Memphis Group Health Insurance & Employee Benefit Plans

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Memphis TN Large Group Health Insurance Plans

In Memphis, as is the case across the country, large companies have new rules to follow to comply with the ACA (Affordable Care Act) provisions. In most cases, the employers already offered their workers health insurance. Still, now it’s mandatory, and they must show that they comply with the policy requirements. For example, the subscriber’s share of the premium is limited, and every policy must meet quality standards for comprehensive coverage. Other significant changes include prohibiting insurers from denying coverage due to pre-existing conditions and allowing dependents to remain on a parent’s plan until they turn 26.

Every health insurance policy must cover at least 60 percent of the anticipated patient costs and incorporate these benefit areas:

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

Memphis TN Small Business Health Insurance Plans

Small companies are exempt from the ACA requirement to provide health insurance policies for their employees. However, some companies want to do so, even without a mandate. Offering insurance coverage may be challenging for these employers due to the cost that they face. The ACA created the SHOP (Small Business Health Options Program) to provide resources and guidance to these companies. Buying a SHOP plan is also the avenue for companies with 25 or fewer workers to determine whether they may qualify for a tax credit.

For companies that can’t offer insurance, another option is to sponsor a QSEHRA (Qualified Small Employer Health Reimbursement Arrangement), which can help workers pay for their medical expenses using pre-tax income.

Memphis TN Employee Benefit Plans and Employee Benefit Packages

A good employee benefits package may have several components, starting with health insurance. While a small company may have limited plan options, larger companies may provide a range of coverage choices.

The next most often requested benefit is typically paid time off. Employers may grant workers various amounts of time off for illness, vacation, and holidays. Tennessee does not require employers to offer paid time off, but workers may be entitled to unpaid time for medical issues and family leave.

Companies may want to add other benefits including the following:

• Vision and dental insurance
• Tuition reimbursement
• Flexible schedules
• Remote work arrangements
• Wellness programs, including fitness memberships
• Retirement savings support

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Relevant Statistics

• Over 90% of businesses in Memphis provide group health insurance options for their employees.
• The average monthly premium for a group health insurance plan in Memphis is $320 per employee.
• Approximately 75% of residents in Memphis are covered by a group health insurance policy.
• More than 80% of group health insurance plans in Memphis offer dental and vision coverage as well.
• The average deductible for a group health insurance plan in Memphis is $1,200 per year.

General Facts

• Memphis Group Health Insurance provides healthcare coverage to a group of people, such as employees of a company or members of an organization, in the city of Memphis.
• It offers a range of health insurance plans and options tailored to meet the needs of different groups and individuals.
• The coverage typically includes medical services, hospital stays, prescription medications, and preventive care.
• Memphis Group Health Insurance helps protect individuals and families from high healthcare costs by sharing the financial burden.
• It often provides access to a network of doctors, specialists, and healthcare facilities for effective and efficient medical care delivery.