Illinois Group Health Insurance & Employee Benefit Plans

Providing your employees with a group health insurance and benefit plan is the ultimate way to keep them happy.  It can be hard to find great and inexpensive coverage and benefits. As a multiemployer, it’s in your best interest to seek the assistance of an experienced insurance broker. Taylor Benefits Insurance Agency has been providing Illinois businesses with low cost group health insurance plans and employee benefit plans for almost 30 years.

Illinois Group Health Insurance & Employee Benefit Plans

Our wide network of insurance carriers makes it possible for us to tailor plans to suit the needs of our clients and their employees. It also gives us room for negotiating which we have sharpened over the past few decades. We will do whatever it takes to help you attract and retain qualified employees by providing them with a brighter future.

Our consulting, training and auditing services will provide the management of your Illinois business with the tools to help them understand the plan and explain it to those working under them. Our online HR management tool is perhaps one of our greatest tools available. It helps explain your specific plan and gives you more control. We will also provide yearly audits to make sure your plan always meets the requirements of the Affordable Care Act and all local, state and federal laws.

Illinois Large Group Health Insurance Plans

Like other sizable employers in Illinois, even if you already have a healthcare plan for your workers, you probably review it periodically to ensure that it’s practical and cost-effective. When you check your coverage, you may want to talk to a consultant at Taylor Benefits Insurance about your large group healthcare options.

Depending on your budget, the number of employees, and the needs of your workforce, you may be able to change your plan to save money and simultaneously improve the coverage your employees have access to. For example, trends in health insurance coverage may lead you to consider an HMO or POS (point of service) plan that is more in line with what employees expect. Another option is a high deductible plan that partners with a health savings account. Remember that if you change your current plan, it’s crucial to communicate thoroughly with your staff about the new options in advance.

Illinois Small Business Health Insurance Plans

The cost of healthcare insurance can be a burden on small businesses. Yet over half of the small companies provide health insurance coverage to at least their employees, with some offering it to dependents as well. Small companies have benefitted from legislative improvements related to the ACA and SECURE Act, which support companies establishing the coverage. Some companies may provide just one coverage option. In contrast, others may allow employees to choose between several, like a PPO and HMO or Point of Service plan.

There is a tax credit available for small businesses (fewer than 25 full time or full-time equivalent) employees with average wages of less than$53,000 which offer coverage through the Small Business Health Options Program and subsidize at least half the cost (for the employee—no subsidy is necessary for dependents).

Illinois Employee Benefit Plans and Employee Benefit Packages

MetLife’s 2022 Benefits Survey found that 73 percent of employees say that a broader choice of benefits would keep them working at their current employer longer. Also, they reported that better choices would reduce their stress and enhance their financial wellness. Notably, the MetLife survey said that employees satisfied with their benefits are twice as likely to be happy with their jobs and seventy percent more likely to express loyalty to their company.

Employers typically try to design a benefits package to help their workers maintain financial stability and plan for the future. That could mean offering health insurance, life insurance, contributions to a retirement savings plan like a 401(k), and perhaps assistance finding or paying for childcare.

Consider All Your Health insurance and Employee Benefit Options

  • Group health, dental and vision insurance plans
  • Pension and 401(k) or retirement plans
  • Short and long term disability insurance
  • Group life insurance
  • Section 125 cafeteria plans
  • Long term care
  • Workers compensation
  • PPO, HMO, HSA and FSA health plans and accounts

Call in to discuss your options and begin crafting the perfect group plan. Our licensed brokers will explain our choices and even provide you with a FREE estimate after your health insurance and employee benefit package is created.

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in Illinois

How Do Large Group Health Insurance Plans Work in Illinois?

Companies and organizations acquire large group health insurance plans for their members or employees. Individuals cannot obtain coverage through these plans because they are only available to groups. To be considered a viable proposal, at least 70% of the participants must agree. No two insurance plans are ever the same because of many variables, like insurers, costs, and terms and conditions.

Group members can accept or reject coverage once an organization has decided on a plan. In addition, programs may be offered in tiers, with insured parties having the ability to choose between basic coverage and more comprehensive coverage that includes optional add-ons in some areas.

In Illinois, How Much Do Small Business Groups Insurance Plans Cost on Average?

The plans partly influence the cost of health insurance for small-business owners they provide their employees.

According to the Kaiser Family Foundation survey, yearly premiums for employer-sponsored health insurance will be $7,470 for individuals and $21,342 for families in 2020.

Small businesses often ask their employees to contribute to the cost of group health insurance because it is employer sponsored. As a result, many employees pay a ration of the cost of their healthcare coverage premium, with contributions averaging around 17% for single coverage and 27% for families.

Your small business’s health insurance expenses are influenced by how much of the employee premium you choose to cover. Your organization will save money if employees pay more of their costs. Minimum participation, cost-share, and administrative expenditures are all factors to consider when estimating the health insurance costs for small businesses.

What Should Employee Benefits Packages Include in Illinois?

All non-wage remuneration supplied by an employer is included in an employee benefits package. These benefits may consist of employer-sponsored health insurance, paid time off, and 401(k)-style retirement plans.

A prospective employer may also be willing to give other appealing benefits to recruit and retain your services. Extras such as paid gym memberships, phone and internet subscriptions, free meals, and on-site childcare are among them.

What Percent of Health Insurance is Paid by Employers?

If an employer obtains a group health insurance plan for their employees, they recommit to cover a percentage of the costs connected with that employee’s coverage. As a result, you’ll be paying much less each month in premiums because your company is footing a significant portion of the bill.

Employers are obligated by the Affordable Care Act to fund at least 60% of expenditures under the so-called “essential coverage” criteria. However, it excludes things like supplemental insurance plans from the definition of “basic coverage” that insurance companies and employers must meet.

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