- Providing world class service and value for employee benefit group plans since 1987
The Affordable Care Act had several substantial components, one of which requires all large employers to offer health insurance to their workforce. The ACA describes “large” as those companies employing fifty or more people. However, since many large employers already made insurance available before the ACA, it had only a small impact on enrollment numbers.
However, some of the other provisions have changed the way companies offer insurance. For example, the ACA affordability standard requires that companies hold the subscriber’s share of premiums to no more than 9.6 percent of the employee’s gross income. A company can give workers more than one plan choice, but at least one must comply with the affordability standard.
The law also eliminated provisions in insurance plans that excluded service for pre-existing conditions. Previously, this was frequently an obstacle to people who needed care. Also, people can stay enrolled through their parent’s policy until they turn 26. Finally, every insurance plan must include ten essential benefits:
Small companies don’t have to comply with the ACA mandate to provide insurance. Those that want to offer it may be challenged by the cost. Some find that one lower-cost option is a High Deductible Health Plan (HDHP) offered in partnership with a Health Savings Account. These plans must meet the IRS standards for “high” deductibles to incorporate the HSA. The minimum deductible for eligibility in 2022 is $1,400 for an individual or $2,800 for a family. However, deductibles are often much higher, up to the allowable out-of-pocket maximum of $7,050 for an individual subscriber or $14,100 for the family. The higher deductibles mean the subscriber pays more of the cost, which reduces the premium.
Also, Health Savings Accounts can help reduce the subscriber’s overall expenses by letting them use pre-tax income to pay their medical costs. Another advantage is that the funds the worker sets aside can roll over. If a worker has money in the account that they don’t use in the current calendar year, they can roll it over indefinitely without paying taxes on the contributions or the earnings.
Companies (big and small) often prioritize health insurance when designing their benefits programs because employees want access to it. It’s an expensive benefit, but it’s vital to worker satisfaction. Beyond insurance, companies in Minneapolis may consider perks like dental insurance, short-term disability, and life insurance programs.
Next on the list, employees want paid time off. Vacation and holiday pay are great ways to encourage workers to recharge and refresh.
The following essential health benefits are offered in all our group healthcare insurance plans. We take great care to ensure that our clients are satisfied with the level of healthcare coverage they receive.
From 2014 to 2015, the average resident of Minneapolis-St. Paul spent just over 8% of their overall expenditures on healthcare. To put this into perspective, the average resident spent more on healthcare than he or she spent on food. However, there is a way that Minneapolis residents can lower the amount of money they are spending on healthcare, while increasing the amount of healthcare benefits they receive: group healthcare insurance plans. The problem with group insurance in Minneapolis (Minnesota) is that more people do not know about it!
Group healthcare insurance plans put you in a pool with other people, where you and others pool your money to collectively gain a better healthcare plan. Your healthcare plan will provide better, more comprehensive benefits, with more affordable rates, due to the way that group healthcare insurance plans are structured. You can save even more money when you contract an independent agency to write your plan, since independent agencies are not in competition with the exchanges or insurance providers.
These are a few answers to questions about health insurance plans and employee benefits in Minneapolis, Minnesota.
A large group health insurance plan is one that covers a group of at least 50 people. It helps businesses and employees save money. Small and large companies with a minimum of 50 full-time employees can participate in this insurance plan. The cost of large group health insurance has no upper limit. Large group health insurance policies offer uniform coverage for all employees, making administration simple and allowing for swift employee registration. Employers requiring specialized health care for their employees can also purchase large group insurance for a more personalized package.
Small group health insurance packages are available to businesses in Minneapolis with a minimum of two full-time employees and a maximum of fifty. Employers can purchase these group plans through an insurance broker or directly from a health insurance provider. Some popular health insurance providers in Minneapolis include Blue Cross Blue Shield of Minnesota, Blue Plus, Medica Choice Passport Network, and UnitedHealthcare. Business owners must choose an insurance provider matching their budget and requirements.
Employee benefits packages are legal perks that include remuneration from the company. What is included in a Minneapolis employee benefits package varies depending on the company. Unemployment insurance, the minimum wage, and overtime pay are just a few of the things that must be provided. Your employer, however, may choose to provide some or all of the following benefits in order to attract new employees or retain existing ones: health insurance, dental insurance, vision insurance, 401K, short and long-term disability insurance, retirement, and pension, and life insurance.
Health insurance is one of the mandatory benefits offered by employers to their employees. However, employers and employees split the cost of health insurance premiums on a monthly basis. A group health insurance plan can save money for both parties. Employers pay anywhere from 70% to 90% of the cost of health insurance premiums, depending on the employee’s financial situation. Employees who can’t afford part of the insurance premiums but don’t want to join their company’s group health plan may be eligible for government-subsidized coverage.
Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.
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