Delaware Group Health Insurance & Employee Benefit Plans

Finding the most affordable and flexible employee benefits package that includes health insurance and other perks, isn’t all that simple without the help of an experienced insurance broker. As a business owner, you want options and the ability to cut down the time it takes to find an insurance carrier that you can trust. An insurance broker will do the hard work for you. They’ll use their network of insurance carriers to find your business and its employees the best care at the lowest rates and premiums.

At Taylor Benefits Insurance Agency we have been helping individuals and companies in Delaware find the most affordable health and employee benefit packages for nearly 30 years. We want to make sure you keep each hard worker and their family satisfied by offering them comprehensive employee benefit plans. This is one proven method of attracting and keeping around the most qualified employees.

Our professional, licensed insurance brokers will come up with the right Delaware group health insurance plan for you to introduce to your employees. If you’re trying to keep it simple, ask our agents about the most basic plans and benefits – PPO, HMO, FSA, and HSA.

Delaware Large Group Health Insurance Plans

Large employers in Delaware have plenty of options when choosing how to provide affordable large group health insurance to their workforce. However, for many companies, one important consideration is the cost. According to the well-respected Kaiser Family Foundation report on benefits, insurance costs continue to rise. On average, the price for family coverage has increased by 22 percent over the last ten years. While many large companies share the premium expenses with their workers, most try to hold down the increase.

Some cost-saving methods include increasing the deductible and changing coverage options. In large firms, the percentage of workers with an annual deductible greater than $2,000 has grown from three percent to 22 percent since 2009. In addition, most workers also pay a co-payment to gain access to medical services. The payment might be a flat fee or a percentage of the charge and may vary depending on the type of visit.

Many large companies also switch to self-funded plans. Self-funding means that the employer pays the cost of some or all their employees’ health services. These companies typically use an insurer or third-party administrator to manage the programs and assure employee confidentiality.

Delaware Small Business Health Insurance Plans

As small companies want to compete for talent in a tight job market, one way they can stand out is by offering affordable small group health insurance to their employees. However, small companies may be concerned about the cost since insurance coverage is expensive, and the costs frequently increase. Your Taylor Benefits Insurance consultant can offer some money-saving suggestions and help you identify and implement the best solution for your company.

Small companies may want to evaluate the difference between various coverage choices, looking at offering a PPO, HMO, and POS program. PPOs (preferred provider organizations) are the most common plans by enrollment figures. As employers and insurers have worked together to manage costs, one helpful tool is a high deductible plan combined with a health savings account. Ask your consultant if this might be a good approach for your firm.

Delaware Employee Benefit Plans and Employee Benefit Packages

Research shows that employees care a great deal about their benefits plans. When you are working to stay competitive in the fight for top talent in Delaware, a robust benefits package is one tool to help you. Including health insurance coverage is a good start, and most employees also expect paid time off. Paid time for illness, vacation, and some holidays is an excellent way to attract workers.

If you can add some optional benefits, consider looking next at dental and vision coverage and a retirement savings plan like a 401(k). These are usually near the top of employees’ wish lists and help elevate the workforce’s financial security. Again, your Taylor Benefits Insurance specialist can help you decide how to create a package that will increase your appeal as an employer.

How can Employers Benefit from Delaware Group Health Insurance?

Delaware Large Group Health Insurance is also known as corporate health insurance. It is the type of health plan that covers a large group of people working together in a company. So, the price of group health insurance coverage is comparatively less than individual health insurance coverage. Delaware small businesses can also offer insurance coverage to the family members of their eligible employees.

Group insurance is not just beneficial for the employees but also for the employers. Take a look at the benefits it has to offer.

Improves Employee Productivity

The employee’s productivity depends on several factors such as compensation, working culture, continuous coverage, and job security. Employees having group health insurance coverage gets the much-needed protection against emergencies and unexpected hospital expenses. Thus, they feel valued when you provide coverage to your Delaware department employees. Small employers can reap the benefits of a productive workforce.

Saves Money

In comparison to purchasing an individual policy for every employee, the monthly premiums for small business health insurance are more affordable. Small business owners will get low premium rates from the insurance company as the overall health risk gets divided among several group members. It will help in decreasing the liabilities of the insurer.

Helps Retain Employees

Group insurance plays an important role when it comes to retaining employees. Most employers take care of their employee’s health. Group insurance benefits lead to the well-being of employees, both mentally and physically. Since hiring new employees takes a lot of effort and time, a large employer tries to retain their employees by offering Medicaid plans.

