital bills to your employer to get the reimbursement.

No Pre-Medical Tests Needed

Just like the waiting periods, affordable health insurance comes with many pre-medical tests, which help a health insurance company learn if the person to be insured has an pre-existing health condition or disease.

But when you get group health insurance from your employer, you don’t have to go through pre-medical tests. Everyone who is a part of the group health insurance is going to enjoy the same employee health benefits under the Affordable Care Act.

Tips to Get the Best Group Health Insurance Policy

Arkanas small business owners spend a lot of time reviewing group health insurance plans. It can be difficult to understand the health insurance plans in one go. Insurance companies want to sell health insurance, but there are many things that you need to look for. Let’s find out.

Do Not Always go with Cheap Options

When you are choosing group health insurance, selecting the plan with the cheapest price is one of the cardinal sins. Often, Arkansas small business cheaper health plans do not offer complete health care coverage. Ask them about the denied coverage rules for both Medicaid and human services for health.

As an Arkansas small business owner, you first have to evaluate and decide how much coverage you want for medical care costs.

Look for Enough Coverage Limits

Health care costs are increasing and the household income remains the same. Although Affordable care act is available in the US, small businesses should provide adequate coverage to their employees.

While offering HMO or PPO plans, asking your Arkansas department employees about health coverage needs might be a good idea. The increasing healthcare cost makes it important to seek appropriate coverage limits. Also, make sure that the health insurance plans limit are high enough so that your full time or part time employees don’t have to pay high co-payments.

Network Structure and Size

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.

A few health insurance plans provide a narrower network of hospitals, specialty care, and doctors. The health insurance members can get the maximum coverage and pay less money out of their pocket when they go to the providers within the network. That doesn’t mean you cannot choose out-of-network providers. But you are going to get limited coverage and pay more out of your pocket.

Health insurance plans that provide a broader network of providers are preferable. This way the members of the health plans will have the option to choose from more hospitals and doctors. However, these plans might designate a specific care doctor.

Questions to Ask When You are Choosing a Group Health Insurance Plan

Cost is one of the primary factors you need to take into account when looking for group health insurance plans. Rather than just choosing what appears to be the cheapest plan, you need to consider the overall value.

Does the Plan Help the Employees Get the Care They are Looking for?

In case employees are sick, do they have to visit a clinic? Or will the small business health insurance plan offer doctor on-demand service that will let them receive care by phone or online.

Check if the plan has a 24/7 nurse care line for answering the queries of the employees. All these make the services not only more convenient for the employees but will also help in keeping the cost of the treatment a little low.

How will the Health Plan Keep All My Employees Healthy?

A good small business health insurance plan isn’t just about the treatment of a disease or illness. It is also about promoting good health and well-being. When your employees are healthy, it is good for your business. If they are healthy, they don’t take days offs and tend to be more productive.

Arkansas small businesses should go for plans that will offer free employee health assessments and the resources to keep employees engaged and healthy.

What Kind of Pharmacy Benefits Does the Health Plan Provide?

It is one of the most crucial questions to ask when you choose Arkansas small business health insurance for your employees. You have to be aware of the hidden cost, such as the spreading price as it can have an effect on the overall price of the plan. Find out how prescription drug costs are going to have an impact on the pharmacy benefits. It will help you to decide if the drug discounts will actually help in saving money.

What are the Limitations of Group Health Insurance Plans?

We believe in being transparent. This is the reason we are also going to talk about the limitation of group health insurance plans. This will help in making an informed decision. So, let’s dive in.

Limited Healthcare Benefits

When you compare group health insurance plans with individual health insurance plans, the former might appear to be a little limited. It is primarily because health insurance plans are a little limited in their coverage and benefit.

Individual health insurance plans are generally more customized as per the requirements of the one who is getting them.

But employers should always get health insurance for the employees. It will keep the employees happy. This, in turn, will be beneficial for small businesses. Moreover, you will also be able to benefit from the tax credit. So, it is a win-win situation for you.

