Chicago Group Health Insurance

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