Lexington Group Health Insurance & Employee Benefit Plans

Lexington KY Large Group Health Insurance Plans

The ACA requires companies that employ more than fifty people to provide health insurance. The law contains a requirement for affordability, so the employee’s share of the premium can’t exceed 9.61 percent of the employee’s income. For example, if an employee earns $50,000, the maximum is approximately $4,805 for that individual. While companies subject to the insurance mandate must offer coverage to dependents, those policies do not have to meet the affordability threshold.

The coverage must also provide coverage that the ACA deems comprehensive. The two requirements are:

1. The plan will pay at least 60 percent of the total cost of medical services for a “standard” workforce population, and
2. The benefits include substantial coverage of inpatient hospitals and doctors’ professional services.

Finally, every plan must cover the ten designated “essential benefits” outlined by the ACA:

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

Lexington KY Small Business Health Insurance Plans

Businesses that don’t employ fifty or more workers are not mandated to offer health insurance to their employees, but many want to do so. One reason is that health insurance is often at the top of the wish list for both employees and recruits. The U.S. Bureau of Labor Statistics reports that nearly half of small businesses offer insurance to their workforce, but enrollment is low. The low acceptance might be due to employees getting coverage from another source or being unable to afford the offer. The ACA has information and guidance for small companies through SHOP (Small Business Health Options Program) if they want to explore health insurance. Also, if the business has fewer than 25 workers, it may qualify for a tax credit to reduce the administrative burden. Ask your Taylor Benefits Insurance consultant about what makes sense for your business.

Lexington KY Employee Benefit Plans and Employee Benefit Packages

Companies that want to attract and retain employees by offering an excellent benefits package may wish to investigate low-cost ways to stand out. One option is to add “voluntary benefits.” These optional selections can provide various discounts and money-saving offers. The employer often contributes little or nothing toward these perks but facilitates their availability for employees. The employee gains value due to the size of the potential pool of participants.

Voluntary benefits can include vision coverage, legal plans, pet insurance, long-term disability, long-term care, and discounts for other services like communications, recreation, and fitness centers. Sometimes employees can pay for these with pre-tax income, while in other cases, the employer might offer a payroll deduction.

Lexington Group Health Insurance & Employee Benefit Plans

Taylor Benefits Insurance has over 25 years of experience writing custom-designed group healthcare insurance plans for clients nationwide. As an independent agency, Taylor Benefits Insurance can provide clients with better plans than those currently found on the market. This is because independent agencies like Taylor Benefits Insurance are not in competition with plans found on the state or federal exchanges, nor established insurance providers.

Our plans are not limited and face practically no regulation beyond the inclusion of mandatory essential health benefits due to Obamacare. If you are unsatisfied with the healthcare insurance plan you are enrolled in, contact Taylor Benefits Insurance for a more affordable, more comprehensive group healthcare insurance plan today.