Bridgeport Group Health Insurance & Employee Benefit Plans

Bridgeport CT Large Group Health Insurance Plans

The ACA requires employers with fifty or more workers to provide affordable health insurance to their employees. To be considered “affordable,” a plan must cost the subscriber no more than 9.61 percent of their income. For example, if an employee earns an annual wage of $50,000, that individual’s affordability limit is $4,805. However, the rule does not factor in the cost for dependents to be included.

The coverage must also meet specific coverage standards. The two indicators are:

1. The plan is designed to pay at least 60 percent of the total cost of medical services for a “standard” workforce population, and
2. The benefits include substantial coverage of inpatient hospital and doctors’ professional services.

Finally, every plan must cover the ten designated “essential benefits” 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

Bridgeport CT Small Business Health Insurance Plans

Small companies may hesitate to offer health insurance for their workers since the ACA doesn’t require it and the costs are high. With health insurance prices high and rising, it may seem unrealistic for businesses that aren’t subject to the ACA mandate. One option for these companies is to offer an ICHRA (individual coverage health reimbursement arrangement) instead. With an ICHRA, the employer can facilitate the employee’s ability to use pre-tax funds to buy insurance coverage. The plan choice is up to each employee and can be obtained through a marketplace or a broker. However, the insurance must meet ACA standards regarding coverage (essential benefits). Also, the employer can’t offer health insurance plus an ICHRA.

Moreover, suppose a business offers an ICHRA. In that case, it must be available for every employee—not just specific groups within the company. Still, if all employees are treated equally, the company can decide how much to contribute. Even better, the company can facilitate in one year and contribute in another year.

Bridgeport CT Employee Benefit Plans and Employee Benefit Packages

As inflation rises, companies must find creative ways to attract the workers they want to hire and retain. According to studies by the Society for Human Resource Professionals (SHRM), workers care about their benefits, not just their pay. As a result, businesses offering better benefits may be able to attract talented workers.

To develop a robust program, start with basics like health insurance and paid time off. These are essential for most workers. Also, even though enrollment lags, people seem to value the availability of retirement savings accounts. To build in custom perks for your workforce, consider what may appeal to your employees. For example, suppose your firm employs many recent college graduates who need help with student loan debt. Matching those loan payments is an excellent tool to support workers with high debt to pay off. On the other hand, if many of your employees are parents, consider a childcare subsidy or flexible spending account contribution.

Group Health Insurance and Employee Benefits

Group health insurance is the kind of health insurance that is provided to a group of people working together. This kind of insurance plan is popular because it is much cheaper and covers many people.

Employee benefit packages are benefits, such as group insurance plans, that are provided to eligible members of staff in a given company. They are popular with employees because they are awarded in addition to their monthly wages.