Utah Group Health Insurance & Employee Benefit Plans

Utah Group Health Insurance & Employee Benefit Plans

For the past 25 years, Taylor Benefits Insurance has been a leader in providing affordable and comprehensive group benefit plans for companies all across the state of Utah.  Taylor Benefits is able to customize packages that meet your company’s specific needs while staying within the budget.  We are adept in handling businesses in all industries and of all different sizes, located in large cities like Salt Lake all the way down to smaller suburbs like St. George.  We specialize in the following:

Taylor Benefits is unlike traditional insurance providers because we operate as an independent agent, allowing us to truly tailor-make policies and packages by utilizing insurance products from a large variety of different companies.  No two businesses are the same and we get that, so we customize options based specifically on your company’s requirements and budgetary constraints.

Taylor Benefits has worked directly with Utah-based companies for as many years as we have been in business, so we are uniquely qualified to meet your insurance needs.  Our expertise in all things insurance-related makes us the perfect partner to team up with in order to reap the best benefits possible.

Call us today at the number on the top of the page for a FREE estimate and available group benefit options in Utah or complete the simple form on the right for a no obligation, customized proposal for your Utah-based business.

Utah Large Group Health Insurance Plans

The ACA mandates that employers with fifty or more employees offer their workers affordable large group health insurance. To meet the definition of “affordable,” the employer’s plan must cost the worker less than 9.61 percent of the employee’s household income. So, if an employee earns $50,000, the affordability threshold is approximately $4,805 for that individual to participate in the workforce plan. However, the rule only applies to employee coverage without considering what it costs for dependents to be included. Even if the dependent coverage costs twice as much, the family would not be eligible for marketplace participation because only the worker’s premium counts for the affordable definition. In Utah, over eighty percent of employees are offered insurance by their company. Even better, the average employee contribution to the premium cost is 5.2 percent of the median income.

The coverage must also meet specific coverage standards to demonstrate comprehensive protection. The two indicators are:

  1. The plan is intended to 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 hospital and doctors’ professional services.

Finally, every plan must cover the ten designated “essential benefits” outlined 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

There are unique additions to this list of required items in many states. Utah added three:

  • Durable medical equipment (specifically prosthetic devices)
  • Diabetes care management
  • Reconstructive surgery following mastectomy

Utah Small Business Health Insurance Plans

Small businesses may feel constrained by the high cost of offering health insurance. Many large companies self-fund the programs, which allows them to save money in many cases and manage cash flow better. But for smaller organizations, the exposure may cause reluctance to take that approach.

One option for smaller companies is to contribute to their workers’ healthcare costs by establishing a Qualified Small Employer Health Reimbursement Arrangement. These accounts can give small businesses a means to assist workers by facilitating their use of pre-tax funds for healthcare while avoiding the burden of administering a healthcare program. Talk to your Taylor Benefits Insurance specialist about how these QSEHRAs work.

Utah Employee Benefit Plans and Employee Benefit Packages

Utah doesn’t mandate paid or unpaid time off for workers. However, employers understand the need to compete for talent by providing the benefits that workers want and need. Almost half of Utah employees have dental care, and 59 percent work for a company with an EAP. Forty-six percent report that they have wellness offerings, including exercise programs, health screenings, stress management support, and other components.


Frequently Asked Questions About Health Insurance And Employee Benefit Plans in Utah

Utah health insurance coverage frequently asked questions are summarized below:

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

Utah large group health insurance plans are the best choice for employers with more than 50 employees. The biggest advantage of large group health insurance plans is their low costs, as they offer significant discounts when it comes to obtaining coverage.

Students may be covered by large group health insurance plans. People who cannot afford individual health insurance benefits will benefit from this plan. There are other benefits as well, including:

  • Employee vision insurance and care
  • Employee wellness initiatives
  • Pre-existing conditions
  • Deductibles
  • Employees’ major medical expenses
  • Employer-sponsored (funded) Medicare/Medicaid enrollment
  • Employee dental programs and coverage
  • Health Savings Accounts (HSAs)
  • Coinsurance
  • Employees’ drug coverage
  • Out-of-pocket expenses
  • Comprehensive healthcare strategy

How Do Small Business Group Health Insurance Plans Work in Utah?

Utah small business group health insurance plans are arranged in five ways.

By purchasing a basic group health insurance plan, small businesses can protect themselves. To provide health benefits to their employees and, in some cases, their families, employers pay specified health plan premiums, while employees may be responsible for covering a portion of such costs.

Small business health insurance with self-funding is the riskiest option. Instead of paying premiums on the employee’s behalf, employers reimburse the employee based on the cost of their medical bills.

Alternatively, you can invest in a health reimbursement plan like Group Coverage Health. A group health insurance plan would be offered along with a monthly allowance to cover copays, deductibles, and other costs.

There is also the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Each month (at the discretion of the employer), employers may offer benefits to their employees.

Last but not least, Associate Health Plans (AHPs) are high-risk investments for small businesses. AHPs are created when several smaller businesses within the same industry or region join forces to get coverage from an insurance company for a larger group health plan.

What Benefits Do Employers Offer in Utah?

Some of the best Utah companies provide health insurance which covers various medical treatments and equipment, such as prescription drugs, doctors’ visits, and surgeries.

But this doesn’t apply for all services. For instance, most companies do not cover plastic surgery since it is considered unnecessary for employees. Due to the fact that most healthcare plans do not cover dental and vision, these services must be purchased separately.

How Much Do Employers Pay for Health Insurance?

No matter how much or how little an employee pays into company-sponsored health insurance, they all can contribute. Employees can expect to pay $3240 per year, or $270 per month, on average, which is three times cheaper than the US average cost of healthcare.

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