Indiana Group Health Insurance & Employee Benefit Plans

Multiemployers in Indiana strive to provide the best and most affordable wellness and financial planning for their employees. This is the ultimate way to attract and retain qualified professionals. Instead of going straight to insurance carrier where you’ll be limited in options and the rates are set in stone, contact a licensed and experienced insurance broker.

Indiana Group Health Insurance & Employee Benefit Plans

Taylor Benefits Insurance Agency has been a huge part of the insurance industry for nearly 30 years. As industry leaders, we want to make sure all of our clients remain satisfied. We know how difficult it is to stay afloat your competition as a business in Indiana. To assure reliability and great coverage, we perform yearly audits. During these audits we make adjustments and check to see if you’re still in compliance with the Affordable Care Act as well as other local, state and federal laws. This helps your company avoid unnecessary penalties. It also helps you qualify for tax breaks.

Indiana Large Group Health Insurance Plans

Large employers sometimes provide their workers with a choice among health insurance plans. Often the company will contribute a specific amount toward each type of coverage and let the worker decide which program makes sense for them. For example, the employee may be able to choose between an HMO, PPO, and POS. Any of these may also be formulated as an HDHP/SO (high deductible health plan with savings option). The traditional indemnity (also known as fee-for-service) programs are less popular each year. For the company, this approach may allow them to satisfy the individual needs of their workforce, while for the employee, it allows better control over their budget and how they gain access to health care.

Point of Service (POS) options are increasing in popularity as workers evaluate the costs of available options. First, however, the consumer must develop a more sophisticated understanding of the rules to make a reasonable choice. For example, a POS plan combines some aspects of both the HMO and the PPO structure. Like an HMO (health maintenance organization), a POS typically involves coordinating care through a primary care physician. That doctor refers the patient to specialists and other providers. However, more like a PPO (preferred provider organization), the POS allows the use of out-of-network medical providers, albeit at a higher cost than in-network services. Typically, an HMO only covers out-of-network care in an emergency.

Indiana Small Business Health Insurance Plans

Small businesses in Indiana that want to offer health insurance to their workers are usually looking for high-quality plans that don’t cost too much. Small companies with fewer than fifty employees are not required to offer coverage but can receive incentives if they do. The ACA also created support services for small companies to assist them in implementing coverage plans.

Small companies can receive a health care tax credit if they meet these criteria:

  • Have fewer than 25 full-time (or equivalent) employees
  • Pay average wages of less than $53,000 annually (with an adjustment for inflation)
  • Offer a health plan using the federal SHOP (Small Business Health Options Program) marketplace
  • Pay at least half the cost for each worker (not for dependents)

Talk to your Taylor Benefits Insurance consultant about the best approach for your Indiana business.

Indiana Employee Benefit Plans and Employee Benefit Packages

One component to consider for employers crafting a benefits package is an EAP (Employee Assistance Program.) Of course, many large companies have had these tools in their toolbox for a long time. Still, popularity has spread, particularly during the recent pandemic years. An EAP is best-known for offering fast, confidential support to workers experiencing stress, but it can go further.

The EAP experience often begins online when a worker reaches out for help. It could be that they are in a crisis—emotional, financial, and family problems are common catalysts for EAP usage. Usually, the program will provide a small number of sessions that don’t require using the healthcare coverage 9if applicable) or referral to other resources.

Health Insurance and Employee Benefits to Include In Your Group Plan

  • Health insurance
  • Dental insurance
  • Vision insurance
  • Short and long term disability insurance
  • Section 125 cafeteria plans
  • 401K plans
  • Workman’s compensation
  • Retirement & pension plans
  • Life insurance
  • Long term care
  • ACA compliance

Taylor Benefits Insurance Agency is here to provide additional consulting, planning, and advisory services. We will use our extensive resources and large network of insurance carriers to provide you with a group health and benefit plan that keeps you above your competition by helping you to attract and retain employees qualified for their position. Our agency will keep your company updated on compliance issue requirements and any amendments in health care reform and we provide plan administration for all of your benefit plans.  Give us a call to discuss your options and we will even offer you a FREE estimate based on the plan we tailored fo your Indiana business.

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

Health insurance is a type of insurance that pays for a person’s medical needs. A health insurance policy reimburses or pays the care provider of the covered person directly for expenses incurred due to illness or injury.
Different companies offer their employees other benefits packages, including health insurance.

In Indiana, What Is Considered a Large Group for Health Insurance Plans?

A large group, health insurance plan involves a health plan covering employees at a company with 51 or more employees. Large groupings in certain states are classified as having 101 or more members. Insurers will search for a minimum of 51 employees eligible to participate in the plan. As a result, employees on a temporary or contract basis may not be included in the company’s 51 employees.

There is a legal requirement that fully insured large group health plans spend less on profit and marketing than small group health plans. Large group health plans must pay 85 percent of premiums on medical treatment and quality programs, leaving 15 percent for administrative, marketing, and profit costs.

In Indiana, What Is Considered a Small Business Group for Health Insurance Plans?

Companies with less than 50 workers can sponsor a health insurance plan known as a small company group health insurance plan. Employees can choose to participate in this benefit for free or at their own expense.

Small firms that provide health insurance to their employees pay a set premium for the policy, which they may or may not pass on to their employees. Additional out-of-pocket expenses, including co-payments or deductibles, are the responsibility of the employee as well.

In Indiana, What is Normally Included in the Benefits Package?

The most frequent (and in some cases mandatory) employee benefits are:

Insurance

  • paid vacation time
  • Retirement plans
  • Additional compensation

A potential employer may offer additional incentives to lure and keep your attention. Services like paid gym memberships and phone and internet plans are just some of the perks you have as an employee. Some benefits are mandated by law, while others aren’t at all.

How Much Do Employers Pay for Health Insurance?

Employers are responsible for covering half of their employees’ health care premiums. However, only the employee’s premiums are subject to this requirement, not the premiums for any of the employee’s insured dependents. Companies are asked to contribute 33 percent of their tips to cover employee and spouse, employee and children, or family coverage.

Employer-provided health insurance typically costs $16,253 per year, or 73% of the premium, for a family plan and $6,440 per year, or 83% of the tip, for an individual project.

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