- Providing world class service and value for employee benefit group plans since 1987
The Affordable Care Act (ACA) requires large employers to provide health insurance for their workers. However, the law also established standards for adequate coverage, including affordability. The employee’s monthly charge can’t exceed 9.61 percent of their income, or it exceeds the affordability threshold. For example, if an employee earns $50,000 annually, the affordability standard limits their premium to $4,805. Employers also must provide coverage for dependents but don’t have to meet the affordability standard.
Also, insurers must design the plan to pay at least 60 percent of the typical expense for a subscriber. And finally, every health insurance plan must cover these ten essential benefit areas:
It’s interesting to note that while small companies are less likely than large ones to provide health care coverage for their workers if the small ones offer the benefit, they often pay a larger share of the premium. For example, thirty percent of workers in small firms pay nothing toward the cost of insurance, compared to five percent for larger ones. The ACA doesn’t require companies with fewer than fifty full-time employees to provide insurance. However, those with less than 25 workers may be able to take advantage of tax credits and a dedicated market for their insurance needs.
While companies with fewer than fifty workers do not need to offer health insurance, if they choose to do so, the coverage must comply with the minimum essential requirements as established.
An employee benefits package can be simple or detailed. It might be nothing at all in some cases since small companies may or may not provide health insurance. However, workers with large organizations typically receive more benefits and more options. On average, benefits add approximately thirty percent to the cost of an employee. Of course, the amount varies by company and by employee. In addition to health insurance (almost always the number one request), paid time off is a common perk that employees expect. When asked, workers say they want a retirement plan, but the enrollment is low for those companies that offer one. Other desired benefits include family leave, dental and vision insurance, childcare assistance, tuition reimbursement, flexible scheduling, and remote work options.
Our group healthcare plans include the following comprehensive benefits. For most groups, this is enough coverage. However, we can also add other forms of coverage, depending on the policies, laws, and requirements that apply to your healthcare needs.
Kentuckians all over the state are worried about what will happen to their healthcare should Obamacare be replaced and repealed. This sentiment is not only present in rural areas, although prominent there, but also urban areas like Louisville as well. If you have an insurance plan that you purchased through the state or federal exchange, you should consider switching to a more stable option like group healthcare insurance.
Healthcare is stressful, and the last thing you need is more stress. Group healthcare insurance plans are more affordable, more comprehensive, and do not rely on the continued existence of Obamacare for insurance providers to honor the plans. With providers dropping out of state and federal exchanges, this is a decision you cannot wait to make. Switch today and regain control over your health with Taylor Benefits Insurance.
Unlike cookie-cutter healthcare plans that you find elsewhere, at Taylor Benefits Insurance, we write our own plans. Each group healthcare insurance plan is custom-written to reflect the unique needs and wants of each group. No two plans are alike! Depending on your situation, you may need a custom plan.
Even if you are not interested in a custom plan, you are most likely interested in lowering your premium rates, increasing your coverage, and switching to a more stable insurance plan, all through group insurance. Even if you do not receive any sort of direct advantages from group insurance, there are many indirect advantages to making the switch today.
These are concise responses to frequently asked questions concerning health insurance in Louisville, Kentucky.
No matter how much an employee is required to pay, they can contribute to their company’s health insurance. Healthcare costs in the U.S. are three times higher than those in the U.K., where an employee spends about $270 a month.
A large group health insurance plan is an excellent option for businesses in Louisville, Kentucky with more than 50 employees. The key benefit of a large group health insurance plan is that it provides insurance at a lesser cost due to a significant discount when purchased.
Large group health insurance plans may also cover students. This plan is intended for people who are unable to buy health insurance. Another advantage of large group health insurance is that:
Most small businesses can afford basic group health insurance. To provide health benefits to their employees under this plan, employers simply pay predetermined health plan premiums. In some situations, they offer insurance to the families of its employees. However, the employee may be responsible for a portion of the expense.
You can also buy Group Coverage Health Insurance. The firm would give the employee with group health insurance as well as a monthly payment to cover other expenses.
Self-funded plans are the most dangerous option for small business health insurance. Employees submit medical bills or prescribed prescriptions to their employers, who pay them depending on the cost of the bills rather than monthly premiums.
The next health insurance plan to look at is the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Employers may provide employees with a specific amount of money in benefits each month (at their discretion).
Finally, Associate Health Plans (AHPs) are a high-risk investment for small enterprises. An AHP is formed when a group of smaller businesses in the same industry or region band together to obtain coverage from an insurance carrier for a bigger group health plan.
Most Louisville, Kentucky firms offer health insurance that covers a wide range of medical treatments and equipment, including surgical procedures, prescription drugs, and doctor visits.
Plastic surgery, for example, is not covered by most employers since it is considered unnecessary for employees. Dental and vision coverage are rarely included in health insurance plans, so they must be purchased separately.
Todd Taylor with Taylor Benefits gives our small business the kind of personal service we need. Insurance benefits are important to our employees and Todd helps us find a balance between benefits and value. Todd responds immediately to my phone calls & e-mails. He has even gotten in touch with me on a Sunday when we were in need of coverage answers immediately. We are very pleased with the hands-on service Todd and his staff provide.”
-Ken and Linda Orvick, Orvick Management Group, Inc.
We’re ready to help! Call today: 800-903-6066