Maine is one of the few states in the United States where small businesses don’t just operate to make a profit; they become an integral component of the communities they operate in. Due to this critical interdependency, it is important to ensure that small businesses are able to provide group health insurance plans and employee benefit packages that not only benefit their employees but also help keep their own profits stable.
Here are Taylor Benefits, we understand that our Maine business owners need to have affordable small group premiums. Fortunately, since we work with a wide network of insurance carriers nationwide, we can offer access to the best plans with a network of the most affordable healthcare providers and hospitals in Maine.
We not only offer group health insurance plans; we also have a full range of employer-sponsored benefits, including:
For a FREE estimate today, be sure to fill out the easy quote form on this page.
The state of Maine transitioned to a state-run health insurance marketplace in 2021, known as CoverME. All large group health insurance offered in Maine must meet ACA requirements for minimum essential benefits, elimination of lifetime benefit limits, and the prohibition of exclusion for pre-existing conditions. The requirement to offer health coverage to young adult dependents of covered employees until they reach age 26 is a significant expansion of coverage required by the ACA. However, employers can avoid this provision if they don’t include other dependents in their programs. If the health plan is available for dependents or family members, it must be extended to adult children under the age of 26 regardless of their marital or student status or even whether they have children of their own.
However, any insurer offering coverage within Maine must offer additional benefits above ACA requirements:
The Maine Bureau of Insurance recommends that small companies in the state consult a qualified insurance broker like Taylor Benefits Insurance for assistance with selecting a health insurance program. Small employers have fifty or fewer full-time employees, but at least one in addition to the owner. Small employers choosing to offer a health plan through the Small Business Health Options Program can’t leave out eligible workers. However, they can opt not to cover family members or part-time employees.
Small employers can also opt for funding an ICHRA (individual coverage health reimbursement account) for workers instead of offering a specific health plan. The updated rules for small businesses also enable companies to provide both an eligible program and a limited HRA to help with employee premiums, copayments, deductibles, and other medical costs.
Employees want to think that their employers care and are responsive to their needs. Providing more than just the essential benefits is one way companies can signal responsiveness. Smaller companies with limited benefits budgets may consider letting employees choose between a range of voluntary benefits options to pick the ones that mean more to them. For example, suppose a company has health insurance, a 401(k), and paid time off. Then, they add these choices:
The company could provide each worker with a maximum dollar amount and let them choose where to use it. Or allow each worker to select two or three from the list. These payments may be taxable income, but sometimes employees can pay the cost with the SHOP tax credit. According to the MetLife report, half of the employees in small companies, and more than half in larger organizations, are willing to pay a share of the cost for additional benefits.
The Affordable Care Act (ACA), also known as Obamacare, mandates that large employers and even some small business owners must provide access to health insurance coverage to their employees. As a top-rated company in the industry today, Taylor Benefits is here to help our clients better understand the insurance market in the state while procuring the most affordable coverage and retirement benefit plans for their Maine employees.
If you are a business owner or a manager in charge of insurance coverage for your business, be sure to fill out the FREE estimate form on this page to get started on the right small business health insurance adhering to the ACA today.
Here are some answers to common concerns regarding health insurance plans in Maine:
The market for large group health insurance providers in Maine is complex. There are so many providers competing for the same customers in the location it might be hard to differentiate between the offerings. Maine’s popular large health group insurance providers include Harvard Pilgrim Health Care, Tufts Health Plan, Anthem, and UnitedHealthcare. Your health insurance provider influences how much you spend on insurance, so it’s essential to pick the best.
The minimum employee threshold for a group insurance plan isn’t as high as most small business owners believe. To be eligible for a small business group health insurance package, you must have at least one worker as a small business owner. Some small companies may be eligible for tax credits, which the ACA established. However, if your company has more than 50 tax employees, you will instead be subject to the ACA’s large employer regulations.
The perks typically included in employee benefits offered in Maine include health coverage, retirement, paid leave, unemployment, and disability insurance. However, some companies choose to offer other benefits like vision and dental insurance, pet coverage, childcare, and fitness coverage. 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, no matter how large it is.
Employee benefits accounted for 32% of employer compensation costs for workers in the United States. However, the worth of your benefits depends mainly on what perks your employer is offering. Health insurance is a significant component of all employee benefits, costing about $5000 to $30000 annually, depending on the type of plan and insurer. Retirement plans are also a popular perk that most employers offer, typically 2% to 6% of your salary in matching contributions. Disability insurance is also a very common employee benefit that can cost about $2000 to $5000 annually. The total worth of your employee benefits is based on what is included in the package.
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