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:
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:
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.
Taylor Benefits Insurance offers a wide array of benefits options for our clients, including these popular choices:
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.
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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.
These are some answers to questions concerning health insurance plans and benefits packages 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.
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.
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.
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.
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