South Dakota Group Health Insurance & Employee Benefits Plans

Affordable, Comprehensive Group Benefits For South Dakota Businesses

Welcome to Taylor Online Benefits! We’re a leading provider of employee healthcare and benefits packages to South Dakota businesses just like yours. Our goal is to help you provide competitive, compliant, and affordable employee insurance options – by creating a plan that’s custom-built to your requirements.

South Dakota group health insurance plans
Your business is unique, and the odds are strong that no pre-packaged insurance plan is going to be 100% optimal for it. That’s why Taylor Online Benefits works with you to create a custom offering.

Taylor Online Benefits is an independent group insurance agent. That means we are not limited to any one insurance carrier’s packages or to any particular type of insurance and benefits plan. Working with us will offer your business and employees a broader array of options than if you were to settle for a single provider.

For more information about the specific benefits that employers must offer in company healthcare plans, especially under provisions of the Affordable Care Act (sometimes referred to as Obamacare), see this webpage maintained by the South Dakota Department of Labor & Regulation.

Taylor Online Benefits is here to help you discover the best path forward for your unique needs. Call us for more info at 800-903-6066, or use the online request form to the right for your free estimate. There’s absolutely no obligation, so get started today!

South Dakota Large Group Health Insurance Plans

Large employers in South Dakota have options to choose from when deciding the best way to satisfy their obligation to provide health insurance to their workers. Because of cost considerations, many opt for preferred provider organizations, health maintenance organizations, and point-of-service structures. In addition, some allow a choice between two or more delivery structures to accommodate individual preferences. As a result, the employee might pay a higher premium depending on their choice. Still, at least one available option must meet the affordability standard (less than 9.12 percent of gross income for individual coverage.) Taylor Benefits Insurance advises you on the best plans for your team.

Coverage must include at least the ten essential benefits the ACA specified:

  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. South Dakota large group health insurance

Plus, South Dakota has added these three:

  1. Diabetes care supplies
  2. Reconstructive surgery following mastectomy
  3. Off-label prescription drug coverage

South Dakota Small Business Health Insurance Plans

Small companies don’t have to provide insurance coverage for their workers. But for those South Dakota companies that want to, there are helpful resources. 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 (those working at least thirty hours per week). Also, at least seventy percent of your eligible employees must 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.

South Dakota Employee Benefits Plans and Employee Benefits Packages

Companies must find creative ways to attract the workers they want to hire and retain in a competitive job market. Studies across the U.S., including in South Dakota, show that workers care significantly about their benefits. As a result, businesses offering above-average benefits can stand out from the crowd.

If you want to boost your program, start with the basics: health insurance, paid time off, and retirement assistance are crucial for a benefits package. After that, look for some specific additions to appeal to your workforce. For example, suppose you have many recent college graduates who need help with student loan debt. Matching those loan payments is one increasingly popular way to support workers concerned about all the debt they must pay off. Or, if your employees are parents with young children, consider a childcare subsidy or flexible spending account contribution.

Think creatively about how to add to employee satisfaction without spending heavily. For example, many employees want flexible hours and remote work options. Depending on your company’s needs, allowing workers to shift their schedules or work from a different location might not have a financial cost. But in return, you could reap the reward of an engaged, dedicated team.

Call 800 -903-6066 to get a free consultation on South Dakota Group Health Insurance & Employee Benefits Plans

Relevant Statistics

  • Over 70% of businesses in South Dakota offer group health insurance coverage to their employees.
  • The average annual premium for group health insurance in South Dakota is $7,800 per employee.
  • Approximately 90% of employers in South Dakota with more than 50 employees provide group health insurance benefits.
  • South Dakota has seen a 15% increase in the number of companies offering group health insurance over the past five years.
  • Around 80% of employees enrolled in group health insurance plans in South Dakota have access to dental and vision coverage as well.

