Providing health insurance, affordable wellness programs, and financial safety net for their employees is an important step any small business in Indiana should take. Working toward this goal is a great way to attract and retain qualified professionals.
When you start looking for health 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.
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 employers sometimes provide their workers with a choice among health insurance plans. Often the company 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.
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.
Small business owners in Indiana that want to offer group coverage to their workers are usually looking for high-quality medical plans that don’t cost too much. 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 in Indiana, 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 plan options 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 to offer affordable health insurance to Indiana employees.
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.
Taylor Benefits Insurance Agency is 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 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 benefits and health plans. Give us a call to discuss your options, and we will even offer you a FREE estimate based on the right plan tailored for your Indiana business.
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.
A large group health insurance coverage involves a health plan covering eligible employees 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) employee benefits are:
Paid vacation time
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.
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