Wisconsin Group Health Insurance & Employee Benefit Plans

Wisconsin Group Health Insurance & Employee Benefit Plans

Whether you’re the owner of a small Wisconsin business or a large corporation, it’s important to offer a comprehensive group health insurance and employee benefit plan to those who work for you. Having coverage and benefit options only makes it easier for your company to draw the interest of and retain qualified, hardworking employees. Fortunately, by going through a reputable insurance broker, it is possible to find an affordable yet flexible plan that satisfies the needs of your employees and their families.

Taylor Benefits Insurance Agency has been working in the insurance industry for over 25 years. We have helped businesses in Wisconsin and all over the nation, get the right plan at an affordable cost. Due to our longstanding history in the industry, we have the opportunity to network with some of the leading insurance carriers around. This makes it possible for us to tailor our clients’ group health and benefit plans as necessary. We also negotiate with the carriers to earn our clients lower premiums and rates.

Wisconsin Large Group Health Insurance Plans

Employers in Wisconsin enjoy lower health insurance costs than companies in many other states, which allows them to cover much of the cost for their workers and offer more choices. Eighty-seven percent of the workers in Wisconsin have access to employer-sponsored coverage, and the employer is paying 78 percent of the cost for individual plans. In addition, while ACA affordability standards can accept employee premium shares up to 9.61 percent of that employee’s gross income, the average in Wisconsin is lower, with average workers contributions at 5.8 percent of median income.

Besides requiring coverage and setting affordability standards, the ACA requires any health insurance plan to include these essential services:

  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

Wisconsin has added more requirements to its mandatory list:

  • Home health care
  • Hearing aids
  • Clinical trials
  • Diabetes Care Management
  • Reconstructive surgery following mastectomy
  • Prescription drugs for HIV treatment
  • TMJ (temporomandibular joint) disorders

WTW (a global health consulting company) reported from its survey of insurers that companies are trying to hold costs down rather than pass them along to subscribers.

Wisconsin Small Business Health Insurance Plans

In Wisconsin, 99 percent of businesses are classified as small companies, employing half the state’s workers. That statement uses a very generous definition of small business, with up to 500 workers, instead of the more common 50 or 100 employee cap. The percentage goes down using one of those standards but still demonstrates that smaller companies drive Wisconsin.

Companies with fewer than fifty workers aren’t required to provide health insurance. Still, if they want to, the ACA SHOP (Small Business Health Options Program) can help. Talk to your Taylor Benefits Insurance specialist for guidance.

Wisconsin Employee Benefit Plans and Employee Benefit Packages

Wisconsin has a Family and Medical Leave Act that requires companies with fifty or more workers to provide unpaid leave for employees to deal with birth or adoption, plus their illness or that of a family member. Other required breaks are for civic purposes.

Almost half of Wisconsin workers have access to dental care and a wellness program through their employer. Many companies recognize that providing benefits beyond basic health insurance is a great way to attract and retain talented staff. Other benefits that employees ask for include these:

  • Retirement savings support
  • Tuition reimbursement and student loan assistance
  • Flexible working schedules
  • Childcare support (and elder care assistance)

What Are My Group Plan Health and Benefit Options?

  • Health insurance
  • Dental insurance
  • Vision insurance
  • Short and long term disability insurance
  • 401K plans
  • Retirement & pension plans
  • Section 125 cafeteria plans
  • Life insurance
  • Long term care
  • ACA compliance
  • Worker’s compensation
  • HSA & FSA
  • HMO & PPO

Not only do you have a plethora of health insurance and employee benefit options when you go through one of our licensed brokers at Taylor Benefits, but you can rest assure that your plan meets all local, state and federal requirements. We even conduct yearly audits to ensure that your business is always in compliance with the Affordable Care Act. Meeting these requirements will qualify your company for tax breaks. You’ll also avoid unsightly penalties.

Give us a call today to learn more about your options for a group health and employee benefit plan. We will go over your options before presenting you with a FREE estimate!

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

Here are several answers to frequently asked questions about Wisconsin health insurance plans:

What Are the Benefits of Large Group Health Insurance plans in Wisconsin?

Large group health insurance can be rewarding for all members involved, including the employers. For example, the premium an employer would have to pay per individual is much lower in group health insurance than individual coverage. Also, it allows employers to provide every employee with health insurance regardless of their income bracket. Another benefit is that employees can claim tax benefits for part of the premium paid on group insurance when filing their income tax returns. Employers can also claim tax benefits for the premiums they pay for their employee’s health insurance. Overall, it helps improve employees’ loyalty to the company as they feel more valued therefore creating a positive work environment.

In Wisconsin, What Is Considered a Small Business Group for Health Insurance Plans?

Small group health insurance plans are medical insurance plans purchased by businesses with 50 or less than 50 employees. For a company to be eligible for small business insurance, it must have a maximum of 50 employees, and the minimum can be as low as two employees. Also, the group plan members have to be full-time employees and do not include the employer or their spouse. This minimum and maximum threshold apply to most states like Wisconsin. However, in some states, the maximum limit for small group health insurance is 100.

What Are the Different Types of Benefits Offered in Wisconsin?

Employee benefits packages differ from company to company and generally depend on what they choose to offer to employees. Different types of benefits packages may include financial benefits like retirement and 401k, travel loans, and paid maternity/paternity leave. Another type may consist of health and wellness benefits like medical insurance, gym membership, sick pay, and a flexible working environment.

What Percent of Health Insurance is Paid by Employers?

Employers and employees can share the cost of health insurance premiums, saving money for both parties. Employers will have to pay between 70 percent to 90 percent of health insurance premiums for each employee, depending on what the employee can afford. Suppose employees want to participate in group health insurance but cannot afford to pay their percentage of the premiums. In that case, they can enroll for financial assistance and subsidization from the government.

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