- Providing world class service and value for employee benefit group plans since 1987
In the State of Wyoming, small businesses and large corporations can come to Taylor Benefits Agency to find the best and most affordable team healthcare insurance and workforce benefit packages. We will provide you with many different options to create one comprehensive medical insurance plan through the healthcare policy marketplace.
Our 25 years in the industry enable us to negotiate and customize your health assurance and benefits plan. We will make sure that everyone working for your company receives affordable healthcare assurance and is happy with their new benefits on the state medical insurance exchange. We’ll even use our negotiation skills to get your premiums lowered.
Large employers in Wyoming include L&H Industrial, with 2000 employees, and Cloud Peak Energy, with 1,200. Many employers are much smaller but still well over the ACA threshold to offer minimum essential coverage.
Companies offering health insurance must abide by the ACA requirements for coverage and affordability and still watch out for the impact on their bottom line. In Wyoming, employers, on average, cover the cost of 83 percent of the premium for single coverage, and half of the companies surveyed offer at least two packages.
Employers may give workers a choice between one plan with a lower cost, like an HMO or a high deductible plan, and one with a heftier price tag. The employee can contribute more for the alternate if they prefer the structure, as with a PPO or point of service option. One must meet the affordability threshold, which means health care costs the worker less than 9.12 percent of the worker’s household income. For example, suppose a crew member’s salary is $50,000 annually.
In that case, the maximum allowed is $4,650 for that individual to participate in the workforce plan. However, the rule only applies to employee health assurance coverage without considering what it costs for dependents to be included.
While small businesses (with fewer than fifty workers) don’t have an obligation to offer healthcare protection to their workers, they may want to. Health plan is a top wish-list perk for employees and recruits. The U.S. Bureau of Labor Statistics estimates that almost half of the small businesses offer assurance to their workforce, but enrollment is low. That might be because the staff members purchase their own health insurance or short-term medical insurance from another source or find the cost too high premiums.
The Affordable Care Act has excellent resources and support for small businesses that want to offer healthcare insurance. Small business owners who cannot offer group coverage due to minimum contribution (or minimum participation can offer individual medical assurance plans.
In addition, some companies may be eligible for tax credits to reduce the administrative burden. Your Taylor Benefits consultant can help you navigate the options.
Wyoming does not require employers to offer paid time off to workers. However, employees value their benefits packages, and many companies offer some time off to recruit and retain talent. In addition, paid time off and expanded family leave (often unpaid) are among the most requested benefits after health protection.
When possible, employers may add other benefits, like retirement savings plans, life and disability insurance, dental and vision coverage, and more. Many crew workers value flexible scheduling, particularly if they are balancing family demands with work requirements. Companies may find it cost-effective to allow workers to shift their schedules or offer work-from-home options on request.
Almost sixty percent of workers have an Employment Assistance Plan as part of their health benefits package. An EAP typically offers workers a fast, confidential way to obtain assistance for crises without using their health protection. Often, the worker can make the initial contact online or by phone and be given access to several counseling sessions and referrals for more if necessary. Typical EAP needs include family issues, substance abuse, financial emergencies, and work-related conflicts.
We are confident that we can find benefits and coverage options that you’ll find satisfactory to add to your flexible team medical insurance. We’ll also make sure that you meet the requirements of the Affordable Care Act. This will help your business earn tax breaks each year.
After tailoring the perfect collective medical coverage and employee benefits program, we will offer our HR management tool to help everyone become more familiar with the new plan.
Some of the benefits you can select include:
Health savings accounts (HSAs) can help employees manage their medical costs in several ways:
Overall, HSAs can be a valuable tool for employees in Wyoming to manage their medical costs and save money on healthcare expenses. By taking advantage of the tax benefits, saving for future costs, and potentially receiving employer contributions, employees can better prepare for their healthcare needs and alleviate financial stress related to medical expenses.
In Wyoming, employer contributions towards Health Savings Accounts (HSAs) are not deductible from state income tax. WY does not have a state income tax, so no deductions are available for HSA contributions at the state level.
No, you are not required to use a healthcare insurance marketplace in WY. You can purchase health protection through a private insurance company or your employer if they offer a medical insurance program. However, using the medical coverage marketplace may provide you with access to subsidies and other financial assistance to help lower the cost of your medical coverage.
What are the benefits of enrolling in Wyoming Group Healthcare Insurance?
Enrolling in Group Medical Coverage can provide benefits such as lower premium costs, access to a broader network of healthcare providers, comprehensive coverage for medical and preventive care services, and potential tax advantages for employers and employees.
Is Wyoming Business Health Insurance available for individuals as well as groups?
Yes, WY Team Health coverage is available for both individuals and groups. Individuals can purchase coverage through the state’s healthcare benefits marketplace, while employers can offer corporate health protection programs to their employees.
How does Wyoming Collective Medical Insurance compare to individual medical insurance plans?
WY Team Healthcare Benefits typically offers lower premiums and better coverage than individual health protection packages. Team plans also often have more comprehensive benefits and may include additional perks like wellness programs. However, individual plans offer more flexibility and customization options.
