Columbus Group Health Insurance & Employee Benefit Plans

Columbus GA Large Group Health Insurance Plans

The Affordable Care Act requires big companies (employing fifty or more workers) to provide health insurance for their workers. The law established requirements for adequate coverage, including an affordability standard. To meet the affordability threshold, the employee’s share of the monthly charge must be less than 9.61 percent of their income. For example, if an employee’s pay is $50,000, the affordability standard is approximately $4,805. Employers also need to offer coverage for dependents but don’t have to satisfy the affordability standard.

Also, insurers must design the plan to pay at least 60 percent of the anticipated expense for medical services for a subscriber. And 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

Columbus GA Small Business Health Insurance Plans

Companies that employ fewer than fifty workers are exempt from the health insurance mandates in the Affordable Care Act. However, many small companies still offer coverage to their teams and even pay a significant share of the expense. Providing coverage is an excellent way for the company to attract top talent and contributes to the family culture the company might be encouraging. A broker like Taylor Benefits Insurance can help you find a suitable program for your workforce.

Columbus GA Employee Benefit Plans and Employee Benefit Packages

In Georgia, employers don’t have to provide any benefits except the health insurance mandated by the ACA mandates for large businesses. Even paid sick time isn’t necessary. Still, many companies recognize the value of providing benefits both as a recruiting tool and for the well-being of their employees and work to craft an attractive package. Health insurance costs are high, but offering other perks may be less challenging. For example, suppose it’s feasible for a company to allow flexible scheduling. In that case, it may save money while providing a perk for workers. Similarly, many employees want to be allowed to work remotely, which may not cost the company anything.

Group Health Insurance and Employee Benefits

Employers who provide a comprehensive employee benefits plan attract and retain top professionals. Today, employee benefits are a major determiner of whether your employees will stay aboard or jump ship. A competitive salary, 401(k) plan and health insurance are three of the must-have benefits that you need to attract and keep top professionals in your company. A study by Watson Wyatt Worldwide found that companies that offer better employee benefit packages use them to not only attract but also retain the best caliber of staff while adding significantly to their bottom line.