Colorado Group Health Insurance & Employee Benefit Plans

The best way to take care of your employees and to help them when they fall ill is by providing them with a low cost group health insurance and employee benefit plan. A flexible group health and employee benefit plan attracts industry professionals to your place of business and even helps you prolong the longevity of their stay with your company. These plans give them a way to protect the wellbeing and future of themselves and their families at home.

Colorado Group Health Insurance & Employee Benefit Plans

Taylor Benefits Insurance Agency has learned to network with only the best insurance carriers throughout the nation. With nearly three decades in the insurance industry, our licensed brokers have sharpened their negotiation skills so they can modify and create Colorado group health insurance plans that satisfy your company’s employees as well as the requirements of the Affordable Care Act and other local, state and federal laws. We will make sure we find your Colorado business the lowest monthly premiums on a health care coverage you can’t refuse.

Colorado Large Group Health Insurance Plans

One of the most significant components of the Affordable Care Act (ACA) is the employer mandate for providing health insurance for workers. The requirement obligates companies with more than 50 workers to offer coverage that meets specific standards or pay the noncompliance penalty. In addition, the legislation changed health care in other important ways, like prohibiting denial of coverage for pre-existing conditions and allowing young adults to remain on a parent’s policy until they reach the age of 26.

In reality, most large employers already offered health insurance to their workers, either out of a sense of equity or to attract a talented workforce. As a result, the number of workers enrolling through their employer hasn’t changed substantially. However, the affordability standard and the minimum essential benefit requirements have certainly had a notable impact on many consumers. The affordability standard requires that impacted companies provide insurance at a cost for individual coverage less than or equal to 9.6 percent of the employee’s income. This threshold does not apply to family members, just the employee. Also, the plan must be intended to cover at least sixty percent of the anticipated costs for a standard worker (this would fall into the bronze tier of plans.) Finally, plans must include ten essential 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

Colorado Small Business Health Insurance Plans

Companies with fewer than 25 employees may be eligible for a tax credit to assist them with offering health coverage to employees. In addition, businesses with fifty or fewer workers may be able to buy coverage at a more affordable cost through the Small Business Health Options (SHOP) Marketplace. Keep in mind that these companies don’t have to offer coverage to their employees—it’s optional.

For small companies, the cost of insurance may be lower if you can join a multiemployer plan or share the premium expense with your employees. Multiemployer plans got a boost from the SECURE Act and allow unrelated companies to pool resources and potentially take advantage of some discounts that typically help larger organizations. Talk to your Taylor Benefits Insurance consultant for assistance.

Colorado Employee Benefit Plans and Employee Benefit Packages

Like most states, Colorado requires employers to provide worker’s compensation coverage to protect employees injured on the job. A typical benefits package could include health insurance, paid time off, a 401(k) plan, and possibly dental and vision insurance.

As is the case across the country, participation in employer-sponsored retirement plans is limited in Colorado. According to figures reported by the Bell Policy Institute, 48 percent of companies across the country still don’t have a retirement program for workers. The figure is slightly lower in Colorado, with forty-three percent of workers lacking access to a program. Conversely, forty-six percent of private-sector workers in the state are enrolled in a company-based retirement plan. Not surprisingly, small companies are less likely to have a program.

Your Health and Employee Benefit Options- Create the Perfect Plan for Your Company

  • Group health insurance
  • Group dental insurance
  • Group vision insurance
  • Group life insurance & long term care
  • Group retirement & employee 401(k) plans
  • Group pension plans
  • Prescription drug coverage
  • HSA and FSA
  • HMO and PPO
  • ACA compliance
  • Medicare options
  • Cafeteria plans (section 125)
  • COBRA and continuation of coverage
  • Group short and long term disability
  • Worker’s compensation insurance

What are Employer Health Insurance Plans?

A Colorado group health insurance is quite similar to medical insurance covering the members of a certain group. The group usually contains employees of an organization. Under the group health insurance policy, you can get health care coverage at a low price. Medicare plans covers all financial worries of employees against emergency medical conditions that apply to the whole group.

Reasons to Offer Small Business Health Insurance Plans

Employees are important for large as well as small business owners. A fewer employees might play a big role, but you can’t rule out the fact that each and every employee provides some benefit to the company. Thus, an employer should consider offering group health insurance. Let’s find out why.

Lower Premiums

Availing Colorado group insurance is affordable in comparison to getting individual health insurance plans. The health plan covers you from the time you are taking the health cover. It includes pre-existing diseases and maternity. So, it leads to cost savings for a small business owner.

But private health insurance is more expensive than group health insurance plans. In this case, pre-existing diseases will be covered after a few years of taking the policy. The coverage for maternity is also quite costly in comparison to the group health insurance plans.

Group health insurance has a reduced per-person costs because of a considerable risk pool. The risk of any loss is spread among the eligible people belonging to the group. Thus, the average cost per employee gets reduced. A large employer health insurance provided in groups can be beneficial for employees, as well as employers.

