Minnesota Group Health Insurance & Employee Benefit Plans

Minnesota Group Health Insurance & Employee Benefit Plans
Taylor Benefits Insurance Agency is a leader in the insurance industry. We have grown tremendously in our more than 25 years of history 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 an extreme knowledge of the different health insurance and employee benefit options available. One of our perks is that we have a large network of insurance carriers we like to work with which gives us the ability to create a 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 includes 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 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. That 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 properly review and manage the claims but doesn’t require advance payment. Your Taylor Benefits Insurance specialist is available to discuss the pros and cons of self-funding with you.

Minnesota Small Business Health Insurance Plans

Small businesses striving to provide quality health insurance to their employees may want to consider investigating the options available from the ACA SHOP marketplace. SHOP (Small Business Health Options Program) is designed to assist small companies that want to offer health or dental coverage to their workforce. SHOP is for businesses with up to fifty workers, including the owner, and the coverage is accessible at any time of year.

As an option, small employers not offering health insurance can assist with their employees’ healthcare costs by creating a Qualified Small Employer Health Reimbursement Arrangement. These funds allow employers to contribute non-taxed money to an employee’s expenses, including premiums and copayments, for qualified plans.

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 retirement savings plan. Even tiny businesses can typically create a 401(k) or IRA to benefit their teams. Many companies choose safe-harbor programs to reduce the burden of discrimination testing. In any case, your Taylor Benefits Insurance consultant can help you evaluate your options.

Dial 800-903-6066 and get free consultation on Minnesota Group Health Insurance & Employee Benefit Plans

We can help your Minnesota business attract and retain employees by providing them with the greatest coverage and benefits at the lowest possible premiums and rates. We will also perform yearly audits to ensure that your plan continues to meet the standards of the Affordable Care Act. It’s important to obey all local, state and federal laws to avoid government penalties. By abiding by the laws, your business is more liable to qualify for tax breaks and other advantages.

Group Health and Employee Benefit Package Options

  • Health Insurance
  • Dental Insurance
  • Vision Insurance
  • Short & Long Term Disability Insurance
  • 401(k)
  • Retirement & Pension
  • Section 125 Cafeteria
  • HSA
  • Life Insurance
  • Long Term Care
  • ACA (Affordable Care Act)
  • Worker’s Compensation

The above options are all things that job hunters often seek when they want health coverage and employee benefits. At Taylor Benefits, we can modify your group plan to include nearly anything you want. All you have to do is call in and discuss your options with one of our knowledgeable insurance brokers. They’ll create your plan meticulously by listening to your concerns and reaching into our database of different insurance carriers. Once you are satisfied, they’ll provide you with a FREE quote.

Are you looking for a Minnesota Group Health Insurance & Employee Benefit Plans? Click the quote button to get an instant quote.

If you want to determine our price points, you are free to request for quotation using our online form. In such way, you will be able to compare our top quality services to other carriers. We give you freedom to select. Nonetheless, we can guarantee only professionally established plans that are tailored for your firm.

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in Minnesota

In Minnesota, What Is Considered a Large Group for Health Insurance Plans?

Health insurance for large groups of employees is defined as insurance that covers 50 or more employees. Small and large businesses can choose from this health insurance plan. There are no maximum numbers for large group health insurance plans. All employees receive the same coverage under large group health insurance plans, making them easy to work with and easy to enroll employees in. For employees with unique healthcare needs, customized insurance packages are available.

In Minnesota, What Is Considered a Small Business Group for Health Insurance Plans?

The minimum employee requirement for group insurance plans isn’t as high as many small business owners believe. As a small business owner, you must have at least one employee to qualify for a small business health insurance plan. Your business may not qualify for Medicaid health insurance if it has more than 50 employees. You might want to look into large group health insurance plans if you have more than the maximum number of employees.

What Benefits do Employers Offer in Minnesota?

Employers offer their employees benefits in addition to salaries. Life insurance, retirement benefits, paid leave, disability insurance, and medical coverage are the most common employee benefits. Depending on the company, employees and their families may have access to other perks, such as medical and dental insurance, legal coverage, pet insurance, and college debt relief.

How Much Are Your Employee Benefits Worth?

In the United States, employer compensation costs for workers were made up of 32% employee benefits. Benefits are however largely determined by what perks your employer offers. All employee benefits include health insurance, which costs

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