Creates Goodwill

It is important to create goodwill as it helps in building long-term relationships with customers. Likewise, if a company offers group health insurance, it reflects the goodwill towards the employees. This, in turn, will reflect in their work. It creates a sense of loyalty among the employees towards the company. Moreover, it is an additional benefit for small business owners when it comes to retaining employees.

Gives You a Competitive Edge

When an employee has job offers from two small businesses having similar working environments, incentives, and salary perks, the goodwill you have created by offering additional benefits to the employees can pull them in your favor. So, you can go the extra mile by extending health insurance plans. It protects an employee irrespective of his medical condition. The right plan will help you stand out from your business competitors in Delaware and retain employees.

Tax Benefits

One of the most important benefits of affordable health insurance plans is tax credit and incentives. Federal law allows up to 50% tax credit for the employees premiums paid by Delaware small businesses. Therefore, an employer qualifies for a tax credit. So, it will compensate small businesses for the amount they pay as monthly premiums.

No-Prerequisites Needed for Health Benefits

You don’t have to worry about the formality while purchasing large or small business health insurance. Pre-requisites like compulsory medical tests to cover health care costs are NOT REQUIRED while registering in a group health insurance plan. Hence, it will save you time and effort. There won’t be any lost coverage till the employee works for the employer.

Things You Need to Consider Before Getting Group Health Insurance

There is so much that you need to consider when you get group health insurance plans for your employees. Some business owners take it as a state obligation from the federal government. You can go for plans like Health maintenance organization (HMO) or Preferred Provider Organization (PPO). In any case, you need to consider the below factors to provide coverage.

Money to be Insured

It is an obvious point to consider. However, the decision-making has to go beyond what you can actually afford and what other employers in your industry are offering. The health care cost is high and employees often feel that the health coverage provided by their employers is not enough.

Keep in mind that a majority of the employees largely depend on the group plans you are providing. Hence, small businesses should ensure that an adequate sum of money is insured in case of health emergency and preventive care.

Health Coverage to Family Members

Small business owners should offer health coverage to the family members of their employees. This is going to increase the premium amount for group plans but it is worth it. Including the family members of your employees in the coverage gives them a sense of loyalty towards your company. All-inclusive preventive care plans for employees and their family members come with many advantages, including better brand positioning, talent retention, and tax credit.

Hospital Network

It is one of the most important factors that any business in Delaware need to consider. Always check the eligible network hospitals while purchasing group health coverage for your small business.

At times, you might have to send your employee out of town for a meeting. If they encounter any health issues, the hospital network in the same town will provide cashless treatment. It helps in protecting the employee’s savings.

Waiting Period

Health coverage services comes with different types of waiting periods. This means that a person who has been insured will have to wait for a certain time to qualify for the insurance from providers.

For example, if the initial waiting period is 30 days, you have to wait for 30 days before you qualify to use the health plan for hospitalization. The health plans also have a pre-existing disease waiting period. So, if a person has a pre-existing disease, they will have to wait for a certain time.

But it is possible to waive the waiting period by paying some cash upfront. It is one of the primary benefits of getting group health insurance from insurance providers. If you waive the period, your eligible employees will be able to start enjoying the services immediately.

Quality of Service and Features

Scope of health coverage doesn’t just mean the sum that has been insured but also the features of the health coverage. Thus, you need to make sure that the medical care plan covers all the major illnesses and provides good quality healthcare. It is important for an employer to check the room rent limits, maternity cover, and inclusion of pre-existing illnesses.

These are some of the important features that you need to take into account when you get group health coverage for your Delaware department. Check the room rent limit that an employee qualify for.

Importance of Group Health Insurance Coverage for Employees

The group health care coverage is also beneficial for the employees. Let’s find out how.

Default Health Insurance Coverage

All the eligible members of the organization are covered under the health care insurance plan. Hence, an employee will get insurance by default simply he is an employee of the small business employer offering health insurance in Delaware.

Support from Organization While Claiming

Group health plan is offered to everyone belonging to the small business, regardless of their health problems. It is of immense value for people who want to buy a health insurance policy but can’t due to high price.

No Medical Check-Up Required

In a group health plan, employees don’t have to undergo a medical checkup prior to getting coverage. Furthermore, the employee won’t have to offer any medical reports to get themselves enrolled in the health care plan. Hospitals won’t ask to pay any upfront credit and all treatment will be on cashless basis subject to a minimum of 24 hours hospitalization.

Maternity Coverage from the First Day

A majority of the health plan by small businesses offers maternity cover from the very first day. It means if someone joins the small business organization and is a part of the group medical insurance plan, they are going to get maternity care instantly.

