Thornton Group Health Insurance & Employee Benefits Plans

Thornton CO Large Group Health Insurance Plans

Offering health insurance coverage to employees is vital for large businesses in Thornton, Colorado. Besides being a requirement of the Affordable Care Act, offering medical insurance is acknowledged as one of the best ways to attract high-quality talent to your business. Many employers choose to pay a portion of the insurance premium, either for the employee only or for the employee and their dependents. Depending on your workers’ salary levels, the ACA rules may also require a subsidy since the affordability standard limits how much subscribers can be required to pay.

Employers have ample options when selecting health plans, which makes balancing coverage and cost easier. For example, you might choose a preferred provider or health maintenance organization, which lowers the premium cost and results in a lower out-of-pocket expense for the subscriber. Because of additional ACA provisions, any health plan must include essential benefits coverage in these broad 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

Thornton CO Small Business Health Insurance Plans

Small companies aren’t mandated to provide insurance coverage for their workers if they employ fewer than fifty people. But for companies that want to, helpful resources are available, many developed by the Affordable Care Act and subsequent related legislation. For example, SHOP – the Small Business Health Options Program—is a platform for finding information about qualifying plans and federal assistance.

If you provide a SHOP plan, you must offer it to all eligible employees working at least thirty hours per week. Also, to be eligible, at least seventy percent of your employees must enroll through your program unless they have insurance from another source. For small companies with fewer than 25 workers, tax credits may also be available to support your administrative costs. There are some detailed requirements, so ask your Taylor Benefits Insurance representative for information.

Thornton CO Employee Benefit Plans and Employee Benefit Packages

In addition to health insurance, employees usually look for paid time off when evaluating benefits packages. Employers that add paid sick time, vacation, and holiday pay to the package enhance the appeal for potential and current workers. Other desirable benefits include:

• Retirement assistance and support
• Dental and vision insurance
• Flexible working schedules and remote work options
• Childcare support (and elder care assistance)
• Tuition reimbursement

If your budget can accommodate the cost, consider adding a retirement plan and dental and vision care to make your program stand out. These efforts will help attract and retain workers in a tight labor market.

Thornton, CO, is one of the major cities in Colorado and is well-placed near the Denver airport. This thriving community of over 140,000 residents has enjoyed twenty percent growth over the last decade, resulting in a proliferation of employment options for local residents.

Group Health Insurance and Employee Benefits

Companies in Thornton that are seeking a recruiting advantage should consider offering a robust benefits program for their workers. Often, potential new hires want access to a group health insurance program because it provides them with better insurance coverage at a lower cost when compared to an individual plan.

Some companies hesitate to include health insurance in their benefits plans because of the cost. For businesses that are too small to be subject to the ACA requirements, providing insurance is optional. Health insurance is a costly benefit, but many businesses find that the investment pays off. Studies show that workers are more loyal to an employer when they have health insurance, and workers are observed to be more productive as well.

Also, many companies share the premium cost with the workers who enroll, and employers can also recoup some of the expense through tax deductions.

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