Cover Depends on the Employer

Your employer will choose the health insurance company and decide the coverage, choose the features, and benefits of the plan. Hence, the employer goes for the best plan from the health insurance marketplace. Arkansas small business health insurance provides generic cover just as other employees in the group.

No Tax Benefit

Since you as the benefiter aren’t paying any money to get the health insurance, you won’t be able to enjoy any tax benefits. It will only improve the cover and pay for the added coverage of your bills and health care services.

Lack of Control

Since small employers control the cover of the Arkansas small business health insurance, you as the employee don’t have enough liberty to customize the plan as per your preference. Even if you are allowed some freedom, you might have to pay some additional money for it. For example, if you improve the coverage, you will have to pay the premium from your own pocket.

The Premium Amount is the Same for All Employees

An employee who is fit will pay the same amount of health plan premium for the policy as the employee who is at a major risk. Thus, the person at risk will benefit from a major claim and less premium. A healthy employee is going to contribute to the other employees.

It comes as an advantage for the employee who is unhealthy and a loss for the one who isn’t using it.

Handling a Group can be Hectic

Before availing Arkansas small business health insurance, it is important to check previous employment plans. It can be difficult for small employers to handle the new employees by enrolling them in the open enrollment period and distributing a certain percentage among the group.

There are several pre-requisites as per the Affordable care act to offer a policy to the employees, such as cross-checking every individual document to ensure that they are eligible for claiming. An employer will have to ensure that they are offering legible bills. Check the dependents who will be covered under this policy to ensure that they get benefitted.

How to Make the Most of Your Health Insurance Plans?

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 in making the most of the group health insurance-

Keep a Secondary Health Insurance

Your employer might be providing you with a small business health insurance or indemnity health insurance. But as an individual, you are going to get coverage to the extent of the amount assured every year. So, the best idea is to supplement it by purchasing another policy that is more comprehensive. When you notice that your medical bills are just going to be covered to an extent by the whole limit of one policy, you can take advantage of the secondary policy.

Make Use of the Preventive Care Offered by the Policy

Preventive care includes things, such as doctor appointments, vaccines, mammograms, and more. It is generally provided for free by the network hospitals or nursing homes under the affordable care act terms and conditions. The benefit of choosing preventive care is that you will not have to pay anything out of your pocket. Preventive care ensures that you are unlikely to suffer from a serious condition in the future that will end the claim.

Check the Riders Offered by Insurance Carrier

At times, riders are available at a cheaper price than the added coverage and the additional premium you have to pay. It will usually be more affordable than purchasing separate health insurance plans for particular coverage.

Serious illness covers riders are particularly advantageous as they offer a big amount when the claim is made based on the condition. A few insurers also provide prescription drug riders that cover the cost of an extensive spectrum of both branded and generic drugs mentioned in the health benefits.

Stick to the Service Provider Network

If you go to a non-network care provider means you have to pay the bill out of your pocket. Furthermore, going on procedures and drugs that aren’t covered under the policy will translate to paying money out of your pocket. Keep in mind that insurance won’t cover any medical procedures that are being performed and didn’t have any connection to the underlying condition.

Pay Out of Your Pocket for Charges that Don’t Amount to Big Bills

The claim process has changed over the past decade. Every claim-free year will entitle you to a no-claim bonus that’s calculated against the amount assured by the small business health insurance. The bonuses might range from 10%-50% and are generally paid up as a discount on the premium you are paying. Hence, when you make a claim against small medical expenditure, it is going to cost you a lot more in the long run.

Group Health Insurance vs. Individual Health Insurance Coverage

There are different types of health insurance policies. Two of the most common types are group health insurance and individual health insurance. If you want to know the differences between the two before you purchase health insurance, jump in.

What are Group and Personal Health Insurance?

Group health insurance is offered to you as a part of the employee health benefits by large or small businesses. It is an employer sponsored insurance. The premium or the coverage amount depends on the cumulative risks of all the people in the group. So, the health care services coverage you are going to get is going to be uniform.