Features of Group Health Insurance Plans

Small business health insurance comes with some striking features. Let’s take a quick look at them.

Cashless Benefits

With a group health insurance plan, employees of the Delaware small businesses can enjoy cashless claims. If anyone gets a treatment done at the network hospital, the expenses will be paid by the small business health insurance.

Coverage for Dependents

Health coverage policy varies from company to company. It primarily depends on the health benefits, which an employer would cater to for their employees. When it comes to group health insurance plans, a majority of the small business organizations offer health insurance coverage to the employees and also their immediate family members, including partners, parents, spouses, and kids.

No Medical Check-Ups Required and Waiting Period

Group health care insurance by small businesses has simple guidelines. Hence, you do not need medical check-ups, irrespective of your age. Even if the members suffer from any pre-existing illness, such as diabetes, they are going to be covered under the health care insurance.

A waiting period is the time when an insured person has to wait before claiming health care coverage. Group health insurance plans come with minimal or no waiting period for a majority of the treatments. Delaware insurance companies also cover pre-existing illnesses as per the business insurance plan.

Delaware Large Group Health Insurance Plans

Large employers in Delaware have plenty of options when choosing how to provide affordable large group health insurance to their workforce. However, for many Delaware companies, one important consideration is the cost. According to the well-respected Kaiser Family Foundation report on benefits, insurance costs continue to rise. On average, the price for family coverage has increased by 22 percent over the last ten years. While many large companies share the premium expenses with their workers, most try to hold down the increase.

Some cost-saving methods include increasing the deductible and changing coverage options. In large employer firms, the percentage of workers with an annual deductible greater than $2,000 has grown from 18 % to 28% since 2019. In addition, most workers also pay a co-payment to gain access to medical services. The payment might be a flat fee or a percentage of the charge and may vary depending on the type of visit.

Many large businesses also switch to self-funded plans. Self-funding means that the employer pays the cost of some or all their employees’ health services and get tax credits in return. These companies typically use an insurer or third-party administrator to manage the programs and assure employee confidentiality.

Delaware Small Business Health Insurance Plans

As small business owners want to compete for talent in a tight job market, one way they can stand out is by offering affordable small group health insurance to their employees. However, small companies may be concerned about the cost since insurance coverage is expensive, and the costs frequently increase. Taylor Benefits Insurance consultant can offer some cash-saving suggestions and help you identify and implement the best solution for your business.

Small companies may want to evaluate the difference between various coverage choices, looking at offering a PPO, HMO, and POS program. PPOs (Preferred Provider Organizations) are the most common plans by enrollment figures. As employers and insurers have worked together to manage costs, one helpful tool is a high deductible plan combined with a health savings account. Ask your consultant if this might be a good approach for your firm.

Delaware Employee Benefit Plans and Employee Benefit Packages

Research shows that employees care a great deal about their benefits plans. When you are working to stay competitive in the fight for top talent in Delaware, a robust benefits package is one tool to help you. Including health insurance coverage is a good start, and most employees also expect paid time off. Paid time for illness, vacations, and some holidays are an excellent way to attract workers.

If you can add some optional benefits, consider looking next at dental and vision coverage and retirement savings plan like a 401(k). These are usually near the top of employees’ wish lists and help elevate the workforce’s financial security. Again, your Taylor Benefits Insurance specialist can help you decide how to create a package that will increase your appeal as an employer.

Other Insurance and Employee Benefit Options…

  • Group health insurance
  • Prescription coverage
  • Group dental insurance
  • Group vision insurance
  • Group 401(k) savings account
  • COBRA
  • Pension and group retirement planning
  • Group long term care
  • ACA compliance
  • Section 125 cafeteria plans
  • Group short and long term disability insurance
  • Managed care and indemnity plans
  • Group life insurance
  • Medicare

Contact Taylor Benefits Insurance Agency to Find the Right Plan

A group health plan is advantageous for both employers and employees. It doesn’t come with any constraints on pre-existing illnesses and without a waiting period for employees, while employers can enjoy tax credit worth by providing health benefits coverage. Small businesses gets tax credits for providing affordable health insurance.

Call us today to begin discussing your insurance and employee benefit options. Our agents will tailor a plan based on your employees’ interests and even negotiate the rates to have the premiums lowered. They’ll even ensure that your plan meets the requirements of local, state and federal laws, including the Affordable Care Act. This assures that your business avoids expensive government penalties while qualifying for yearly tax breaks.

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