General Facts

  • Group health insurance in South Dakota provides coverage for a group of people, typically employees of a company or members of an organization.
  • It offers benefits such as medical, dental, and vision coverage to the insured individuals within the group.
  • South Dakota law requires certain employers to offer group health insurance to their employees if they meet specific size requirements.
  • Group health insurance plans in South Dakota can be obtained through private insurers or through government programs like Medicaid and CHIP.
  • Employers in South Dakota may have different options for group health insurance plans, including HMOs, PPOs, and high-deductible health plans (HDHPs).

South Dakota Group Health Insurance & The Affordable Care Act

With the passage of the Affordable Care Act in 2010, the federal rules and regulations around group benefits changed considerably.  The current healthcare field can be complex, and if you want to optimize the money you spend on healthcare, you’ll need to understand how the environment has changed. That’s where Taylor Online Benefits comes in.

Our company has been helping South Dakota businesses just like yours find group benefit plans since well before the Affordable Care Act – plans that meet or exceed employee expectations without breaking the bank. Our expertise in the insurance industry has been a key part of helping our clients adjust to a changing marketplace.

If this sounds complicated, don’t worry. We’ll work closely with you to determine:

  • What forms of coverage you are legally mandated to provide at this time
  • What your current health and group benefits plan offers
  • How your plan compares to those of your competitors
  • What your business’ goals are, and what you can realistically afford without sacrificing those goals

Are you looking for South Dakota Group Health Insurance & Employee Benefits Plans? Click the quote button to get an instant quote.

Our custom-built health and benefits plans satisfy all legal requirements, meet your employees’ expectations, and allow your business to focus on future growth and excellence.

South Dakota group health benefits and employee insurance plans
South Dakota’s Department of Labor & Regulation provides health insurance info to residents regarding their rights and reasonable expectations. These pages can also help you to understand what your employees are seeking in a healthcare package. If you’re looking for the perfect group health package for your South Dakota-based business, look no further than a custom-built plan from Taylor Online Benefits. Call us today to learn how you can offer your employees a cost-effective and legally compliant plan that meets their needs – without hobbling your business. Get started now with a FREE cost estimate!

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in South Dakota

The following are some answers to frequently asked questions about South Dakota health insurance coverage:

What Are the Benefits of Large Group Health Insurance Plans in South Dakota?

A large group health insurance program is the best option for large organizations with more than 50 employees in South Dakota. You can have affordable health insurance with a large group coverage plan by taking full advantage of the big discount that comes with it.

Another ideal application of a large group health insurance plan is the provision of student health insurance. This health insurance is an excellent alternative for large groups of people who do not have the financial capacity to obtain individual health care. Other advantages of large group insurance include:

  • Lower deductibles
  • Lower coinsurance
  • Employer-sponsored Medicare/Medicaid enrollment
  • Employee dental coverage
  • Health Savings Accounts (HSAs)
  • Employee vision insurance
  • Prescription drug coverage
  • Comprehensive healthcare strategy
  • Employee wellness initiatives

How Do Small Business Group Health Insurance Plans Work in South Dakota?

Small business owners in South Dakota can choose between different types of health coverage.

Small businesses can begin with a standard group health insurance plan. Employers pay a fixed health plan premium (often shared with the employee) to cover health insurance for their employees and their families.

Another option is for small businesses to provide a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Through this account, employers can pay a set amount monthly toward the cost of a qualified insurance policy that the worker obtains on their own.

A Group Coverage Health Reimbursement Plan is a variation that some companies adopt. In this case, the employer provides group health insurance plus a monthly allowance for deductibles, copays, and other charges.

While it’s considered risky, some small businesses choose self-funded health insurance. With a self-funded program, the employer opts out of buying a policy with regular premiums and instead directly pays employees’ medical bills. 

Some small companies decide to join with other employers to form an Associate Health Plan (AHP). The AHP is a group health plan in which numerous small businesses in a particular industry or location pool their resources to purchase larger group health coverage.

How Much Do Employers Pay for Health Insurance?

Most South Dakota companies provide insurance for their workers. On average, employers pay 79 percent of the premium cost for individual coverage (often, they contribute less for dependent coverage), which is approximately $5,562 annually.

Written by Todd Taylor

Todd Taylor

Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

We’re ready to help! Call today: 800-903-6066