Maine is one of the few states in the United States where small businesses don’t just make a profit, but they become a necessary staple to the communities they operate in. Due to this, 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 that also help keep their own profits stable.
Here are Taylor Benefits, we understand that our Maine business owners need to have affordable coverage and since we work with a wide network of insurance carriers nationwide, we can offer access to the best plans with the most affordable rates in the state.
We not only offer group health insurance plans or retirement benefits, but we also have a full range of employer related plans 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 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 plan is available for dependents, 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 provide or 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 insurance plan. The updated rules for small businesses also enable companies to provide both an eligible program and a limited HRA to help with copayments, deductibles, and other medical costs.
Workers 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 workers 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 employee 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 pre-tax deductions. 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 employers, 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 group health insurance and retirement benefit plans for their 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 path to adhering to the ACA today.
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