Kentucky Group Health Insurance & Employee Benefit Plans

Kentucky business owners should not have to stress over group health insurance or other employee benefits plan components. Luckily, Taylor Benefits is here to guide our Kentucky clients through the process of finding the best plans to ensure that they can keep their costs low, and that their employees have the coverage they need for their health.

Kentucky Group Health Insurance & Employee Benefit Plans

We know that it can be daunting to figure out which group health insurance plans will work best for your employees so they can have the high-quality healthcare they need while you stay within your budget. We also provide positive solutions for retirement and 401(k) savings plans, and other resources to assist your workforce as they build financial security. 

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 insurance and long-term care
  • Group retirement and 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 employers. 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, each tier has different 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, but 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 offer 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, in the United States. Under this plan, companies with a specific number of employees are now required to offer health insurance coverage to their employees.

This news continues to cause confusion for 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. Thankfully, since we have long offered affordable insurance plans to our clients, we know the best plans for your employees and your company.

When it’s time to that 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 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?

Access to a large group health insurance plan typically comes from an employer. Often, these plans offer great benefits for both employees and employers. For example, because of the high number of people included in these insurance plans, employees may have more options, better coverage, and lower premiums. At the same time, employers may qualify for a tax incentive if they pay part of the employees’ premiums. Also, a definite benefit to the company is that providing insurance fosters a positive and happy work environment for employees to work at their best.

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 current employees. Employers can choose an employee benefits plan that works for their business, whether it is small or large. Types of employee benefits offered in Kentucky depend on the organization, but they often include health coverage, vision and dental insurance, paid time off, and a 401k.

How Much Do Employers Pay for Health Insurance?

Health insurance premiums are often split between employees and employers, but employers typically pay a larger percentage of the cost. While premiums have declined since the passage of the Affordable Care Act (ACA) in 2010, insurance is still not inexpensive. In Kentucky the cost ranges from less than $600 to over $1700 per month, per subscriber. The factors that affect the cost include whether it is single or family coverage, the deductible and co-payment terms, and the group size.

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