To keep your most valued workers, it’s important to have great insurance and benefit plans for them to take advantage of. When your employees and their families are taken care of, they are likely to remain valuable assets to your company. Get the right health protection and benefits for your business and start attracting and keeping quality staff.
Call in today to get cheap medical coverage in Wyoming. We will begin discussing your options and even provide you with a FREE quote!
These are some answers to frequently asked questions concerning health protection plans and employee benefits packages:
Health assurance for large groups can be beneficial to all parties involved, including employers. Employers can claim tax benefits for the medical coverage premiums they pay for their workers. Overall, it improves employee loyalty by making workers feel more valued, resulting in a more positive and upbeat work environment.
Medical protection packages purchased by businesses with 50 or fewer employees are known as small-team health programs. A company must have a minimum of two staff members and a maximum of 50 team members in order to be eligible for small business insurance. Members of the group plan, with the exception of the employer and the employee’s family members, must be full-time employees.
Employee benefits packages vary by company and are based on what they choose to offer to their crews. Often, financial benefits include retirement and 401k plans. Other perks include health insurance, paid leave, leave, gym memberships, and a flexible work environment.
Health protection costs depend on several factors, including the group size, the plan structure, and the included benefits. In Wyoming, employers pay an average of $6389 per worker, which covers 83 percent of the premium.
Group health insurance is a type of health coverage that is provided to a group of people, such as employees of a company. It offers healthcare benefits at a lower cost due to the collective bargaining power of the group. This insurance typically covers a range of medical services and treatments.
Group insurance is typically provided by an employer to a group of employees, whereas individual insurance is purchased by an individual directly from an insurance provider. Group insurance offers lower premiums and broader coverage due to the risk being spread across a larger group. Individual insurance is tailored to the specific needs of the policyholder.
The main advantage of group insurance for businesses in Wyoming is cost-effectiveness. By pooling employees together, businesses can access lower premiums and better coverage options compared to individual plans. This helps attract and retain top talent while providing comprehensive healthcare benefits.
Employees and their dependents are typically covered under a group health insurance plan. Employers can also extend coverage to retirees, part-time employees, and sometimes even contractors. It’s important to check the specific eligibility criteria outlined in the plan to determine who is covered under a group health insurance plan.
In Wyoming, a large group for health insurance typically consists of 51 or more employees. Large groups are subject to different regulations and have access to more coverage options compared to small businesses. Understanding what is considered a large group for health insurance in Wyoming is crucial for selecting the right plan for your employees.
Health insurance is the most commonly used type of insurance for group plans. It provides coverage for medical expenses and is typically offered by employers to their employees as part of a benefits package. Health insurance for group plans offers cost-effective coverage for a group of individuals.
Typically, cosmetic procedures, elective treatments, and pre-existing conditions are not eligible for coverage in a group health policy. While essential health benefits are usually included, exclusions for specific services may apply depending on the policy terms. Understanding which of the following is typically not eligible for coverage in a group health policy is essential for informed decision-making.
In group health insurance, the main difference between a PPO and an HMO lies in network flexibility. PPO plans offer access to a broader network of healthcare providers, while HMO plans require members to use a specific network of doctors and facilities for coverage. What is the difference between a PPO and an HMO in group health insurance ultimately comes down to choice and cost-sharing options.
In Wyoming health insurance, the main difference between a small group and a large group lies in the number of employees covered. Small groups typically consist of 2-50 employees, while large groups have 51 or more employees. This impacts premium rates, benefits, and coverage options available to each group size.
The best health insurance plan for small businesses in Wyoming is typically determined by factors such as budget, employee needs, and coverage options. Taylor Benefits Insurance, Blue Cross Blue Shield of Wyoming and WINhealth are popular choices offering comprehensive coverage tailored to small businesses in the state.
Offering group health insurance in Wyoming can provide tax benefits for employers. Contributions made towards employee premiums are generally tax-deductible. Additionally, businesses may be eligible for tax credits under the Small Business Health Care Tax Credit. These benefits can help offset the cost of providing healthcare coverage to employees.
In Wyoming, failing to provide mandatory benefits can result in penalties such as fines and legal consequences. Employers must adhere to state regulations to avoid potential penalties for not offering required benefits to employees in compliance with Wyoming law.
In Wyoming health insurance plans, options for dental and vision coverage vary. Some plans may offer standalone dental and vision plans, while others may include these benefits as add-ons to medical coverage. It’s important to review each plan’s specifics to determine the best coverage for your needs.
Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.
Todd Taylor with Taylor Benefits gives our small business the kind of personal service we need. Insurance benefits are important to our employees and Todd helps us find a balance between benefits and value. Todd responds immediately to my phone calls & e-mails. He has even gotten in touch with me on a Sunday when we were in need of coverage answers immediately. We are very pleased with the hands-on service Todd and his staff provide.”
-Ken and Linda Orvick, Orvick Management Group, Inc.
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