Kentucky Group Health Insurance & Employee Benefit Plans

Kentucky business owners should not have to stress over group health insurance or other employee benefit plans. Therefore, Taylor Benefits is here to guide all our Kentucky clients through the process of finding the best plans to ensure their costs stay down and their employees have the coverage they need for their health.

Kentucky Group Health Insurance & Employee Benefit Plans

We know that is can be daunting to figure out which group health insurance plans will work best for your employees so they can save money while you continue to keep your business overhead down at the same time. We also strive to provide positive solutions for retirement and 401 savings plans, pension plans and other plans that your employees will need throughout their time at your business.

When you are ready to get a FREE estimate for a great group health insurance plan for your business or you would like to discuss your options for retirement and savings benefits for employees, be sure to fill out the quick quote form on this page or give us a call for personalized assistance.

Taylor Benefits offers plans including:

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

Kentucky Large Group Health Insurance Plans

Kentucky’s large employers have ample options when choosing health care coverage for their employees. With numerous large companies in the state, many workers are accustomed to receiving comprehensive insurance benefits through their employer. In addition, more residents receive coverage through the state-run health insurance marketplace, Kynect, which has four carriers available.

As with other states, large plans must include the minimum essential benefit components stipulated by the Affordable Care Act to be compliant:

  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

ACA compliant plans belong to one of four tiers, named for metals: bronze, silver, gold, and platinum. Each has a different premium, with bronze plans offering lower premium costs. However, different tiers have various out-of-pocket expenses. For example, subscribers choosing a bronze plan with a lower premium will pay a higher co-payment when using medical services. Conversely, the premium will be higher if you have a silver plan. Still, the access costs for using the coverage will be lower.

Kentucky Small Business Health Insurance Plans

Small companies in Kentucky can explore options for offering group health insurance for their workers by visiting the SHOP website or chatting with their representative from Taylor Benefits Insurance. Your consultant can provide information about the programs that make sense for your company and assist with identifying tax credit opportunities. Small companies aren’t obligated to fund health insurance for their workers, but many do, and it can be a great recruiting and retention tool.

Suppose your company wants to use SHOP (Small Business Health Options) to extend coverage. In that case, you need to have between one and fifty full-time (or full-time equivalent) workers. The insurance must be available for all full-time employees, not a subset. You get to decide how much of a subsidy to provide the workforce and how long employees must wait before becoming eligible for inclusion. Also, you can stick with one plan or let employees choose from more than one.

Kentucky Employee Benefit Plans and Employee Benefit Packages

Kentucky has a robust mix of large and small employers, and those companies work hard to compete for the workers they want to hire and retain. Employers like Yum! Brands purposefully provide attractive benefits packages to their workforce to stand out. Yum! offers headquarters-based employees half days on Friday, flexible schedules, and a minimum of four weeks of annual vacation. As a result, they are considered an employer of choice. Other large companies like Humana tout their 401(k) program, flexible spending accounts, and comprehensive health care coverage.

All these are typically mentioned when employees list their preferred benefits. Other desired components include dental and vision insurance, family leave, tuition assistance, student loan support, and the ability to work from a remote location.

Kentucky Group Health Insurance & The Affordable Care Act

On January 1, 2014, the federal government implemented the Affordable Care Act (ACA), also known as Obamacare to the United States. Under this plan, employees with a specific number of employees, including those who own small businesses, are now required to offer health insurance coverage to their employees.

This news may cause a little confusion with business owners who are unsure what their requirements may be when it comes to providing insurance coverage. We have helped thousands of local Kentucky business owners through every step of the insurance process and thankfully, since we have long offered affordable insurance plans to our clients, we know the most affordable plans for your employees but best of all, for your company.

When it’s time to take steps to ensure your employees are covered and that your business is following the rules of the ACA, we are here to help.

For the best insurance coverage in the state of Kentucky, be sure to contact an agent today by filling out the FREE quote form on this page or by calling to speak to an agent today.

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

Here are some answers to frequently asked questions about Kentucky health insurance plans:

What Are the Benefits of Large Group Health Insurance plans in Kentucky?

Even though large group health insurance plans typically come from an employer, It offers many benefits for employees and employers. For example, because of the high number of people included in these insurance plans, employees have more options, including better health insurance plans, low-cost insurance packages, and better coverage for pre-existing conditions. Another benefit to employers is the tax incentive for businesses that provide insurance to their employees and pay part of their premiums. And perhaps one hidden benefit is that it fosters a positive and happy work environment for employees to work at their best.

In Kentucky, How Small Business Groups Health Insurance Plans Cost on Average?

Small business owners interested in group health insurance plans would be happy to know that premiums trends have declined since President Barrack Obama passed the Affordable Care Act (ACA) in 2010. The average premium per person dropped to $408 for small business group health insurance in 2018. However, group health insurance plans would still cost a small business owner a couple of hundred dollars on average today for premiums, assuming they’re splitting the cost. Also, the deductible for a small group health insurance package is about $3000.

What Are the Different Types of Benefits Offered in Kentucky?

Employee benefits are one of the best ways to attract new employees to your business and retain old employees. Employers can choose an employee benefit plan that works for their business, whether it is a small or large business. Types of employee benefits offered in Kentucky depend on the organization, but they can include but aren’t limited to health coverage, vision and dental insurance, retirement, and 401k.

How Much Do Employers Pay for Health Insurance?

Health insurance premiums are often split between employers and employers, but employers pay a more significant percentage of the premiums. Generally, employers pay between 70 percent to 90 percent of the group health insurance plans. However, this percentage would depend on if the employee can afford to pay. The average group health insurance premium would cost about $1500 to $4000 per employee for employers if the employee cannot split premium payments. Also, for employees who cannot pay their part of the premium, the government provides subsidized packages that can help.

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