Overland Park Group Health Insurance & Employee Benefit Plans

Overland Park KS Large Group Health Insurance Plans

The Affordable Care Act (ACA) requires that companies with fifty or more employees – referred to as Applicable Large employers – offer health insurance for their workers. The law requires that the insurance meet standards of affordability and quality. An employee’s share of the premium can’t exceed 9.61 percent of their income to be affordable. So, for example, if the worker’s pay is $50,000, the most the worker can pay for their premium share is $4,805. The employer must also offer coverage to dependents, but it doesn’t have to meet that standard.

Also, the policy must cover at least 60 percent of the total expected charges for medical services that a typical subscriber would incur. Finally, every health insurance policy must cover these ten essential benefit areas:

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
11. Overland Park large group health insurance

Overland Park KS Small Business Health Insurance Plans

Companies employing fewer than fifty people don’t have an ACA obligation to offer health insurance. Still, some do because it gives them a competitive advantage in recruiting and improves employee satisfaction. Small firms with health benefits are sometimes very generous, with almost thirty percent paying their employees’ total premium cost. Surprisingly, many even pay the entire premium for family members. Some offer more than one policy choice, while others provide the same insurance plan to all workers. Nearly half of small business workers with insurance choose PPO plans, followed by HMO networks.

Small firms can find resources and policy information at SHOP (the Small Business Health Options Program). The SHOP platform has plans that may help them provide affordable, comprehensive coverage. In addition, Taylor Benefits Insurance can help a small company evaluate its options.

Overland Park KS Employee Benefit Plans and Employee Benefit Packages

Benefits packages are essential to most workers, even if less so than the pay itself. For example, the availability and subscriber cost of health insurance can significantly affect the overall compensation package for employees. Other prioritized benefits include paid time off, family leave, retirement plan contributions, flexible scheduling, and tuition assistance.

Overland Park has received numerous national awards for its quality of life, strong economy, education system, low taxes and public safety. However, the cost of living in this city in Kansas is high. As such, job hunters are looking for opportunities that will reward them well in terms of a good paycheck and an accompanying benefits package. If you are an employer in this city, you must then offer a superior group health insurance and employee benefits package to be able to not only recruit but also retain key employees.

Group Health Insurance and Employee Benefits

Although the positioning of your business to attract key employees in Overland Park will depend on various factors, employee benefits is critical. When you provide your employees a group health insurance and employee benefits plan, you can be certain about having employees who are healthy and working. Access to affordable healthcare is key to preventing your employees from being away from work for extended periods of sick leave. In return, this allows your business to be more productive and consequently more profitable.