Lakewood Group Health Insurance & Employee Benefits Plans

Lakewood CO Large Group Health Insurance Plans

Large companies must offer health insurance to their employees or pay the penalty for noncompliance due to the provisions of the ACA. Most offer the insurance and, in many cases, were already doing so before the legislation’s mandate. Across the U.S., 95 percent of large employers contribute to the premium cost. The ACA affordability requirements limit how much a subscriber can be required to pay based on their gross income.

The well-respected Kaiser Family Foundation survey reported that in 2021 large employers were likely to offer more than one plan, giving insurance choices to their workforce. Forty-six percent of covered workers in large firms participate in a PPO (preferred provider organization), and eighteen percent chose an HMO (health maintenance organization). Almost one-third enrolled in a High Deductible Health Plan/Savings Option. What differentiates HDHP/SO plans is that, in many cases, the company contributes to the savings account, which reduces the out-of-pocket cost for the subscriber. That’s not typically the case for workers enrolled in plans that may also have high deductibles but don’t qualify for the HSA and don’t benefit from employer funding.

Lakewood CO Small Business Health Insurance Plans

One way that small employers work to hold down health insurance costs is by offering a selection of programs. The employer can provide the same subsidy for each choice, letting the employee decide how much they want to add to the employer’s contribution to select the coverage that meets their needs. However, for this strategy to work, the employer must ensure that the workers understand how each plan operates. Otherwise, they may select an option that doesn’t make sense for their situation.

For example, many employees still aren’t fully aware of how a high deductible health plan with an HSA can save them money. The deductible amount may seem intimidating, and the employee may not consider the benefit offered by the lower premium. Also, some workers may not be aware that there is a significant difference between the HSA and older FSA accounts, which have unpopular “use it or lose it” provisions. Your Taylor Benefits Insurance can help you create effective communications to ensure that employees understand the differences between the plans your business offers.

Lakewood CO Employee Benefit Plans and Employee Benefit Packages

Benefits are nearly as significant as pay when potential workers compare offers. A robust benefits package may start with health insurance, particularly for companies that the ACA requires to provide coverage. Beyond medical insurance, employees usually want paid time off for vacation, holidays, and sick time. Other benefits that can offer a competitive advantage include:

• Family leave
• Retirement savings support
• Dental and vision insurance
• Flexible working schedules/remote work options
• Childcare support (and elder care assistance)

Group Health Insurance and Employee Benefits

Health insurance is an enticing benefit for many people since the coverage is better and the rate is often lower compared to an individual plan. Businesses with health insurance options for employees are likely to enjoy more successful recruiting and longer-tenured workers. While providing health insurance is costly, many companies discover that it pays off.