- Providing world class service and value for employee benefit group plans since 1987
Have you been wondering how to provide affordable healthcare benefits to your employees in Indiana? Are you trying to understand why so many businesses in IN are increasingly turning to group health insurance plans? You’re not alone.
Recent times have seen group health insurance becoming incredibly popular across Indiana, primarily because of its affordability, comprehensive coverage, and benefits for both employers and employees. Businesses large and small in Indiana recognize that offering robust employee benefits is essential for attracting and retaining quality staff. Additionally, with health insurance costs rising steadily, group health plans are an effective solution to control expenses while still providing excellent coverage. As a result, Indiana employers are actively seeking reliable, cost-effective group health insurance solutions to keep their workforce satisfied, healthy, and productive.
Providing medical insurance, affordable wellness programs, and financial safety net for their employees is an important step any business in Indiana should take. Working toward this goal is a great way to attract and retain qualified professionals.
When you start looking for healthcare insurance coverage and other packages, consider engaging a licensed broker and, by extension experienced health insurance company. You may find better results that way than by heading straight to an insurance carrier where you’ll be limited in options and the rates are set in stone.
Group health insurance in Indiana benefits businesses of all sizes by making healthcare more accessible and affordable. By pooling resources, companies can significantly reduce individual premium costs, offering extensive medical, dental, vision, and wellness benefits at competitive rates. Moreover, group health plans improve overall employee health and morale, thereby boosting productivity and reducing absenteeism. Indiana businesses adopting these plans also experience lower turnover rates, as comprehensive benefits encourage employee loyalty and long-term employment.
Taylor Benefits Insurance Agency has been a huge part of the insurance industry for nearly 30 years. As industry leaders, we work hard to make sure all of our clients remain satisfied. We know how difficult it is to stay ahead of the competition as a business in Indiana.
Every year, we audit your program for quality. During these audits, we recommend appropriate 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 business avoid unnecessary penalties and possibly qualify for tax credit breaks.
Large businesses in Indiana benefit substantially from adopting group health insurance solutions. Offering comprehensive employee benefits not only enhances their competitive edge but also attracts highly skilled professionals. Larger corporations typically have more bargaining power, enabling them to negotiate better rates and coverage terms with insurers. This results in lower per-employee costs, making extensive health coverage feasible and highly attractive.
Additionally, for large organizations in Indiana, customized group health plans can address specific employee health requirements, including specialized wellness programs, mental health services, and preventative care initiatives. This comprehensive approach helps reduce healthcare-related absenteeism and boosts employee satisfaction, enhancing the company’s overall reputation as a preferred employer in Indiana.
Often big corporations will contribute 50% or more of the cost of premiums 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 plan, 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.
Small businesses in Indiana gain significantly from group health insurance solutions, despite typically having fewer resources compared to large companies. Indiana small business health plans help level the playing field, enabling small employers to offer competitive benefits usually associated with bigger companies. This is crucial in retaining skilled employees and attracting new talent in a competitive market.. Small businesses 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 business health insurance to assist them in implementing coverage options.
If you’re a small business owner, you can receive a healthcare tax credit if you meet these criteria:
Have fewer than 25 full-time (or equivalent) eligible workforce
Pay average wages of less than $53,000 annually (with an adjustment for inflation)
Offer health package options using the federal SHOP (Small Business Health Options Program) Marketplace
Pay at least half the cost for each worker (not for dependents)
For small businesses, the affordability aspect of Indiana group health plans is particularly attractive. By sharing healthcare costs among employees, premiums become more manageable, giving small business owners the ability to maintain sustainable budgets. Additionally, small business group insurance plans in Indiana often qualify for tax incentives, further reducing overall expenses and increasing operational savings
Indiana group employee benefits extend well beyond just medical coverage. Comprehensive employee benefit packages often include dental care, vision cover, life insurance, retirement plans, disability insurance, and wellness programs. Employers can customize these packages based on the specific needs of their workforce, providing greater value and satisfaction to employees.
