Bay Minette Group Health Insurance & Employee Benefits Plans

Bay Minette Group Health Insurance & Employee Benefits

Bay Minette City is the largest employer in Baldwin County. Many of the other opportunities are with manufacturing companies. Bay Minette recruits new companies by collaborating with the North Baldwin Chamber of Commerce and the Baldwin County Economic Development Alliance.

Since most people in this area (and across the country) get access to healthcare insurance through an employer, it’s crucial for local companies to ensure that their programs are comprehensive and affordable. Offering a full package of benefits is a great way for local companies to attract and retain the high-quality employees they need.

Bay Minette AL Large Group Health Insurance Plans

Per the definition in the Affordable Care Act (ACA), a large company has fifty or more workers. These companies are called Applicable Large Employers and must offer health insurance for their workers or face penalties. In addition, ACA requirements specify that small coverage must meet an affordability standard (costing the employee no more than 9.12 percent of their gross household income) and provide ten essential minimum benefits:

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

Bay Minette, AL Small Business Health Insurance Plans

Small businesses (typically defined as having fewer than fifty employees) don’t have a legal obligation to offer affordable small group health insurance to their workers, but they can if they choose to. The U.S. Bureau of Labor Statistics estimates that approximately half of the small companies provide access to medical insurance through the company. Many also pay a portion of the premium for the employees and sometimes for their dependents as well. To assist with the red tape and start-up challenges, small firms can find assistance in establishing and administering their insurance plans through programs created in conjunction with the Affordable Care Act. Ask your Taylor Benefits Insurance consultant for more information.

Bay Minette AL Employee Benefit Plans and Employee Benefit Packages

Along with health insurance, one of the preferred benefits for employees is a retirement savings plan. In surveys, retirement assistance often ranks in the top three or four. Yet, only about half of Alabama employers offer a retirement program to their staff. Among many choices for small firms, the SEP IRA (Simplified Employee Pension Individual Retirement Account) is suitable for companies with under twenty workers. Each year, the owner can decide whether to contribute or not, making it more flexible than some other programs that require an annual commitment.

SIMPLE IRAs are an alternative for slightly bigger companies, and these have more choices around contribution levels. In either a SEP or SIMPLE plan, the company contributions immediately belong to the account holder with no vesting period. This approach is part of the administrative tactic that allows the plans to use streamlined procedures for complying with nondiscrimination protocols.

As with a health insurance plan or other benefits offerings, it’s wise to get professional guidance when you consider creating a retirement program. Talk to your Taylor Benefits Insurance specialist about the best option for your company.