Mississippi Group Health Insurance & Employee Benefit Plans

Mississippi group health insurance plans

As you work to expand your company and enhance profits, it might be in your company’s best interest to offer group health insurance and employee benefits. This decision has been proven to help businesses of all sizes attract and retain qualified employees. If you engage an insurance broker, you can find exactly what you need in a group health insurance and benefits plan.

At Taylor Benefits Insurance Agency, we’ve been creating group insurance plans for nearly 30 years. Our history in the industry has helped us form relationships with some of the top insurance carriers in the nation. This extensive network allows us to modify group plans as necessary and even to negotiate the costs. We strive to get our clients the best possible insurance package for their employees at the lowest rates and monthly premiums.

Mississippi Large Group Health Insurance Plans

Large employers in Mississippi can choose how they want to structure large group insurance for their employees to comply with the ACA and provide valued health insurance coverage. Since insurance is a significant expense for many businesses, holding the line on costs can be an incentive to consider nontraditional options like an HMO (health maintenance organization) or PPO (preferred provider organization.) These programs require subscribers to obtain service from a specific group of medical providers, usually called a network.

In the case of an HMO, the subscriber must choose a primary care coordinator to manage their access to specialists. Also, suppose the subscriber seeks care using an insurance company outside the network. In that case, the Mississippi health insurance plan won’t pay for it unless it’s an emergency. With a PPO, the patient may not need a primary care physician and can usually obtain out-of-network care, but at a higher cost.

Some businesses offer POS (point of service) plans, which are considered a hybrid model, combining aspects of other service structures with greater flexibility.

Mississippi Small Business Health Insurance Plans

Small Mississippi companies are not required to offer health insurance to their employees (if they have fifty or fewer). However, if they want to provide health insurance coverage as a benefit, the ACA has some resources to help. If they do, they must follow the ACA rules. One requirement is for minimum essential coverage, which is the same as large companies must provide. The required components are:

  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

The insurance program must be offered to all workers in the company (not just managers or highly compensated staff). Finally, to receive the Small Business Health Care Tax Credit, the employer must pay at least half of the premium cost for employees. However, they don’t have to pay toward the expense of dependents.

Small business owners may want to consult an insurance agent like Taylor Benefits Insurance to evaluate plans. Policy options are categorized as different tiers with metal name identifiers to help identify the value. Bronze plans, for example, have a lower premium but higher costs for service. In contrast, a platinum plan will have the highest premium but a lower price when the subscriber needs to use the coverage. In between are silver and gold.

Mississippi Employee Benefits Plans and Employee Benefits Packages

Employee benefits are sometimes thought of as the optional part of employee compensation. Health benefits can include crucial components such as health insurance, life insurance, critical illness insurance, pre-existing medical condition, accident insurance, paid time off, and assistance with retirement savings. However, benefits can incorporate less tangible elements like flexible scheduling, office culture, and personal support.

Perks sometimes include things that workers take for granted, like free lunch and snacks, remote work, flexible schedules, a casual dress policy, or informal policies like a dog-friendly environment.

Often, workers prioritize tangible items like health insurance, paid time off, and retirement plans when evaluating benefits. But as many companies learned during the pandemic, employees also want the company to be flexible.

Workers who adapted to less-than-ideal working conditions may now expect leeway as they adjust to return-to-office requests. Resuming the commute while dealing with the renewed demands of school schedules and other commitments can be stressful. Large and small businesses will benefit from offering flexibility and support if possible.

Relevant Statistics

  • Over 85% of employers in Mississippi offer group health insurance to their employees.
  • The average premium for group health insurance in Mississippi is $500 per month for a family plan.
  • Approximately 90% of Mississippi residents covered by group health insurance have access to preventive care services.
  • Group health insurance in Mississippi covers an average of 85% of medical expenses, reducing out-of-pocket costs for policyholders.
  • More than 95% of small businesses in Mississippi participate in group health insurance programs to provide affordable coverage to their employees.

General Facts

  • Group health insurance in Mississippi refers to health coverage provided to a group of individuals, such as employees of a company or members of an organization.
  • Employers in Mississippi are not legally required to provide group health insurance to their employees, but many choose to offer it as a benefit.
  • Group health insurance plans in Mississippi typically offer comprehensive medical coverage, including doctor visits, hospital stays, prescription medications, and preventive care.
  • The cost of group health insurance in Mississippi is shared between the employer and the employees, with the employer usually covering a portion of the premiums.
  • Mississippi group health insurance plans often include network restrictions, where individuals must seek care from healthcare providers within the plan’s network for maximum coverage benefits.

Our Employee Benefit Plan Options

  • Mississippi large group health insurance
  • Medical, dental, and vision insurance
  • Employee benefits & wellness plans
  • Disability insurance (short & long term)
  • Group retirement & 401(k) savings plans
  • Pension plans
  • Health savings plans (HSA)
  • Group life insurance and long-term care
  • Section 12 cafeteria plans
  • ACA (Affordable Care Act)
 Call 800-903-6066 and get a free consultation on Mississippi Group Health Insurance & Employee Benefit Plans.

Here at Taylor Benefits, we help our clients come up with a plan that meets their needs as well as the requirements of the Affordable Care Act in accordance with federal law.

Your Mississippi business may qualify for tax breaks if you satisfy the applicable requirements. Compliance also helps you avoid penalties. Taylor Benefits performs a yearly audit to ensure that your plan always stays current with changing requirements. During the audit, we will make any necessary adjustments to keep your plan in line with government regulations.

To learn more about our affordable group health plans and employee benefit plans, call today to discuss your options with one of our licensed insurance brokers. After we help you tailor a plan, we will present you with a FREE quote!

Whether you’re looking for Mississippi Group Health Insurance & Employee Benefits Plans or Individual health insurance coverage, click the quote button to get an instant quote.

Frequently Asked Questions About Health Insurance And Employee Benefits Plans in Mississippi

How Do Large Group Health Insurance Plans Work in Mississippi?

Large group health insurance plans are appropriate for firms with a large number of full-time employees that require coverage. Your company can simplify the offerings by providing the same benefits to all workers. In some cases, at least 70 percent of eligible employees must enroll for the plan to go into effect. Some employers offer a choice between coverage types.

How Do Small Business Group Health Insurance Plans work in Mississippi?

Small firms may offer group coverage plans to their employees, using the advantage of group insurance. Often, these group plans require a minimum of 70% participation to be activated. In addition, the small group plan sometimes has basic and more comprehensive tiers, allowing employees to choose between options. In some cases, the employee may be able to select coverage for dependents, but the employer often doesn’t contribute to the cost of that coverage.

What Benefits Can Employers Offer in Mississippi?

Companies in Mississippi typically provide coverage that covers the majority of medical treatments and supplies, including prescription drugs, pre-existing conditions, accidental death, doctor’s visits, and procedures. Additional benefits that workers request include paid time off, retirement savings programs, vision and dental insurance, and flexible scheduling.

How Much Do Employee Benefits Cost on Average in Mississippi?

The average total cost of your employee benefits depends on the benefits contained in the package. For some employers, benefits can cost as much as one-third of cash compensation. Health insurance is one of the more expensive benefits, but others, like paid time off, may also add a great deal to the cost of the overall benefits.

Written by Todd Taylor

Todd Taylor

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.

We’re ready to help! Call today: 800-903-6066