Illinois Group Health Insurance & Employee Benefit Plans

Providing your employees with a group health insurance and benefits plan is the ultimate way to keep them happy.  It can be hard to find comprehensive but inexpensive coverage and benefits.

As an employer, 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 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 experience in negotiating, which we have excelled in for decades. We will do whatever it takes to help you attract and retain qualified employees by providing them with a secure 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 the workforce. Our online HR management tool is helpful and simple. 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 health care coverage 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 coverage access to your employees. For example, trends in Illinois health insurance coverage may lead you to consider an HMO or POS (point of service) plan that is more in line with what eligible 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 health care coverage 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 coverage. Some companies may provide just one coverage option. In contrast, other small employers may allow eligible employees to choose between several, like a PPO and HMO or a Point of Service plan.

There are tax credit premiums available for small businesses (fewer than 25 full-time or full-time employees with average wages of less than $53,000), which offer health insurance coverage options through the Small Business Health Options Program and subsidizes at least half the full amount (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 full-time employees satisfied with their employee benefit plans 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 Illinois benefits packages to help their workers maintain financial stability and plan for the future. That could mean offering health insurance plans, life insurance, contributions to a retirement savings plan like a 401(k), and perhaps assistance finding or paying for childcare.

Relevant Statistics

  • Over 85% of employers in Illinois offer group health insurance plans to their employees.
  • The average monthly premium for group health insurance in Illinois is $450 per employee.
  • Approximately 90% of the population in Illinois has access to a group health insurance plan through their employer.
  • Group health insurance plans cover an average of 80% of medical expenses for policyholders in Illinois.
  • In recent years, the number of individuals covered by group health insurance in Illinois has increased by 7%, reaching a total of 3.2 million individuals.

General Facts

  • Group health insurance in Illinois provides coverage for a group of individuals, such as employees of a company or members of an organization.
  • It helps protect participants from high medical costs by providing benefits for various healthcare services.
  • Employers in Illinois are required to offer group health insurance if they have more than 50 full-time employees.
  • Group health insurance plans in Illinois often offer comprehensive benefits, including doctor visits, hospital stays, prescription medications, and preventive care.
  • Participants in group health insurance plans typically share the cost of premiums and other expenses with their employer, making it a more affordable option compared to individual health insurance plans.

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
  • Illinois large group health insurance

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

Frequently Asked Questions About Health Insurance And 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 eligible employees. Unaffiliated individuals don’t have access to these plans because they are only available to groups. In many cases, for the coverage to be activated, the employer or group offering the coverage must enroll 70% of the potential participants.

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 allowed to choose between basic coverage and more comprehensive coverage that includes optional services or lower coinsurance.

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

The cost of a small business health insurance policy in Illinois varies widely, depending on factors that include the coverage selected and the company size. Your small business may find policies as low as $600 per worker per month. It’s up to the employer to decide how much the eligible employee and any covered dependents must contribute to the expense. You may also want to check employee eligibility for tax credit breaks.

What Should Employee Benefits Packages Include in Illinois?

All non-wage remuneration supplied by an employer is included in the 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. These perks may include extras such as paid gym memberships, phone and internet subscriptions, free meals, and on-site childcare.

What Percent of Health Insurance is Paid by Employers?

If an employer obtains a group health insurance plan for their eligible employees, they pay some of the costs connected with that employee’s coverage. As a result, you’ll be paying much less each month in employee premiums because your company might be absorbing a significant portion of the bill.

Employers are obligated by the Affordable Care Act to provide a policy that covers at least 60% of expenditures under the so-called “essential coverage” criteria. Also, subscribers’ required contributions are limited to 9.12 percent of their income.

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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