Rockford Group Health Insurance & Employee Benefit Plans

Rockford IL Large Group Health Insurance Plans

Large companies competing for workers in major metropolitan areas like Rockford may consider offering health insurance to employees to be essential. For those that didn’t already have insurance in their benefits package, the passage and implementation of the Affordable Care Act made it mandatory. Insurance must meet the ACA standards of affordability and minimum coverage. The affordability standard stipulates that the premium can’t cost more than 9.61 percent of the employee’s gross income. That figure doesn’t include the price for dependent coverage, just the price for the individual.

Minimum essential coverage standards mean that the plan must include all the following:

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

Rockford IL Small Business Health Insurance Plans

Interestingly, while small companies are less likely than larger businesses to provide health care coverage for their workers, those who do often contribute a more significant share of the premium. Thirty percent of workers in small firms pay nothing toward the cost of insurance, compared to five percent for larger ones. The Affordable Care Act doesn’t require small companies (employing less than fifty full-time employees) don’t have to provide insurance. However, very small organizations (less than 25 workers) can take advantage of available support in the form of tax credits and a special market for their insurance needs.

While companies with fewer than fifty workers do not need to offer health insurance, if they choose to do so, the coverage must comply with the minimum essential requirements as established.

Rockford IL Employee Benefit Plans and Employee Benefit Packages

Companies that want to gain a recruiting advantage with an attractive benefits package may look for low-cost ways to stand out. One way is by adding “voluntary benefits.” These perks are optional services that the employer often contributes little or nothing toward but makes available to the employees. The employee gains a discount due to the size of the potential pool of participants.

Voluntary benefits might include vision coverage, legal plans, pet insurance, long-term disability, long-term care, and discounts for other services like communications, recreation, and fitness centers. Some can be paid for with pre-tax income, while others may be made more convenient with a payroll deduction.

Group Health Insurance and Employee Benefits

Group health insurance is a type of insurance that covers people who work together in groups. It offers uniform products for all employees. It is up to the employer to pick the best plans. It is cheaper than individual insurance which basically offers the same coverage.

Many employers offer group health insurance as a major benefit. Such benefits are offered to employees in addition to monthly wages and are not usually taxable.

Who We Are

We are located in San Jose, CA. We have been in operation since 1987. For more than 25 years we have been providing excellent services to a wide range of clients. This has helped us spread our services across the entire nation. As insurance brokers, we offer group health insurance and other employee benefits to both large and small businesses. Our insurance products are in line with the Affordable Care Act, aimed at ensuring that every citizen gets affordable insurance.