
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.
Missouri Large Group Health Insurance Plans
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:
- Ambulatory patient services (outpatient care)
- Emergency services
- Hospitalization, including surgical and medical
- Maternity and newborn care, including delivery
- Mental health and substance use disorder services
- Prescription drugs
- Rehabilitative services and devices
- Laboratory services
- Preventative and wellness services, including chronic disease management
- Pediatric services, including dental and vision care for children under the age of 19
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.)
Missouri Small Business Health Insurance Plans
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 Employee Benefits Plans and Employee Benefits Packages
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:
- Paid time off (vacation, holiday, and sick leave)
- Family leave
- Retirement support
- Health Insurance
- Dental and vision insurance
- Flexible working schedules
- Childcare support
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.
Insurance and Benefit Plans to Select From