Chicago Group Health Insurance

Chicago group health insurance plans

Chicago IL Large Group Health Insurance Plans

Like employers across the US, Chicago businesses with more than fifty workers are required to provide affordable health insurance because of the passage of the ACA. The ACA (Affordable Care Act) has several requirements for coverage, including an affordability standard. For the employer’s policy to meet that requirement, the employee’s share of the premium can’t exceed 9.61 percent of their income. For example, if an employee earns $50,000, the affordability threshold for that worker is approximately $4,805. Coverage is required for dependents but doesn’t have to meet that standard.

Also, an insurance plan must pay at least 60 percent of the total cost of anticipated medical services for a “standard” subscriber. That design would earn the policy a “bronze” rating from the ACA. If the plan covered more, it could have a silver or gold rating but would likely cost more as well.

Finally, every health insurance plan must cover these ten essential benefit areas:

  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

Chicago IL Small Business Health Insurance Plans

Small businesses often struggle with the cost of healthcare. Since companies with fewer than fifty workers are exempt from the ACA mandates, they don’t have to provide coverage. Many small firms want to help their workers and share the burden. One option is a High Deductible Health Plan (HDHP) which may be a cost-effective choice when paired with a Health Savings Account. These accounts are different from the older Flexible Spending Accounts style and have more qualifying rules. The biggest hurdle for eligibility is a minimum deductible of $1,400 for an individual or $2,800 for a family. However, the deductible can be much higher, matching the allowable out-of-pocket maximum. That could be as much as $7,050 for an individual subscriber or $14,100 for the family.

Health Savings Accounts help workers manage their healthcare costs because they can use pre-tax income to pay for those expenses. In some cases, the company also adds funds to the HSA. Also, the money in the account isn’t subject to a “use it or lose it” provision like Flexible Spending Accounts. For example, suppose a worker has money in the account, but they don’t use it in the current calendar year. In that case, they can accrue it indefinitely (even into retirement.)

Chicago IL Employee Benefit Plans and Employee Benefit Packages

Health insurance and time off from work with pay are among the most often requested benefits. Even though small companies may not always provide health insurance coverage, they usually give paid time off to full-time workers. Many workers get sick leave or a pool of time off that they can use for more than one purpose. The most common PTO after illness is for holidays and vacations. Big companies may add bereavement leave and paid time for jury duty.

Many companies in Chicago offer disability insurance to their workforce. All must maintain workers’ compensation policies, but many injuries occur off the job. Some businesses pay for short-term coverage and allow employees to add long-term coverage at their expense. Long-term disability is one of the so-called “voluntary” benefits that employees may buy with a group discount through their employer but with no employer contribution. Other examples include life insurance, pet insurance, long-term care insurance, and legal plans.

Table of Contents

  1. Chicago Group Health Insurance and Employee Benefits
  2. How Taylor Benefits Can Help You
  3. Typical Problems with Group Insurance in Chicago
  4. The Benefits of Taylor Benefits Insurance
  5. Chicago large group health insurance

Chicago Group Health Insurance & Employee Benefit Plans

The best group healthcare insurance plans are custom-written. At Taylor Benefits Insurance, we believe this and so do our clients. As an independent agency, we have the ability to provide custom group healthcare insurance plans that are not regulated by or limited by an insurance carrier or the federal exchange.

Now, you can get the group healthcare insurance plan you have always wanted, at the price you never knew you needed. Taylor Benefits makes it all possible with affordable group insurance plans.

Dial 800-903-6066 and get free consultation on Chicago Group Health Insurance & Employee Benefit Plans

How Taylor Benefits Can Help You

We offer the following group benefits in our group healthcare insurance plans:

As an independent agency, we research your needs, your competition, and the local policies and laws that pertain to your group’s healthcare needs. We take all this research and turn it into an actionable insurance plan. Get the coverage you need by contacting Taylor Benefits Insurance today!

Typical Problems with Group Insurance in Chicago

The average individual spends almost 8% of their income on healthcare in Chicago, Illinois. When you consider that the average individual has many financial obligations like housing, food, transportation, and student loans, this 8% is very significant.

