The quickest and easiest way to find the right group health insurance and employee benefit plan is by going through 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 however necessary to create one low cost, health and employee benefit 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 9.6 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.
The greatest way to attract and retain hard working employees is by offering insurance and benefits with low rates and premiums. The better the coverage and perks, the happier your employees will be, knowing that they can care better for themselves and families. Make sure the plan you create with your insurance broker is satisfactory to your business and those working for it.
One thing we like to do for those who come to us for group health and benefit plans is perform a yearly audit to make sure that it continues to meet the requirements of the Affordable Care Act. Of course, we make sure your plan stays in line with all local, state and federal laws, but complying with the ACA is essential. As long as you meet the requirements you can dodge government penalties. Not to mention, you will qualify for tax breaks and other perks when you abide by the laws.
Give our office a call to learn more about all that we have to offer. Discuss your options and don’t hesitate to ask our licensed insurance brokers questions regarding your options. They’ll help you carefully create the right plan to present to your employees. Once you are satisfied with the results, we will provide you with your FREE estimate!
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Missouri’s market for large group health insurance providers is complex. It might be difficult to find a provider that resonates with your needs since there are so many competing for the same customers. 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 employee’s insurance, so choosing the best one is important.
The Affordable Care Act (ACA), passed by former President Barrack Obama in 2010, has lowered premiums for small businesses interested in group health plans. In 2018, the average premium for small business group health insurance dropped to $408. Assuming they’re splitting the cost today, group health insurance plans would still cost a small business owner a few hundred dollars on average for premiums. In addition, the deductible for a small group health insurance plan is about $3000.
As well as a salary, employers provide employees with benefits. Some of the most common employee benefits include life insurance, retirement plans, 401k plans, paid leaves, disability insurance, and medical insurance. According to the company, employers may also provide other benefits to employees and their families, including, but not limited to, vision and dental insurance, legal insurance, pet insurance, college debt relief, and optional benefits.
For single coverage and family coverage, employee health insurance could cost between $6000 and $15000 per year. 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. A majority of the time, employers pay between 70 percent and 90 percent of the premiums for health insurance.
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