- Providing world class service and value for employee benefit group plans since 1987
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 illness. 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:
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.
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:
The following benefits are offered in our group healthcare insurance plans. While these benefits are enough for most groups, we do offer customized group healthcare insurance plans to fit your needs better. With group insurance, more comprehensive plans are more affordable, leaving you satisfied with the insurance you need at the price you want.
Insurance rates may have been affordable under individuals plans on the federal exchange at one time, but premiums will rise for Colorado residents in 2018. For individual plans, premiums are expected to increase “by an average of 27 percent” for Colorado residents. With urban areas being more expensive to live in than rural areas, this news may be troubling for many Denver residents. The average salary is only $60,476 in Denver. Residents may not be able to afford health coverage if premiums rise that much. You have a lot to gain and nothing to lose by enrolling in a group insurance plan with Taylor Benefits.
However, there is a better way. Group insurance can help lower your healthcare costs. Group insurance plans can be purchased outside the federal exchange and outside any existing insurance carriers. With a custom group healthcare insurance plan, your group can achieve lower prices, lower premiums, and more coverage. Pool your insurance with 49 other people and receive more healthcare for less money. Your premiums will not rise as fast as plans on the federal exchange, and you will not have to worry about whether your insurance carrier will be able to cover your plan throughout the term of the contract. Group insurance is a great idea, especially if individual healthcare insurance is simply too expensive for you, or if it could become too expensive in the future.
These are some answers to questions concerning health insurance plans and benefits packages in Denver, Colorado.
If they qualify, large group health insurance can be beneficial to both employers and employees. Because the market for group health insurance in Denver is highly competitive, businesses must sift through it 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.
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. However, small group health insurance plans cost more than $7000 annually for single coverage per employee, with employers paying more than 80 percent of the premiums. Family coverage costs about $20000, and employers may have to pay more than 60 percent of the premiums. The cost of health insurance for employers depends on the percentage of the premiums they have to pay.
A company may offer several types of benefits to its employees; some are mandatory, while others are voluntary benefits the company provides. Therefore, the benefits offered depends on the company. The benefits that may be considered compulsory 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.
Employee benefits, while necessary, may cost an employer a lot of money. 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 mandatory benefits, will cost more than one with only the required benefits. However, on average, if employees work for $30 per hour, their wages comprise about 69 percent. In comparison, their benefits make up the remaining 31 percent, meaning an employee benefit is usually about 1.25 to 1.4 times the base salary.
Todd Taylor with Taylor Benefits gives our small business the kind of personal service we need. Insurance benefits are important to our employees and Todd helps us find a balance between benefits and value. Todd responds immediately to my phone calls & e-mails. He has even gotten in touch with me on a Sunday when we were in need of coverage answers immediately. We are very pleased with the hands-on service Todd and his staff provide.”
-Ken and Linda Orvick, Orvick Management Group, Inc.
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