An individual health policy on the other hand is a policy that you buy for yourself and your family. The coverage is generally personalized to cater to your specific requirements. The premium depends on factors, such as age, medical history, family, type of coverage, and lifestyle. The policy is going to stay valid as long as you want.

The contract of the insurance for the individual health insurance is with the policyholder. While in the case of group health insurance the employer of the organization holds the contract and certificates are then issued to you.

Control

When it comes to individual health insurance, you have complete control. This means that you have the power to cancel the policy whenever you want.

But in the case of group health insurance, your employer and the health insurance company are going to control when the policy ends. This is because it is an employer sponsored insurance.

Tenure

When you get small business health insurance, you have to keep in mind that the tenure lasts as long as you are a part of the company. If you retire or change your job, the insurance is not going to cover you.

However, this is not the case when you have an individual health plan. Its tenure is going to last as long as you want it to.

Affordability

One of the most prominent benefits of a group health plan is the cost. This is because the premium is paid by the employer and employee pays nothing. Small businesses can also avail tax credit for the same. It also gives the employees free round-the-clock medical care with several specialists for minor health concerns.

Individual health plan, on the other hand, requires you to pay a high amount as a premium, particularly when you have pre-existing conditions. Moreover, in the case of this insurance, it can get costlier as you age.

Eligibility

All employees of the company will be granted a group health plan, regardless of pre existing health conditions.

Based on the medical or financial history, the chances of eligibility for some covers and plans are a little limited in the case of individual health insurance.

Health Insurance and Employee Benefit Plan Options

  • Group health insurance
  • Group dental insurance
  • Group vision insurance
  • Group short and long term disability insurance
  • Group life insurance
  • Long term care
  • ACA compliance
  • Section 125 cafeteria plans
  • Group 401k
  • Group retirement and pension plans
  • Workers compensation
  • Medicare
  • Prescription plans
  • PPO, HMO, HSA and FSA health plans and accounts

Arkansas group health insurance plans

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.

Bottom Line

Health care coverage should be your priority, especially when people are leading stressful lives. In today’s world, it is crucial to maintain overall well-being and health. Group health insurance is beneficial not just for small businesses but also for the employees. It provides employees will wider coverage at a lower cost, while it can offer tax credit benefits to employers. Also, happier employees mean a happier workplace. Contact Taylor Benefits at the phone number mentioned on the top of this page to get large group health coverage.

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in Arkansas

These are concise answers to frequently asked questions about Arkansas health insurance coverage.

What Are the Benefits of Large Group Health Insurance Plans in Arkansas?

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 price because they provide a substantial discount for your large group health plan.

Large group health insurance plans can also cover students. This plan is ideal for those who cannot afford individual health insurance. Additional benefits of large group health insurance include:

  • Pre-existing conditions
  • Deductibles
  • Coinsurance
  • Employer-sponsored (funded) Medicare/Medicaid enrollment
  • Employee dental programs and coverage
  • Health Savings Accounts (HSAs)
  • Employee vision insurance and care
  • Employees’ drug coverage
  • Comprehensive healthcare strategy
  • Employees’ major medical expenses
  • Out-of-pocket expenses
  • Employee wellness initiatives

How Do Small Business Group Health Insurance Plans Work in Arkansas?

There are essentially five ways that group health insurance plans work for small businesses in Arkansas.

Small businesses can insure themselves with a simple group health plan. For providing health benefits to their employees and sometimes their families, employers pay predetermined health plan premiums, which the employees may partly pay.

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 (at their discretion).

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 risky investment 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.

What Benefits Do Employers Offer in Arkansas?

Most Arkansas companies provide health insurance that covers the majority of medical treatments and equipment, including prescription medications, doctor’s appointments, and surgeries.

Plastic surgery, for example, is not covered because it is deemed unnecessary for the employee. Dental and vision plans must be purchased separately because most health insurance policies do not cover these two aspects of health.

How Much Do Employers Pay for Health Insurance?

No matter how small the contribution, each employee can contribute to company-sponsored health insurance. An employee can expect to pay an average of $3240 a year, or $270 per month, which is about three times less than the average price of healthcare in the U.S.

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