- Providing world class service and value for employee benefit group plans since 1987
The quickest and easiest way to find the right group health insurance and employee benefits plan is by working with a reputable insurance broker or agency. After 25 years in the insurance industry, Taylor Benefits has been able to form close relationships with some of the best insurance carriers in the nation. Our time in the industry has made it possible for us to negotiate the cost of a flexible insurance plan for your Missouri company. We can also customize your services as necessary to create one low-cost health and employee benefits package.
Since the implementation of the Affordable Care Act (ACA), group health insurance plans are required to meet established standards for essential benefits. Suppose the program doesn’t provide all the components. In that case, the employer offering the coverage can be found non-compliant with ACA rules. The ten essential minimum benefits are as follows:
In Missouri, there are three additional requirements for insurers to provide. Any individual or large group plan in the state must include bone marrow testing, reconstructive breast surgery following a mastectomy, and coverage for routine care necessary for involvement in clinical trials for cancer treatment.
The federal rules also specify affordability. The premium cost for the employee (for at least one plan option if they have a choice) can’t exceed 9.12 percent of their income. Moreover, the coverage must be intended to cover at least sixty percent of the reasonably expected costs for a typical person. Finally, a metal tier designates insurance plans: bronze, silver, gold, and platinum, with the higher value metal name indicating that the program covers a more significant percentage of the care costs (and has a higher premium.)
Small businesses in Missouri aren’t obligated by the ACA or state law to provide insurance coverage for their workers. However, the plans must comply with the minimum benefit offerings and the additional Missouri coverage requirements if they do. For example, suppose you want to provide coverage through SHOP (Small Business Health Options Program) and have fifty or fewer employees. In that case, you can access qualifying plans through the marketplace or by talking to your representative at Taylor Benefits Insurance.
If you provide a SHOP plan, you must offer it to all eligible employees (all those working at least thirty hours per week). Also, at least seventy percent of your eligible employees must either enroll through your program or have insurance through another channel.
For small companies with fewer than 25 workers, tax credits may be available to support your administrative costs.
Missouri doesn’t have any state-mandated benefits for workers aside from employer-maintained workers’ compensation insurance coverage. Many companies do provide paid sick leave and vacation time. Often the amounts are based on tenure. The most-wanted benefits include the standard offerings for larger organizations:
Some companies get creative and add fringe benefits like fitness memberships or incentives for working out. Sponsoring a company sports team can serve that goal and increase team camaraderie. Other popular additions are discounts on local services and products, including recreational activities. Even onsite meal service and complimentary snacks are attractive benefits for many workers. Targeting the perks that your team will enjoy can help recruit and retain the top talent you want.
Missouri’s market for large group health insurance providers is complex. It can be challenging to identify a provider that matches your needs. The three largest health insurers in Missouri are Anthem Blue Cross Blue Shield, National General Benefits Solutions, and UnitedHealthcare. The health insurance provider you choose can determine how much you spend on your employees’ insurance, so choosing the best one is important.
The Affordable Care Act (ACA) has resulted in the availability of lower premiums for small businesses interested in group health plans. Of course, the price depends on the services included, but small companies in Missouri may be able to obtain health insurance for as little as $150 per month, per person.
Many employers provide employees with benefits in addition to their salary. Some of the most common employee benefits include life insurance, retirement plans, 401(k) plans, paid leaves, disability insurance, and medical insurance. Some employers may also provide other benefits to employees and their families, including vision and dental insurance, legal insurance, pet insurance, and college debt relief.
In general, the cost of employee health insurance depends on several factors, including the insurer, the type of plan, the location of the business, the plan’s features, and the employer’s contribution. Any company providing health insurance (including the large employers that are obligated to do so) must ensure that the employee contribution is less than 9.12 percent of their gross income.
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.
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