Springfield Group Health Insurance & Employee Benefit Plans

Springfield is the third largest city in Missouri. Boasting a population of more than 150,000 people, Springfield is one of the main economic drivers of the state of Missouri. This has been made possible by the different economic activities ranging from tourism to healthcare.

The city’s economy is driven by businesses which employ thousands of people. Considering that Springfield is well established in the providence of health care services, it is important for employers to make sure that their employees have the right health insurance as a form of employee benefit package. This will inadvertently aid in keeping the state of Missouri flourishing.

Springfield MO Large Group Health Insurance Plans

The Affordable Care Act (ACA) requires that employers with fifty or more employees offer affordable health insurance to their workforce. To meet the affordability standard, the employee’s share of the premium must be equal to or less than 9.61 percent of the employee’s income. So, if an employee earns $50,000, the maximum contribution for that individual’s coverage is $4,805 annually.

The coverage must also satisfy the ACA’s other standards. The two requirements are:

1. The plan will pay at least 60 percent of the total cost of medical services for a “standard” workforce population, and
2. The benefits include substantial coverage of inpatient hospitals and doctors’ professional services.

Finally, every plan must cover the ten designated “essential benefits” required by the ACA:

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

Springfield MO Small Business Health Insurance Plans

Even though small companies are less likely than large ones to offer sponsored health care coverage for their workers, if the small ones decide to provide the benefit, they may contribute a larger share of the premium. For example, nearly a third of workers in small firms pay nothing toward the cost of their insurance, compared to five percent for larger ones. The ACA doesn’t require small companies — with fewer than fifty full-time employees– to provide insurance. But if the organization chooses to, the coverage must meet the minimum essential requirements as established.

Springfield MO Employee Benefit Plans and Employee Benefit Packages

Most businesses recognize that in order to attract and retain top talent, they will need to offer a robust benefits plan. The package often starts with health insurance since large companies must include it anyway to satisfy ACA requirements. In addition to health insurance, an employee’s wish list often includes paid time off for vacation and sickness.

Other benefits that workers want include:

• Support for retirement savings
• Dental and vision insurance
• Flexible working schedules
• Remote work options
• Childcare subsidy or onsite care
• Tuition reimbursement
• Wellness programs and fitness subsidies

Group Health Insurance and Employee Benefits

Group health insurance is usually considered for groups of people working together. Employers make it possible for their employees to access group health insurance.

Employee benefits are benefits that are awarded to employees in addition to monthly wages. Health insurance is a form of employee benefit.