Wichita Group Health Insurance & Employee Benefit Plans

Wichita KS Large Group Health Insurance Plans

Large companies with more than fifty employees must offer health insurance that satisfies the ACA standards for affordability and adequate coverage. Many companies already provided insurance coverage to their workforce before the ACA became law. Still, they didn’t have to meet specific requirements. For example, the affordability standard limits the employee’s share of the premium to no more than 9.61 percent of their gross income. As a worker’s pay increases, the amount they pay for coverage can also rise accordingly. As a result, some companies charge higher-paid employees a larger share of the cost.

Companies can offer workers a choice between policies if at least one has a subscriber cost below the threshold. It’s acceptable that other options can cost more, assuming they provide better coverage. Each plan has a metal tier designation (bronze, silver, gold, or platinum) that describes the value. For example, bronze plans are the least expensive and must cover at least sixty percent of the anticipated costs for a subscriber while including the ACA’s ten essential benefit categories. A silver, gold, or platinum plan may have a higher premium but absorb more of the usage expense.

Wichita KS Small Business Health Insurance Plans

The ACA doesn’t mandate insurance plans for small companies with less than fifty workers. One reason is that insurance coverage can be a significant expense and the administrative aspect is a burden for small businesses. However, some smaller companies want to help employees get coverage because they recognize that the cost can also create a burden for the worker.

One way to help is to offer a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). This program allows employees to pay for medical expenses with pre-tax dollars they can set aside in an account. The employer can contribute to the account, but that’s optional.

If a business creates a QSEHRA, it must open it to all full-time employees. Then, the company decides each year if it wants to contribute to the funds. However, they can’t also have a group health plan or a flexible spending account (FSA). A consultant with Taylor Benefits Insurance can help you evaluate this option.

Wichita KS Employee Benefit Plans and Employee Benefit Packages

If a company wants to attract and hire key talent, the right salary isn’t enough; it must also provide an excellent benefits program. A comprehensive package usually starts with health insurance, especially for large companies. After that, employees also want paid time off for vacation, holidays, and illness.

Other benefits that help with recruiting and retention include:

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

Wichita Group Health Insurance & Employee Benefit Plans

If you want the best healthcare insurance plan for your money, you should consider contacting an independent agency like Taylor Benefits Insurance. Taylor Benefits Insurance provides clients with group healthcare insurance plans nationwide. Our plans are better than plans found on the federal exchange or plans offered by established insurance providers.

We do not rely on, nor are we limited by, these plans or providers since we are not in competition with them. Even with the essential health benefits mandated for inclusion by Obamacare, our plans are custom-written for our clients. With over 25 years of experience writing custom Wichita group health insurance plans for clients, we have the ability to offer employee benefit plans with more comprehensive benefits at more affordable rates. Contact an independent agency like Taylor Benefits Insurance today if you think group insurance may be for you.