Because employees value Employer Insurance health benefits
The value of employee health benefits is largely intrinsic. As employers, we all feel like we “should “offer small group insurance Colorado health benefits. We all “know” employees value them. The good thing is there are measurable advantages to your business.
- Health benefits help your business recruit and retain the best workers.
- Health benefits are an enticing component of a total compensation package and a valuable tool to acquire the best talent in your industry.
- Health benefits also help you retain valued employees.
- Employees who are very satisfied with their benefits are almost four times more likely to be very satisfied with their jobs.
Yes, health benefits are valuable. And yes, they can have a positive ROI on your operating budget.
The Affordable Care Act health plans can assist your business with maintaining the health of your employees. You will find we offer multiple plan options Bronze, Silver and Gold metal levels with low to high deductible and some plans that include free office visits or health incentive account to help pay for medical expenses. The Affordable Care Act (ACA) expands the definition of small employers to include those with up to 100 employees. As groups with 51-100 employees renew or newly purchase coverage, they must abide by the rules and regulations governing the small group market, including those related to benefit coverage, actuarial value, and premium rating restrictions. The small group rules apply to fully insured plans, whether they are purchased through or outside of the Small Business Health Options Program (SHOP) marketplace. Plans covering groups with 100 or fewer insure are not subject to these requirements.
In addition to the expansion of the small employer definition, the ACA’s shared-responsibility provisions-which already apply to groups of 1-50 will begin applying to groups of 51-100 employees in 2016. Under these provisions, employers will may face financial penalties if they have employees who obtain subsidized coverage in an exchange and either don’t offer coverage or offer coverage that doesn’t meet minimum value and affordability requirements.
How Do I Get Health Coverage?
Health insurance is generally available through groups and to individuals. Premiums – the regular fees that you pay for health insurance coverage – are generally lower for group coverage. When you receive group insurance at work, the premium usually is paid through your employer.
Group insurance is typically offered through employers, although unions, professional associations, and other organizations also offer it.
As an employee benefit, group health insurance has many advantages. Much – although not all – of the cost may be borne by the employer. Premium costs are frequently lower because economies of scale in large groups make administration less expensive. With group insurance, if you enroll when you first become eligible for coverage, you generally will not be asked for evidence that you are insurable. (Enrollment usually occurs when you first take a job, and/or during a specified period each year, which is called open enrollment.) Some employers offer employees a choice of fee-for-service and managed care plans. In addition, some group plans offer dental insurance as well as medical.
Individual insurance is a good option if you work for a small company that does not offer health insurance or if you are self-employed. Buying individual insurance allows you to tailor a plan to fit your needs from the insurance company of your choice.
It requires careful shopping, because coverage and costs vary from company to company. In evaluating policies, consider what medical services are covered, what benefits are paid, and how much you must pay in deductibles and coinsurance. You may keep premiums down by accepting a higher deductible.
What is an ICHRA?
An individual coverage health reimbursement arrangement, or ICHRA, is a new type of HRA that was made available in 2020. It allows employers of any size to reimburse employees for some or all of the cost of health insurance premiums that they purchase on their own.