Peoria Group Health Insurance & Employee Benefits Plans

Peoria AZ Large Group Health Insurance Plans

The ACA (Affordable Care Act) incorporated several new provisions relating to large employers and health care. The most well-known part requires businesses with over fifty workers to provide health insurance to their workforce. Most significant companies already offered this benefit but may have had to make changes due to the other portions of the legislation that affected coverage, pre-existing conditions, preventive care, and lifetime benefit caps.

The ACA also mandates that companies allow dependents to retain coverage from their parent’s policies until they turn 26. Finally, the ACA requires that policies meet an affordability standard. The premium the subscriber pays can’t exceed 9.1 percent of their gross income. In addition, every policy must cover these essential benefits:

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

Peoria, AZ Small Business Health Insurance Plans

In cities like Peoria, small businesses have excellent options for providing health insurance. The Affordable Care Act requires companies with over fifty employees to provide health insurance to 95 percent of the workforce. Employers with fewer than fifty workers don’t have to offer coverage but can receive incentives if they do. The ACA also created support for small companies to help them provide compliant plans.

Businesses may qualify for tax credits if they meet these criteria:

• Have fewer than 25 full-time (or equivalent) employees
• Pay average wages of less than $53,000 annually
• Find a health plan using the federal SHOP (Small Business Health Options Program) marketplace or an eligible broker like Taylor Benefits Insurance.
• Pay at least half the cost for each worker (it’s not necessary to assist dependents)

Talk to your consultant about the best approach for your company.

Peoria AZ Employee Benefits Plans and Employee Benefits Packages

Benefits routinely include health insurance and paid time off, which are consistently among the most highly requested benefits when employees are asked. Other perks that workers want include more insurance (like life insurance, dental, vision, short and long-term disability, and even targeted illness coverage.)

Many workers acquired a taste for remote work and flexible scheduling during the pandemic. Companies are now trying to balance their workers’ desire to maintain that benefit with the interest of many managers in seeing staff back in the office. The prevalence of remote work availability depends heavily on the industry. Of course, some kinds of work can’t be performed from home (or a laptop on the beach), and some industries are more accepting of the practice than others.

Peoria, AZ, is a large suburb of Phoenix with a population of approximately 190,000. Local residents in Peoria have ample options for employment. For that reason, businesses in the area often consider adding healthcare coverage as an enhancement to their benefits package.

Group Health Insurance and Employee Benefits

Employees typically include group health insurance on lists of their most preferred benefits, along with paid time off and flexible scheduling. One primary reason for this popularity is that group health coverage provides subscribers with better coverage at a lower price when compared to an individual plan.

Employers may hesitate to include health insurance in the benefits package because of the cost, but research shows that it pays off for the company as well as the workers. The sponsoring business can recoup some of the cost through tax deductions and can also share the cost with their enrolling employees.

Furthermore, workers with access to health insurance at work are more productive and also more likely to remain at that company. This outcome can help the employer reduce costs associated with recruiting and training.

Call 800-903-6066 for a free consultation about Peoria Group Health Insurance & Employee Benefits Plans.