It’s a safe bet that most of the people working for your Connecticut company have families to care for. Your workers not only are concerned about their own health but also about their dependents. When you provide your employees with a comprehensive health and benefits plan, you will help them obtain the peace of mind that comes with financial security. In turn, you will benefit from having loyal and more productive employees.
In any company, employees seek different benefits, depending on what they prioritize. A high-quality package helps boost worker morale and loyalty to your company. One of the major benefits that many large and small companies offer is a group health insurance policy. If your employees don’t have to worry about the financial or medical impact of sickness or accidents, they can be more effective workers.
Large employers often offer their workers a choice of health insurance plans. For example, the employee may be able to choose between an HMO, PPO, and POS. Any of these may also be formulated as an HDHP/SO (high deductible health plan with savings option). The traditional indemnity (also known as fee-for-service) programs are less popular each year.
Point of Service (POS) options are increasing, often in conjunction with high deductibles and HSAs. These trends allow workers to have greater control over their healthcare choices and costs but also require that the consumer develop a more sophisticated understanding of the rules. For example, a POS plan combines some aspects of both the HMO and the PPO structure. Like an HMO (health maintenance organization), a POS typically involves coordinating care through a primary care physician. That doctor refers the patient to specialists and other providers. However, more like a PPO (preferred provider organization), the POS allows the use of out-of-network medical providers, albeit at a higher cost than in-network services. Typically, an HMO only covers out-of-network care in an emergency.
Combining a POS approach with a high deductible and HSA can increase savings for both the employer and the subscriber. The employee (sometimes with help from the employer) directs pre-tax income to the HSA (health savings account), which they can then use to pay for needed medical care. HSA funds can roll over from one year to future years if not used in the year contributed and can be used for non-medical needs after retirement.
Small companies are not required to offer health insurance to their workforce (if they have fifty or fewer employees). However, the ACA has some provisions to help those companies that want to. If they do, they must comply with some specific rules for small businesses. One requirement is for minimum essential coverage, which is the same as the large companies must provide. The insurance must also be available for all workers in the company (not just managers or highly compensated staff). Finally, to receive the Small Business Health Care Tax Credit, the employer must pay at least half of the premium cost for employees.
Small business owners should consider seeking guidance from a broker like Taylor Benefits Insurance to evaluate and compare potential plans. Small business group options are sorted into tiers with metal name identifiers to help categorize the value. Bronze plans, for example, have a lower premium but higher costs for service. In contrast, a Platinum plan will have the highest premium but a lower price when the subscriber needs to use the coverage. In between are Silver and Gold.
Research consistently indicates that employees care intensely about the quality of their benefits packages and recognize the importance of those perks in their overall compensation. The most highly preferred benefits include:
If a business can provide most of those, it should be competitive with other employers in attracting and retaining top talent. In tight labor markets, some companies like to stand out by adding to the package. For example, tech businesses are well-known for benefits that pamper their workers (and encourage them to remain in the office). Examples include free food, onsite fitness facilities, concierge service, and recreational opportunities like ping pong and happy hours. However, recently more employees have expressed a preference for the flexibility to determine their work location and seem willing to forego the food and other onsite enticements.
Let’s take a look at the factors you need to consider before getting Connecticut large group health insurance for your employees.
Before you commit to a particular insurance policy, it’s crucial that you investigate the available insurance programs. Many companies offer an HMO or PPO plan.
A PPO (Preferred Provider Organization) is a network of healthcare service providers that subscribers can access through referrals from a primary care physician. Typically, a PPO will offer a selection of doctors, hospitals, and other services within a geographic area. With a PPO, your employees can choose to obtain care from a doctor not included in the network, but if they do, the cost will be greater.
In contrast, with an HMO, the subscribers must use the doctors and hospitals included in the plan.
When you offer insurance using a PPO or HMO structure, you will find out which hospitals and clinics are available to subscribers. It’s advantageous for the employees to use the providers that are covered. Before you choose a plan, ensure that the HMO or PPO includes the ones your employees want.
