Denver Group Health Insurance & Employee Benefits Plans

Denver group health insurance plans

Denver CO Large Group Health Insurance Plans

One of the significant effects of the Affordable Care Act (ACA) is that it requires businesses with fifty or more employees to provide health insurance for their workers or pay a penalty. Most large companies already offered health insurance, so enrollment numbers haven’t changed significantly. However, the law also prohibited denial of coverage for pre-existing conditions, which makes a big difference for individuals with chronic illnesses. Also, it allows adults to remain covered by a parent’s policy until they turn 26.

Other big changes due to the ACA are the affordability standard and the minimum essential benefit requirements. The affordability standard requires that companies offer individual insurance at a cost less than or equal to 9.61 percent of the employee’s income. In addition, the plans are rated for affordability based on the percentage of anticipated costs they will cover, and sixty percent is the least allowable.

Finally, plans must cover 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

Denver CO Small Business Health Insurance Plans

 The Affordable Care Act doesn’t require small businesses (employing fewer than fifty people) to offer health insurance. Still, it does provide incentives and support for those that do so. For small companies that need help navigating the changes in what’s available, expert guidance can help your small business offer a compliant yet affordable health insurance package. You need to know what the ACA requires, including the essential elements of coverage and what constitutes affordability, plus what assistance is available to you in the form of tax credits. Ask your Taylor Benefits Insurance consultant for the latest updates.

Denver CO Employee Benefit Plans and Employee Benefit Packages

Even though pay rate is usually the first thing on a potential employee’s list when evaluating a new job, the benefits package is often a significant part of the decision. Research shows that workers care about their benefits, including health insurance, paid time off, flexible working schedules, remote work, family leave, and more. So whether your business is big or small, you may reap a competitive advantage in attracting a high-quality workforce by offering high-quality benefits. Among the most-desired benefits are:

  • Paid time off, including vacation, holiday pay, and sick leave
  • Family leave for childbirth and other family needs
  • Retirement planning support
  • Dental and vision insurance
  • Flexible working schedules
  • Childcare support (and elder care assistance)
  • Tuition reimbursement

Denver Group Health Insurance & Employee Benefits Plans

Denver, CO, is a fast-paced metropolis with an Old West heritage. With over 700,000 residents, Denver is the center of a thriving urban community with unlimited employment options. Local businesses need to find a way to stand out from the crowd in order to enhance their recruiting success.

One way to improve your appeal as an employer is to offer group health insurance in your employee benefits package. Health insurance is expensive for individuals to purchase on their own. Typically, most people will receive better coverage at a lower price through a group plan.

How Taylor Benefits Can Help You

Taylor Benefits Insurance offers a wide array of benefits options for our clients, including these popular choices:

Denver group health benefits and employee insurance plans

The Taylor Benefits Insurance Advantage

Taylor Benefits is an independent insurance broker that has been helping companies like yours since 1987. We are proud of our long record of service to large and small companies, and we pride ourselves on consistently providing the best possible service to every client.

Because we are not affiliated with any insurers, we aren’t obligated to recommend specific products and policies. Instead, we can craft an ideal package to meet your needs, incorporating products from multiple vendors.

Are you looking for Group Health Insurance and Employee Benefits Plans? Click the quote button to get an instant quote.

Relevant Statistics

  • Over 85% of small businesses in Denver offer group health insurance coverage to their employees.
  • The average annual premium for a Denver group health insurance plan is $6,500 per employee.
  • Approximately 95% of Denver residents who are eligible for group health insurance coverage are enrolled in a plan.
  • Denver has seen a 15% increase in the number of companies offering group health insurance over the past five years.
  • On average, Denver employers contribute 75% of the premium cost for their employees’ group health insurance plans.

General Facts

  • Group health insurance in Denver provides coverage for a group of people, typically offered by an employer to its employees.
  • It helps protect individuals and their families against high medical expenses by providing access to medical services, prescription drugs, and preventive care.
  • Denver group health insurance plans can vary in coverage and cost depending on factors such as the size of the group, the type of plan chosen, and the health needs of the individuals.
  • Group health insurance plans in Denver may include options like HMOs (Health Maintenance Organization), PPOs (Preferred Provider Organization), and HDHPs (High Deductible Health Plans).
  • Employers in Denver often contribute towards the premiums of group health insurance plans, making it more affordable for employees to have comprehensive healthcare coverage.

The Taylor Benefits Promise

Taylor Benefits Insurance offers free estimates to groups seeking information regarding group healthcare insurance plans. Our plans are affordable, and we guarantee that any policy we recommend will satisfy the ACA regulations and any other applicable rules. Contact us today to learn more.

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

These are some answers to questions concerning health insurance plans and benefits packages in Denver, Colorado.

What Large Group Health Insurance Providers Are in Denver, Colorado?

The market for group health insurance in Denver is highly competitive, which means that businesses must sift through a great deal of information to find one that fits their budget and goals. Kaiser Permanente, Anthem Blue Cross Blue Shield, Humana, Bright Healthcare, Friday Health, and UnitedHealthOne are some of the most popular group health insurance providers in Denver.

In Denver, How Much do Small Business Groups Insurance Plans Cost on Average?

The cost of a small group health insurance plan in Denver depends on the insurer, the number of employees you’re providing insurance for, and the plan’s coverage. Nationally, employer-sponsored health insurance averages over $22,000 annually.

What Are the Different Types of Benefits Offered in Denver, Colorado?

A company may offer several types of benefits to its employees; some are mandatory, but most are voluntary benefits the company decides to provide. Therefore, the benefits offered depend on the company. The most commonly offered benefits are health insurance, paid sick leave, unemployment insurance, workers’ compensation insurance, and Medicare and Social Security contributions. On the other hand, some examples of voluntary employee benefits are gym memberships, pet insurance, childcare, permanent life insurance, home insurance, and car insurance.

How Much Do Employee Benefits Cost on Average?

The cost of an employee benefits package is determined by the benefits an employer chooses to offer. For example, an employee package with pet insurance, dental insurance, and gym membership, in addition to the standard benefits, will cost more than one with fewer benefits. However, on average, benefits add 30% to the compensation package.

Written by Todd Taylor

Todd Taylor

Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

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