Chicago group health benefits and employee insurance plans

This is an even greater concern when you realize that many poor Chicagoans are forgoing using their healthcare due to the prohibitive costs of doing so. Healthcare, while greatly expanded by Obamacare, still needs to be made more affordable and more accessible for Americans, and that is where Taylor Benefits Insurance comes in.

Are you looking for a Chicago Group Health Insurance & Employee Benefit Plans? Click the quote button to get an instant quote.

Relevant Statistics

  • Over 75% of companies in Chicago offer group health insurance as part of their employee benefits package.
  • Chicago has seen a 30% increase in the number of small businesses providing group health insurance in the last five years.
  • On average, Chicago companies with group health insurance experience a 20% reduction in employee absenteeism due to better access to healthcare.
  • Approximately 90% of employees covered by group health insurance in Chicago receive preventive care services, resulting in early detection and lower treatment costs.
  • Group health insurance plans in Chicago have an average employee satisfaction rate of over 90%.

General Facts

  • Chicago offers several options for group health insurance plans to cater to businesses and organizations in the city.
  • Group health insurance provides coverage for a group of people, typically employees of a company or members of an organization.
  • These insurance plans often offer benefits such as medical, dental, vision, and prescription drug coverage.
  • Group health insurance plans in Chicago may vary in terms of cost, coverage options, and network of healthcare providers.
  • Employers in Chicago can choose to contribute towards the premium costs of group health insurance plans, making it more affordable for employees.

The Benefits of Taylor Benefits Insurance

Group insurance, provided to groups of 50 persons or more, can lower your healthcare costs each month. Many individuals purchase individual or family plans through the federal exchange. However, purchasing a limited plan can be more cost-prohibitive than seeking out group healthcare insurance.

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in Chicago, Illinois

Here are some answers to common questions regarding Chicago, Illinois, health insurance coverage.

Which Large Group Health Insurance Providers Are in Chicago, Illinois?

You can find some of the nation’s best group health insurance providers through Taylor Benefits Insurance. Since we have provided reliable services for many years, you can always count on us to find a good deal for large group coverage.

Below is a list of the insurance companies we work with:

  • Blue Cross
  • eHealthInsurance
  • Humana Group
  • HIP Insurance Group
  • Kaiser Foundation Group
  • HCSC Group
  • Blue Shield
  • Carefirst Inc. Group
  • UHC of Illinois
  • State Farm
  • Coventry Corp. Group
  • Unitedhealth Group
  • Metropolitan Group

What Are the Different Types of Health Benefits Offered in Chicago, Illinois?

Taylor Benefits Insurance Agency provides the following benefits packages to businesses and employees in Chicago, Illinois:

  • Disability insurance, both short and long term
  • 401k
  • long term care
  • ACA (Affordable Care Act)
  • Corporate health insurance & employee benefits
  • large groups
  • retirement & pension
  • section 125 cafeteria
  • HAS
  • health coverage
  • dental coverage
  • vision insurance
  • life insurance

How Much Do Employers Pay for Health Insurance?

Employees may contribute some amount to group health insurance programs. Employees’ monthly costs begin at $270 per month or $3240 per year. In comparison, employee payments are more than three times lower than the average American’s annual healthcare costs.

How Do Small Business Group Health Insurance Plans Work in Chicago, Illinois?

Here’s what you may want to consider. To provide health benefits to their employees and, in some situations, their families, employers pay a health insurance premium. On the other hand, the employee may only pay a fraction of this amount.

There are three ways in which small business health insurance in Chicago, Illinois, can benefit small business owners:

The first of insurance is known as Associate Health Plans (AHPs), however it’s not recommended for smaller businesses. This happens when an insurance company offers a large group health plan to a number of smaller businesses within an industry or region.

Group Coverage Health Reimbursement Plans are a second type of insurance. Employees would receive group health insurance through their employers. In addition, they will also give them a monthly allowance to cover other expenses.

QSEHRAs (Qualified Small Employer Health Reimbursement Arrangements) are the third type of coverage to consider. Employers provide their employees with benefits each month (at their discretion).

Small businesses should avoid self-funded health insurance plans. The employer pays the employee’s medical bills and prescribed medications when they arrive, instead of monthly premiums.

Written by Todd Taylor

Todd Taylor

Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

We’re ready to help! Call today: 800-903-6066