KSG Solutions for Large Groups
Companies with over 50 employees are considered a large group in all but three states. There are Affordable Care Act (ACA) mandates and other legal requirements. You must offer a health plan to your employees, and it must be affordable to them, otherwise you will pay penalties.
ACA Mandates
If you do not offer a health plan, you will be hit with the first big penalty. If you do offer a health plan but it is not affordable to them, you will be hit with a smaller penalty. It is important to manage these and make sure you are not overpaying while still giving good benefits to employees.
Administrative Complexity
As a larger group, there are more requirements and people to keep track of. You need to find a plan that is extremely broad in attempt to cover all of your employees, and many times the RFP and renewal process can be tedious and complex. Most of the time, you opt to just renew because it is the easy thing to do. Many companies we see do not have enough people to handle these issues, and their current brokers or consultants do not provide enough support with documentation and basic knowledge. What you need is a one-stop shop to handle end-to-end needs.
Let’s Fix It
At this size, there are many routes we can go to satisfy what you need. You are certainly able to use ICHRA as your health plan to give employees freedom of choice, but we also have a product that limits the options, so it is simple for administration and for the employees. We are able to design these plans in a way that can see better benefits to the employees and less overall costs for the company. The reason for this is because we do not have to operate in the traditional group insurance model. Using our revolutionary health plan design, we are now operating in a new model that no one else is able to do.