For instance, retirement plans like 401(k) and wellness programs are becoming increasingly popular in Indiana as they demonstrate a company’s commitment to employee well-being and financial security. Employees appreciate such initiatives, as they foster long-term financial stability and improved health outcomes, ultimately increasing workplace satisfaction and productivity.
One component to consider for employers crafting employee benefit packages 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 if applicable) or referral to other resources.
Taylor Benefits Insurance specializes in providing customized group health insurance solutions and comprehensive employee benefits for businesses across Indiana. With years of expertise and extensive knowledge of the local market, Taylor Benefits can assist both large corporations and small businesses in Indiana to find ideal insurance solutions tailored specifically to their needs.
The experienced team at Taylor Benefits Insurance understands the unique challenges faced by Indiana businesses. They negotiate directly with top insurance carriers to secure the best rates and most comprehensive coverage options available. This ensures Indiana employers receive high-quality group health plans that enhance employee satisfaction and productivity, while effectively managing costs.
When selecting a partner for Indiana group health insurance and employee benefits, Taylor Benefits Insurance stands out for several reasons:
Customized Solutions: Tailored group health insurance plans to match the specific requirements and budgets of businesses in Indiana.
Comprehensive Support: Expert assistance in plan selection, management, and administration, ensuring hassle-free implementation.
Cost-Effective Rates: Strong relationships with multiple carriers allow Taylor Benefits Insurance to negotiate competitive prices and optimal coverage.
Local Expertise: Extensive knowledge of Indiana’s market dynamics and healthcare regulations, ensuring compliance and maximum benefit utilization.
Indiana employee benefits and group health insurance solutions are crucial investments for businesses aiming to thrive and grow in today’s competitive marketplace. Taylor Benefits Insurance makes this process simple, affordable, and beneficial, empowering Indiana employers to build a healthier, happier, and more productive workforce.
We are here to provide additional consulting, planning, and advisory services. We will use our extensive resources and a large network of insurance carriers to provide you with a group health plan that keeps you above your competition by helping you to attract and retain employees qualified for their positions.
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 benefits and health packages. Give us a call at 800-903-6066 to discuss your options, and we will even offer you a FREE estimate based on the right plan tailored for your Indiana business.
Healthcare insurance is a type of insurance that pays for a person’s medical needs. A medical protection policy reimburses or pays the care provider of the covered person directly for expenses incurred due to illness or injury.
A large group health insurance coverage involves a health plan covering eligible crew at a company with 51 or more employees. These employers are obligated by the ACA to provide their workers with health insurance coverage that meets the Act’s standards for affordability and comprehensive coverage.
Also, as a result of the ACA, large group health plans must spend 85 percent of premiums on medical treatment and quality programs, leaving 15 percent for administrative and marketing costs, plus profit.
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, but the employer may not pay as much of the cost.
Every small company that sponsors health insurance can decide how much of the premium cost they want to cover for the employees and dependents. Additional out-of-pocket expenses, including co-payments or deductibles, are the responsibility of the employee as well.
The most frequent (and in some cases mandatory) collective benefits are:
Paid vacation time
Retirement plans
Health insurance
Disability insurance
A potential employer may offer additional incentives to lure you and keep you as an employee. Services, like paid gym memberships, childcare subsidies, and legal plans, are some of the perks you might get as an employee.
Large companies must ensure that each employee’s share of the premium is less than 9.12 percent of that worker’s gross income. The ACA also sets a standard for how much of the medical costs that a subscriber may incur will be covered. The affordability rules don’t apply to dependent coverage. Some employers offer the workers a choice, and one plan meets the affordability standard, but another may not. That way, the worker can choose the coverage that meets their individual needs.
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.
Todd Taylor with Taylor Benefits gives our small business the kind of personal service we need. Insurance benefits are important to our employees and Todd helps us find a balance between benefits and value. Todd responds immediately to my phone calls & e-mails. He has even gotten in touch with me on a Sunday when we were in need of coverage answers immediately. We are very pleased with the hands-on service Todd and his staff provide.”
-Ken and Linda Orvick, Orvick Management Group, Inc.
We’re ready to help! Call today: 800-903-6066