Improves Employee Hiring

Small businesses providing group health insurance are preferred by employees when they are choosing between you and other small employers. Thus, group health insurance can help you to attract and retain credible and talented individuals by providing health insurance. It will help in setting you apart from your competitors.

Improves Retention and Loyalty

A salary increase is one of the best ways to retain employees. Also, it is one of the most feasible options out there.

At the same time, providing small business health insurance plans can be an effective method to retain quality talent and gain their loyalty. Studies have shown that most employees prefer health insurance from their employer.

Furthermore, businesses might have to lose a significant number of employees when they are not offered enough perks or benefits. Provided the time and money it takes to find the right fit for the job role, it is better to give priority to employee loyalty and ensure the business runs smoothly.

Increases Productivity Among Employees

Employees will get better health benefits when they have health care coverage options. If employees have health insurance coverage, they will take fewer sick leaves. Hence, they are more focused on their work, which makes them more productive. It is better for small businesses to offer group health plans instead of dealing with frequent absences and lower productivity.

If you provide group insurance coverage, it will cause your employees to return to work early. A healthier workforce means it will bolster their productivity and ultimately help with the success of the business.

Builds a Conducive Company Culture

Satisfied and happy employees can help in building a healthy professional culture for the organization. Hence, it is an advantage for first Colorado employers, then for employees. When a small business offer health insurance, the health and well-being of employees are taken care of. Thus, it will push them to outperform all their professional responsibilities. Moreover, employers also get tax credit to offer health insurance services.

At times, employees are okay with a little cut in their take-home salary if they are provided an option to enroll for group health plan by small business owners. This is because a private health policy might cost them a lot.

Things Colorado Employers Need to Know Before Getting Group Health Coverage

The primary idea behind providing group health coverage including family plans to full time employees is have a cost-effective insurance premium. That is not the only thing you should know about a group health coverage plan.

  • The benefits such as pre-existing disease or maternity are covered in the eligible group plans. But be sure to ask the insurance company and check the healthcare provider resources for better understanding.
  • There is no waiting period in a small business health insurance plan for maternity benefits and pre-existing diseases.
  • Check the tax credit you will receive for offering health plans to eligible full time employees. It helps you save money.
  • A few treatments and illnesses might be covered only after a certain time in the group plans.

Getting a Health Insurance Plan for Your Employees

Are you really concerned about the health and well-being of your full time employees? The decision to offer a health plan is a big decision for companies in Colorado. So, you should carefully consider every little detail before you decide if you should offer a group health insurance. If you have any questions about the what the plans offer, you can reach out to Taylor Benefits Insurance Agency.

Your Health and Employee Benefit Options – Create the Perfect Plan for Your Company

  • Group health insurance
  • Group dental insurance
  • Group vision insurance
  • Group life insurance & long term care
  • Group retirement & employee 401(k) plans
  • Group pension plans
  • Prescription drug coverage
  • HSA and FSA
  • HMO and PPO
  • ACA compliance
  • Medicare options
  • Cafeteria plans (section 125)
  • COBRA and continuation of coverage
  • Group short and long term disability
  • Worker’s compensation insurance

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

In the United States, a comprehensive insurance plan covers a client’s medical costs once they are admitted to the hospital or in need of any financial assistance when it comes to health concerns. Colorado is a state leader in health coverage reform and is religious when it comes to following the federal Affordable Care Act that requires all citizens within the state to be provided with health insurance. Here are some of the questions that clients usually ask when it comes to Health Insurance:

What Large Group Health Insurance Providers Are in Colorado?

Large Group Health Insurance covers a business with 51 or more employees. In Colorado, the threshold is 101 employees. The companies that provide Large Group Health Insurance in the Centennial state are:

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

In Colorado, How Much Do Small Business Groups Insurance Plans Cost on Average?

Insurance involves numbers. Whatever health plan your employer chooses to avail for the employees, they will be expected to shell out a few hundred bucks. It’s a good thing that those who wish to avail Small Business Groups Insurance Plans can do so with ease. This is because of the Affordable Care Act (ACA). 

In Colorado, an individual is expected to cost an average of $369 for a major medical insurance plan.

What Should Employee Benefits Packages Include in Colorado?

Employees are an important part of a company. One of the best ways to give back to your employees is to provide them with a comprehensive health insurance plan. This way they know that they are cared for. 

You may even be able to attract competent job seekers by offering such incentives. A comprehensive, inexpensive employee benefits package is, in fact, a critical factor that educated job seekers consider. By offering one of the best health insurance and employee benefit plans available, you can stay ahead of the competition. 

A good employee health benefits package can include standard health, dental, disability, critical illness, vision, and death, among other things.

How Much Do Employee Benefits Cost on Average?

The coverage that comes with your employee benefits package can vary accordingly. It depends on what your employees would need and what kind of premium you want to pay. A typical employee benefits package in Colorado should cost around $1,036.76 on the average.

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