
Taylor Benefits Insurance Agency is a leader in the insurance industry. We have grown tremendously in more than 25 years in the industry. We’ve become respected by businesses of all sizes in Minnesota and the rest of the nation.
Our licensed insurance brokers have sharp negotiation skills and comprehensive knowledge of the health insurance and employee benefits options available. One of our advantages is that we have a large network of health insurance companies we like to work with, enabling us to create a health plan that suits your company’s needs as well as the needs of your employees.
Minnesota Large Group Health Insurance Plans
Choosing the best large group health insurance plan in Minnesota typically involves comparing coverage with costs. That’s true for the employer offering the plan and the subscriber choosing between options. As an employer, you must comply with the affordability standards established by the ACA and provide the minimum essential benefits. In Minnesota, in addition to the ten essential benefits the ACA requires, health insurance must cover these benefits:
- Bariatric surgery
- Chiropractic care
- Clinical trials
- Congenital anomaly, cleft lip/palate
- Cosmetic surgery for complications from breast implants
- Diabetes care management
- Durable medical equipment scalp-hair prostheses for alopecia areata
- Family therapy
- Hospice services
- In-home treatment for children with emotional disabilities
- Lyme disease treatment
- Non-formulary antipsychotic drugs
- Off-label prescription pharmaceuticals
- Oral surgery
- Outpatient rehab
- Oxygen
- Port-wine stain removal
- Routine adult eye exams
- Second surgical opinions
- Skilled nursing facilities
- TMJ disorder treatment
- Ventilator-dependent services
One increasingly popular option for large employers is self-funding. Some large businesses choose self-funding rather than insurance to customize their program and save money. However, it’s helpful for Minnesota companies to be aware that if their health insurance coverage is entirely self-funded, it is not required to comply with the list of mandated benefits above (but must provide the ACA essential minimum services.)
Employers that choose self-funding often do so for financial reasons, preferring to accept the risk of higher payments over the specific costs associated with traditional insurance coverage. Instead of paying upfront, a self-funded company can hold on to the funds it expects to pay out for claims.
The money can earn interest or be used for other purposes until needed. If the business needs cash flow, that is a benefit. Also, self-funding avoids payment of state health insurance premium taxes, reducing the overall cost by two to three percent.
Still, most self-funding companies choose to have their claims administered by a third party. That offers access to the expertise needed to review and manage the claims properly but doesn’t require advance payment. Your Taylor Benefits Insurance specialist is available to discuss the pros and cons of self-funding with your business.
Minnesota Small Business Health Insurance Plans
Small businesses striving to provide quality health insurance to their employees may want to consider investigating the coverage options available from the ACA SHOP marketplace. SHOP (Small Business Health Options Program) is designed to assist small business owners that want to offer health or dental coverage to their employees. SHOP is for businesses with up to fifty employees, including the owner. The most suitable plan for such businesses is a small business health insurance plan that is accessible at any time of year.
As an option, small businesses not offering health insurance can assist with their employees’ healthcare costs by creating a Qualified Small Employer Health Reimbursement Arrangement. Small business health insurance allows employers to contribute non-taxed money to an employee’s expenses, including premiums and copayments, as flexible spending accounts.
Minnesota Employee Benefit Plans and Employee Benefit Packages
Aside from health insurance, one of the most wanted benefits in Minnesota is a retirement plan. Employers have attractive choices to assist their workers with planning for retirement by establishing a qualified health savings account.
Even small employers can typically create a 401(k) or IRA to benefit their teams. Many employers choose safe-harbor programs to reduce the burden of discrimination testing. In any case, your Taylor Benefits Insurance consultant can help you evaluate your health insurance coverage options.