Wyoming Group Health Insurance | Best Group Health Insurance for Small Business in Wyoming

Wyoming group health insurance plans

In the State of Wyoming, small businesses and large corporations can come to Taylor Benefits Insurance Agency to find the best and most affordable group health insurance and employee benefit plans. We will provide you with many different options to create one comprehensive health insurance plan through the health insurance marketplace.

Our 25 years in the industry enable us to negotiate and customize your Wyoming health insurance and benefits plan. We will make sure that everyone working for your company receives affordable health insurance and is happy with their new benefits on the state health insurance exchange. We’ll even use our negotiation skills to get your premiums lowered.

Wyoming Large Group Health Insurance Plans

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 plans.

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 employee’s household income. For example, suppose an employee’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 insurance coverage without considering what it costs for dependents to be included.

Wyoming Small Business Health Insurance Plans

While small businesses (with fewer than fifty workers) don’t have an obligation to offer health insurance to their employees, they may want to. Health insurance 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 insurance to their workforce, but enrollment is low. That might be because the employees purchase their own health insurance or short-term health 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 health insurance. Small business owners who cannot offer group coverage due to minimum contribution (or minimum participation can offer individual health insurance plans.

In addition, some companies may be eligible for tax credits to reduce the administrative burden. Your Taylor Benefits Insurance consultant can help you navigate the options.

Wyoming Employee Benefits Plans and Employee Benefits Packages

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 insurance.

When possible, employers may add other benefits, like retirement savings plans, life and disability insurance, dental and vision coverage, and more. Many employees 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 in Wyoming have an Employee 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 insurance. 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.

Relevant Statistics

  • Over 90% of businesses in Wyoming offer group health insurance coverage to their employees.
  • Wyoming group health insurance plans cover an average of 85% of medical expenses for policyholders.
  • More than 95% of Wyoming residents under the age of 65 have access to affordable group health insurance options.
  • The average annual premium for Wyoming group health insurance plans is $4,200 per employee.
  • Group health insurance in Wyoming has seen a growth rate of 7% annually over the past five years.

General Facts

  • Wyoming offers group health insurance plans for businesses with two or more employees.
  • Employers in Wyoming can choose from different types of group health insurance plans, such as Preferred Provider Organizations (PPOs) and Health Maintenance Organizations (HMOs).
  • Group health insurance provides coverage for medical expenses, including doctor visits, hospital stays, and prescription medications.
  • In Wyoming, employers may share the cost of group health insurance premiums with their employees.
  • Group health insurance in Wyoming is regulated by the state’s Department of Insurance to ensure compliance with state laws and regulations.

How Taylor Benefits Can Help Your Wyoming Business

We are confident that we can find benefits and coverage options that you’ll find satisfactory to add to your flexible group health 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 group health insurance and employee benefit plan, 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:

  • Group medical, dental, and vision insurance
  • Indemnity and managed care plans
  • Tax-advantaged health accounts (FSA & HSA)
  • Health Maintenance Organizations (HMO)
  • Preferred Provider Organizations (PPO)
  • Retirement, pension and 401(k) savings plans
  • Workers’ compensation
  • Disability insurance
  • Section 125 cafeteria plans
  • Life insurance and long-term care
  • Annual audits of your plan

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 insurance and benefit plans for your business and start attracting and keeping quality employees.

Call in today to get cheap health insurance in Wyoming. We will begin discussing your options and even provide you with a FREE quote! 

Frequently Asked Questions About Health Insurance And Employee Benefits Plans in Wyoming

These are some answers to frequently asked questions concerning health insurance plans and employee benefits packages in Wyoming:

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

Health insurance for large groups can be beneficial to all parties involved, including employers. Employers can claim tax benefits for the health insurance premiums they pay for their employees. Overall, it improves employee loyalty by making workers feel more valued, resulting in a more positive and upbeat work environment.

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

Medical insurance plans purchased by businesses with 50 or fewer employees are known as small-group health plans. A company must have a minimum of two employees and a maximum of 50 employees 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.

What Should Employee Benefits Packages Include in Wyoming?

Employee benefits packages vary by company and are based on what they choose to offer to their employees. Often, financial benefits include retirement and 401k plans. Other perks include health insurance, paid leave, leave, gym memberships, and a flexible work environment.

How Much Does It Cost to Offer Employees Health Insurance?

Health insurance 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.

Written by Todd Taylor

Todd Taylor

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.

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