Connecticut Group Health Insurance & Employee Benefit Plans

Most individuals working for a business in Connecticut have families to care for at home. They must protect them from sickness and have the ability to provide them with a brighter future. In this case, their interest in an affordable, flexible health and employee benefits plan is almost guaranteed. Providing your employees with comprehensive health and employee benefit plan is important. It not only attracts employees but also helps retain your most valued professionals.

Connecticut Group Health Insurance & Employee Benefit Plans

Employees working in an organization look for different perks and benefits. It helps in boosting their morale. This, in turn, increases their loyalty to the organization. One of the major benefits offered by large and small businesses is Group Health Insurance Policy. Employers offer health insurance to their full time employees. The group plans helps in protecting the workforce against accidental injuries, illnesses, and other medical conditions.

A Connecticut Group Health Insurance serves as great financial protection. Health emergencies can arise at any time and in times like that, a group plan can prove to be highly effective.

Connecticut Large Group Health Insurance Plans

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 health care 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 the 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.

Connecticut Small Business Health Insurance Plans

Small companies are not required to offer health insurance to their employees (if they have fifty or fewer). 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.

Connecticut Employee Benefit Plans and Employee Benefit Packages

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:

  • Health Insurance
  • Paid time off (vacation, holiday, and sick leave)
  • Family leave
  • Retirement support
  • Dental and vision insurance
  • Flexible working schedules
  • Childcare support

If a business can provide most of those, it should be competitive with other employers in attracting and retaining the 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.

Health Insurance and Benefit Plan Options for You to Consider

  • Group Health Insurance
  • Group Dental Insurance
  • Group Vision Insurance
  • Group Short and Long Term Disability Insurance
  • Group 401(k)
  • Group Retirement and Pension
  • Section 125 Cafeteria
  • HSA and FSA
  • HMO and PPO
  • Group Life Insurance
  • Group Long Term Care
  • Medicare
  • Workman’s Compensation
  • ACA (Affordable Care Act)
  • Unemployment Plans

Things to Keep in Mind While Getting Group Health Insurance

Let’s take a look at the factors you need to consider before getting Connecticut large group health insurance for your employees.

Types of Insurance Plans

Before you find out about who is going to be covered and how much money it is going to cost you, it is crucial that you find out about the different kinds of insurance plans. There are primarily two kinds: HMO and PPO.

A preferred provider organization or PPO is a network of healthcare providers having a primary care physician. It means your full time employees will be able to select from a list of healthcare providers within their network or area.

On the other hand, a health maintenance organization or HMO is another common plan providing health benefits. However, it means that your employees will have to use their organization’s healthcare provider.

Sum Insured

The sum insured is the maximum amount that your eligible employees can claim in a year. While you purchase health insurance for your employees, you should go for higher coverage options.

Even one day spent in the ICU in a hospital might cost a lot of money. The reason is medical costs are increasing. Thus, having a decent insurance amount will prove to be beneficial for your employees.

List of Network Hospitals

When you purchase health insurance, you will get a list of hospital networks. These hospitals are linked with the provider’s insurance plans. The primary benefit of getting treatment from the network hospital is that your employee won’t have to worry about arranging funds to pay at the hospital. Arranging a large sum of money in emergency cases can be a hassle.

A network hospital will take away added financial pressure in an unfortunate event. Make sure that you check the network hospital that is being provided in the small business health insurance plan.

Quality of Service and Features

Coverage options don’t just mean the amount of money insured, it also includes a Group Mediclaim insurance policy. Thus, you need to make sure that the affordable health insurance plan comes with quality healthcare and covers major illnesses.

Some of the important features you need to consider are room rent limits, newborn baby cover, maternity, and pre-existing illnesses.

Key Features of Small Business Health Insurance Plans

Highlighted below are a few common features of a Group Health Insurance policy.

  • Employees will get cashless hospitalization facility, where the insurance company will settle the medical bills directly with the hospital.
  • Some group health insurance policies might offer coverage for boarding costs other than the surgeon, anesthetist, and consultation charges. Expenses for anesthesia, oxygen and diagnostic materials with X-Rays and dialysis are among some other expenses to be covered.
  • Some group health insurance benefits will provide coverage for domiciliary hospitalization.
  • Group health coverage extends benefits for some critical illnesses above the coverage of hospitalization.
  • Group health insurance benefits provide the policyholders’ coverage for post-hospitalization and pre-hospitalization expenses for some period.

Benefits of Group Health Insurance for Employers

The good thing about small business health insurance it is beneficial for employers, as well as employees.

Tax Savings

Connecticut small businesses providing group health insurance to employees will receive tax credit benefits under different sections of the Income Tax Department. If you buy a group health plan, you will be exempted from paying certain taxes. So, it is a win-win situation as small employers can save money using the tax credit and also take care of the employees premiums. Tax credit benefits are for small employers having less than 25 full time employees.

