Fort Collins Group Health Insurance & Employee Benefits Plans

Fort Collins CO Large Group Health Insurance Plans

There is a balance between cost and coverage regarding health insurance. Large companies must offer health insurance that complies with the ACA standards for essential benefits and affordability. The affordability threshold limits the subscriber’s share of the premium to no more than 9.12 percent of their gross income. For example, a worker earning $50,000 annually can pay up to $4560, just over $380 per month. As the individual’s earnings increase, the maximum allowed premium can rise also. However, an employer can offer more than one plan choice if at least one has a premium cost at or below the threshold. Other options can have a higher premium cost if they offer better value. Each qualifying health insurance plan is identified by a metal tier (bronze, silver, gold, or platinum) that describes the value.

A bronze plan is intended to cover sixty percent of the cost of the subscriber’s healthcare, with the remaining forty percent expected to be paid by the individual. In contrast, a silver plan will have a higher monthly premium but cover seventy percent of the expected charges. So, workers can pay a higher premium if they expect higher service usage.

If an employer has more than fifty workers but doesn’t offer appropriate health insurance, they are non-compliant. In that case, they can receive a penalty called the employer shared responsibility payment.

Fort Collins, CO Small Business Health Insurance Plans

The ACA defines small businesses as having fewer than 25 full-time or equivalent employees. Those companies aren’t required to provide health insurance to their workforce. However, many want to help their employees obtain coverage. They can assist by offering access to a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). This tax-advantaged savings account enables employees to pay for medical expenses with pre-tax dollars. Some companies also contribute funds to their worker’s accounts, but that is optional.

However, suppose a business implements a QSEHRA. In that case, the program must be available for every full-time employee rather than restricted to specific targeted groups within the company. Plus, if they have a QSEHRA, the company can’t add health insurance or a flexible spending account (FSA).

The employees must purchase ACA-qualified insurance to obtain reimbursement using their accounts. Workers pay for health care costs, and then submit the expenses to the QSEHRA. If an employee doesn’t use the money in the account for one year, they can roll it over for future usage.

Fort Collins CO Employee Benefit Plans and Employee Benefit Packages

Employees often prioritize health insurance and time off with pay when considering the benefits at the top of their list. As a result, many companies start with these as a foundation. Of course, large businesses must provide health insurance as part of their ACA mandate. Small companies don’t have a requirement but often want to include health insurance.

Depending on the company’s size and budget, it’s worth considering what will be most appealing to the workers if it can offer more. Many potential employees look for these:

• Retirement support
• Dental and vision insurance
• Flexible working schedules
• Childcare support (and elder care assistance)
• Tuition reimbursement and student loan repayment

Fort Collins, CO has 167,000 residents, and the city is part of a larger metropolitan area with over 345,000 inhabitants. The size of the population creates many options for employment. Workers in the area tend to favor companies that include health insurance in their benefits package, as more people include the benefits offered as part of the overall compensation program.

Group Health Insurance and Employee Benefits

Some companies are exempt from the requirement to provide health insurance due to their size. However, many savvy business owners and managers realize the impact that health insurance has on their ability to recruit and retain skilled workers. Despite the cost of insurance, these companies see an advantage, particularly in a tight labor market.