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 and benefit plan. Our 25 years in the industry gives us the ability to negotiate and customize your health insurance and benefit plan. We will make sure that everyone working for your company is happy with their new benefits, insurance plans and programs. We’ll even use our negotiation skills to get your premiums lowered and rates cheaper.
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, requiring that they provide health insurance to their workforce. 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 it costs the worker less than 9.61 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 $4,805 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.
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 l recruits. The U.S. Bureau of Labor Statistics estimates that almost half of small businesses offer insurance to their workforce, but enrollment is low. That might be because the workers get coverage from another source or find the cost too high. The ACA has excellent resources and support for small businesses that want to offer health insurance. In addition, some companies may be eligible for tax credits to reduce the administrative burden. Your Taylor Benefits Insurance consultant can help 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 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 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.
We are sure that we can find benefit and coverage options that you’ll find satisfactory to add to your flexible group plan. We’ll also make sure that you meet the standards and 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 in place before educating other employees. Some of the benefits you can expect include:
To keep your most valued workers pleased, healthy and wanting to stay working for your company, 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 a valuable asset to your company. Get the right health insurance and benefit plans for your business and start attracting and keeping quality employees. Call in today and we will begin discussing your options and even provide you with a FREE quote!
These are some answers to frequently asked questions concerning health insurance plans and employee benefits packages in Wyoming:
Health insurance for large groups can be beneficial to all parties involved, including the employers. For example, the cost of group health insurance is much lower than the cost of individual coverage for an employer. It also allows employers to provide health insurance to all employees, regardless of their income level. Another advantage is that employees can deduct a portion of their group insurance premiums when filing their tax returns. Employers can also claim tax benefits for the health insurance premiums they pay for their employees. Overall, it improves employee loyalty by making them feel more valued, resulting in a more positive and upbeat work environment.
Medical insurance plans purchased by businesses with 50 or fewer employees are known as small group health insurance 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. Like the majority of states, Wyoming has a minimum and maximum threshold. However, the maximum limit for small group health insurance in some states is 100.
Employee benefits packages vary by company and are based on what they choose to offer to their employees. Financial benefits such as retirement and 401k plans, travel loans and paid maternity and paternity leave are examples of different benefits packages. Medical insurance, gym membership, sick pay, and a flexible work environment are examples of health and wellness benefits.
The insurer determines the cost of health insurance. The type of plan and benefits provided to employees by the company also contribute to the price. However, health insurance plans can cost employers anywhere from $3000 to $5000 per employee per year for family coverage and about $1000 to $2000 per employee per year for individual coverage. While these costs can be shared between employees and employers, the employer bears most of the burden, paying roughly 70% to 90% of the health insurance premiums.
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