Happy Employees

It is a stressful world and it can be challenging to maintain a steady and healthy lifestyle. Even though group plan insurance provided by small business owners cannot prevent any accident 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.

A group health insurance is a safety cover that is provided for medical emergencies. When small businesses look after their employee’s wellness and health, they get happy employees. This, in turn, will contribute to a happier environment.

Retain Quality Talent

Company culture and CTC are two of the most crucial factors that employees care about when they consider a job offer. However, has been a shift after the covid-19 pandemic. Health insurance plans are emerging as one of the primary factors when making this decision.

A good employer-sponsored insurance helps in tilting the decision of the employee in the favor of such employers. Also, the job of the talent acquisition manager becomes much easier as the insurance coverage gives an edge over other companies.

Improves Goodwill

These days, it is crucial for a small business to have a good reputation inside, as well as outside the organization. Along with the growth rate and company culture, offering group health insurance will ensure that the overall credibility of the organization increases. You can easily compete with other companies by offering low cost health insurance services to eligible employees.

Benefits of Group Health Insurance for Employees

Group health insurance makes it affordable for the employees to take care of themselves and their family members using the family plans. Apart from the health benefits, check out the other advantages that the employees can enjoy from group health plans offered by small business owners.

The Right Motivational Tool

The right group health insurance plans serve as a great motivational tool for employees. Small business health insurance can make the employees feel more valued. This, in turn, increases their productivity and engagement. Eligible employees can visit the online resources to search hospitals, doctors, access old claims, check coverage, switch to silver plan, etc.

Easy Claims

The main benefit of a group health plan is hassle-free claims for eligible employees. When you purchase individual health insurance policies, it often makes people go through a long process of producing upfront transactions, documents, etc.

But that is not the case with group health insurance as per the affordable care act. All employees have to do is search and decide on the network hospital to get the treatment from best doctors and submit the medical bills to get a reimbursement from small businesses.

Health Coverage for Families

Handling different health insurance within the family 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.

The amount of coverage is going to vary from one plan to the other but a majority of the costs, such as daycare, medicines, maternity, and a lot more are going to be covered. It provides financial support to the employees and also their families.

No Waiting Period

With individual health insurance, you have to wait for some time before filing a claim if you have any pre-existing disease. It is one of the disadvantages to enroll in health plans. In group medical insurance, this disadvantage gets minimized.

The Connecticut group insurance will allow you to file a claim for pre-existing illnesses. Thus, there are no waiting periods to cover any pre-existing conditions in the group medical insurance.

Taylor Benefits Insurance Agency’s Group Health Plan

Here at Taylor Benefits Insurance Agency, we work with the most reputable and dependable insurance carriers 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 going through our reliable insurance carriers. Throughout our 25 years of history in the insurance industry, we’ve sharpened our negotiating skills which help us keep our customers satisfied.

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!

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

The United States has comprehensive insurance plans that cover clients’ medical bills after they have been hospitalized or require financial support from medical providers. As a state, Connecticut follows the Affordable Care Act, which mandates health insurance coverage for its residents. Employer-sponsored group health insurance plans are common in Connecticut, despite firms not being required to provide such coverage. In the following article, you will find answers to some of the most common questions about Connecticut health insurance.

How Do Large Group Health Insurance Plans work in Connecticut?

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 fantastic bargain since it allows a company to obtain adequate insurance at a lesser cost because insurance providers may offer a bulk discount.

In Connecticut, What Is Considered a Small Business Group for Health Insurance Plans?

It’s true that to be considered a small business group, there must be a certain threshold when it comes to employee numbers. What most employers fail to realize, though, is the fact that they only really need one employee to be eligible. However, the maximum number of employees a small business group health insurance plan can cover is only 50 employees. Once you have exceeded this threshold, you are going to be considered for large group health benefits.

What Are the Different Types of Benefits Offered in Connecticut?

Los Angeles Group Health Insurance

There are different types of benefits an employee can enjoy in Connecticut. This includes:

  • HSA
  • Life Insurance
  • Long Term Care
  • Health Insurance
  • Affordable Care Act
  • Vacation Options
  • Unemployment Plans 
  • 401k
  • Retirement and Pension
  • Dental Insurance
  • Vision Insurance
  • Short And Long Term Disability Insurance
  • Section 125 Cafeteria

There are various basic plans that an employee can avail. However, it is entirely possible to personalize your insurance package according to the employees’ needs.

What Percent of Health Insurance is Paid by Employers?

The employer and the individual employee share the cost of insurance. When you adopt an excellent group health plan, you will be able to save money. Employers will be charged 70% to 90% of the group health insurance total, depending on the employee’s ability to pay. Subsidized coverage is available to employees who are struggling to afford their healthcare.

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