Coverage options don’t just specify the amount of money the subscriber is allowed for services; it also includes service limits. Thanks to the ACA, insurers are no longer allowed to exclude coverage for pre-existing conditions, but it’s important to ensure that other vital benefits are included.
Highlighted below are a few common features of a Group Health Insurance policy.
The good thing about small business health insurance is that it is beneficial for employers as well as employees. Companies providing insurance may enjoy some of these advantages:
Connecticut small businesses providing group health insurance to employees receive a tax deduction for the share of the premium that they pay. In addition, depending on the company’s size and average wages, the business may qualify for a tax credit.
It is a stressful world, and it can be challenging for people to maintain a steady and healthy lifestyle. While group insurance provided by small business owners cannot prevent accidents or illness, it can help the employees financially. Most employees feel better when they know that their organization has got their back by providing health coverage.
Group health insurance is a contributor to workers’ financial security and confidence. When small businesses support employee wellness and health, they get happy employees. This, in turn, will contribute to a happier environment.
Company culture and salary are two of the factors that employees often prioritize when they consider a job offer. However, the availability and quality of health insurance and other benefits are trending as important factors in the evaluation. Providing high-quality insurance may give your organization the boost it needs to attract and retain the talented workers you need to succeed.
These days, it is crucial for a small business to have a good reputation inside and outside the organization. Offering group health insurance will enhance your company’s credibility as a good corporate citizen and a valued member of the business community.
Group health insurance makes it affordable for employees to take care of themselves and their family members by enrolling in your insurance policy. Apart from the health benefits, check out the other advantages that the employees can enjoy from group health plans offered by small business owners.
High-quality health insurance can be a great motivational tool for employees. Health insurance can make employees feel more valued. This, in turn, increases their productivity and engagement. Offering insurance at an affordable cost is an excellent way to promote dedication and worker satisfaction.
For people with individual health care policies, the claims process can be frustrating and lengthy. Sometime the subscriber must pay for the services and then seek reimbursement from the insurer. That can be challenging, particularly if the service is expensive. But with an employer-sponsored group health insurance plan, most included services are paid directly by the insurer, with no need for the employee to worry. Of course, they may receive a bill for anything not covered.
Managing health insurance within the family when each has coverage from different providers can be a hassle. But with a group health plan, your dependents will be included in one network plan. Hence, an employee can easily support their family using small business health insurance plans.
Here at Taylor Benefits Insurance Agency, we work with the most reputable and dependable insurance companies in the nation. With our large network of carriers and agents, we’re able to present you with the best plans, benefits, and programs for small to corporate businesses.
We find these employee benefits and health plans at lower rates and premiums by engaging our reliable insurance carriers. We have 25 years of insurance industry experience, and we’ve sharpened our negotiating skills to help us obtain the best deals for our customers.
Our insurance brokers will discuss your options with you before helping you create the right plan for your business. After tailoring your plan, they’ll negotiate the cost to get you the lowest possible premiums and rates. They’ll also make sure that your plan complies with the requirements listed in the Affordable Care Act so your business can qualify for yearly tax breaks and avoid government penalties. Call today to learn more, and we’ll even offer you a FREE estimate for your services!
Large group health insurance plans in Connecticut operate similarly to how they do elsewhere in the United States. They are simple to deal with and offer the essential security and advantages that an employee needs in a firm of 50 or more employees. A large group health insurance plan is a bargain since it allows a company to obtain adequate insurance at a lesser cost.
The ACA definition of a small business is a company with up to 50 employees. These organizations are not required to offer insurance according to the ACA. However, smaller companies may want to provide it as a benefit, and SHOP (Small Business Healthcare Options Program) can help these companies identify feasible plans.
There are different types of benefits an employee can enjoy in Connecticut. This includes:
The employer and the individual employee share the cost of insurance. The ACA requires large employers to ensure that each individual worker’s cost is less than 9.12 percent of their income. That limit isn’t applicable to dependent coverage or small company workers.
Often, a business will offer its workforce a choice of plans, with one falling into the required cost limit and one which may offer a more comprehensive package at a more significant cost.
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