Iowa Group Health Insurance & Employee Benefit Plans

Taylor Benefits appreciates the Iowa community that we work with, and we strive to be the best group benefits and employee health plan provider in the state. Group health insurance is the most-requested plan to cover employees and their families. We work with the employer to ensure they can offer this valuable benefit to their employees while achieving their target profit margin.

As a company, you may be trying to keep costs down while also helping your employees obtain quality healthcare services. Our team can help your company create a health plan that will meet the needs of your employees while you, as the small business owner or manager, are able to keep your bottom line stable.

We devise tailor-made health and retirement health plans for small businesses and employee group plans that include the following:

  • Group health insurance plans
  • Medical, dental, and vision insurance
  • Employee benefits & wellness plans
  • Disability insurance (short and long-term)
  • Group retirement and 401(k) savings plans
  • Pension plans
  • Health savings plans (HSA)
  • Group life insurance and long term care
  • Section 125 cafeteria plans
  • ACA (Affordable Care Act)
  • Iowa large group health insurance

Our group health insurance agents can work with numerous companies to be able to offer the best health coverage plans for your business. We go the extra mile to ensure you receive the quality health benefits that you and your employees need.

Are you ready to get started with a group health plan for your business? We serve the entire state of Iowa and offer FREE estimates with the online request form on this page.

Iowa Large Group Health Insurance Plans

Large employers are obligated by the Affordable Care Act to offer health insurance to their workers. The ACA has specific requirements for coverage, including affordability. To meet the definition of “affordable,” the employer’s health plan must cost the worker less than 9.12 percent of the employee’s household income. However, the rule only applies to employee health plans without considering what it costs for dependents to be included.

So, if an employee earns $50,000, the affordability threshold is approximately $4,560 for that individual to participate in the employee large group health insurance plan.

Also, health insurance coverage must be designed to pay at least 60 percent of the total cost of medical services for “standard” full-time employees. Finally, the health insurance plan must cover these ten essential benefit areas:

  1. Ambulatory patient services (outpatient care)

  2. Emergency services

  3. Hospitalization, including surgical and medical

  4. Maternity and newborn care, including delivery

  5. Mental health and substance use disorder services

  6. Prescription drugs

  7. Rehabilitative services and devices

  8. Laboratory services

  9. Preventative and wellness services, including chronic disease management

  10. Pediatric services, including dental and vision care for children under the age of 19

Iowa Small Business Health Insurance Plans

Small businesses may struggle with the cost of providing small business health insurance to their workers, but many are still generous about sharing the expense. According to the Kaiser Family Foundation 2021 survey, thirty percent of small companies pay the entire premium for individual coverage for their workers (if they offer insurance), and only three percent pay less than half the cost. However, the percentage of the premium paid for family dependents is often less. In addition, company size and the number of full-time employees significantly impact whether employees are eligible for health insurance coverage, with half of the smallest companies (up to nine workers) skipping the benefit.

For small companies, one great option is to obtain insurance plans through SHOP, which you can investigate with the help of your Taylor Benefits Insurance consultant. SHOP is the acronym for Small Business Health Options Program, which helps smaller companies evaluate programs and determine if they qualify for tax credits.

Iowa Employee Benefit Plans and Employee Benefit Packages

Studies demonstrate that employees evaluate benefits packages when considering their job options and that workers reporting satisfaction with their benefits are more likely to stay at their current job. That’s a good reason for companies to offer the best package possible. When asked, workers typically list the following benefits at the top of their wish lists (the order may change):

  • Health Insurance
  • Paid time off (vacation, holiday, and sick leave)
  • Family leave
  • Retirement support
  • Dental and vision insurance
  • Flexible working schedules
  • Childcare support
  • Tuition assistance

Employers often find that offering a variety of benefits works well. For example, some employees won’t need childcare help but may value retirement savings contributions. For others, flexible leave policies may be more attractive than dental insurance. A good program has enough choices to appeal to most workers.

Relevant Statistics

  • Over 80% of employers in Iowa offer group health insurance to their employees.
  • The average annual premium for Iowa group health insurance plans is $4,500 per employee.
  • Approximately 90% of Iowans with employer-sponsored health insurance receive coverage through a group plan.
  • Group health insurance covers an average of 85% of medical expenses for insured individuals in Iowa.
  • More than 95% of small businesses in Iowa choose to offer group health insurance as part of their benefits package.

General Facts

  • Iowa offers group health insurance plans for businesses and organizations.
  • Group health insurance provides coverage for a group of individuals, such as employees or members of an organization.
  • In Iowa, employers with 50 or more employees are required to offer group health insurance options.
  • Group health insurance plans in Iowa typically include medical, dental, and vision coverage.
  • The cost of group health insurance in Iowa can vary based on factors such as the size of the group and the type of coverage selected.

Iowa Group Health Insurance & The Affordable Care Act

Beginning on January 1, 2014, the Affordable Care Act (ACA) required that states establish healthcare exchanges to offer individuals and employees the necessary access to affordable insurance coverage.

Taylor Benefits makes it easy to sign up for health coverage in Iowa. We have offered affordable group plans for many years prior to the implementation of the ACA, and we have been able to continue. One way we can help is by making sure our own clients have been able to acclimate to the new ACA regulations since the program started.

We can help you understand the healthcare plan options that you have under the ACA, and best of all; we can offer help with determining the best health insurance plan for you and your eligible employees.

Let us help you as you investigate the selection of a group health plan for your business and save money. You can always fill out the quick, no-obligation form on this page or give us a call to speak to an insurance team member for further information.

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

Health insurance is an insurance policy covering the insured person’s medical costs. Health insurance often pays for preventative care, treatment of acute conditions, and managing chronic diseases to varying degrees, depending on the policy. In the United States, people with low incomes and the elderly are covered by Medicare and Medicaid. Many companies provide workplace-based health insurance as a common component of employee benefits packages.

In Iowa, How Much Do Large Group Health Insurance Plans Cost on Average?

As a large employer, you are obligated to provide affordable healthcare coverage to most of your workforce. You can choose the coverage structure as long as the plan meets at least the “Bronze” level requirements for health plans as designated by the ACA. Employers can share the cost with eligible employees. However, the subscriber’s share of the premium isn’t allowed to exceed 9.12 percent of their gross income.

What are Small Business Group Health Insurance Providers in Iowa?

There are numerous small business health insurance providers in Iowa, including:

  • AKP Health Insurance
  • Humana MarketPoint
  • Premier Health Insurance of Iowa
  • Reynolds & Reynolds Inc
  • eHealthInsurance
  • Knapp Tedesco Insurance
  • TaylorBenefits Insurance Agency. INC.

What Are the Different Types of Benefits Offered in Iowa?

There is a lot of confusion among firms about which benefits to offer their employees. The amount of money you have to spend, the number of people working for you, and other considerations all influence the benefits you choose. Attracting and retaining top talent, improving employee health and happiness, and reaping some tax benefits are all possible outcomes of providing a comprehensive benefits package to your eligible employees. The following are the top perks of having health insurance as an employee:

  • Financial security as a result of access to high-quality healthcare.
  • Reasonable coinsurance requirements.
  • Access to HSA or FSA options.
  • Vision service coverage.
  • Prescription drug coverage.
  • Access to wellness programs.
  • Availability of specialist and therapeutic providers.
  • Access to medical tools.

How Much Do Employee Benefits Cost on Average?

Employee benefits account for 31 percent of total compensation costs, according to a Bureau of Labor Statistics analysis. Some companies may dedicate more to benefits to maintain a competitive edge, while others focus on less expensive perks.

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.

We’re ready to help! Call today: 800-903-6066