Paterson Group Health Insurance & Employee Benefit Plans

Also known as ‘silk city,’ Paterson is one of the largest cities in New Jersey. It also offers administrative functions to New Jersey. With close to 150,000 residents, Paterson has a large enough workforce.

A majority of American citizens are starting to appreciate the benefits that come with health insurance. With the right packages, your employees will continue playing a major part in the growth of New Jersey.

Group Health Insurance and Employee Benefits

Group health insurance is a form of insurance that is offered by employers to employees. Employers offer group health insurance as a major employee benefit.

Employee benefits are perks that are provided by the employer in addition to monthly wages. Some benefits such as health insurance are tailored to cover dependents. Due to the different laws governing benefits acquired as a group, group health insurance is not taxable.

Paterson NJ Large Group Health Insurance Plans

With inflation rising, health insurance costs go up as fast or even faster than other benefits expenses. Still, large companies must provide health insurance for their employees, and the ACA limits the amount of the premium they can require the workers to pay. This scenario leaves the company absorbing rate hikes.

As a result, human resource executives and company leaders express concern about managing insurance costs. So, group insurers are trying other cost-management methods, including:

• Contracting individually with providers for coverage, which may limit subscriber options.
• Requiring subscribers to obtain pre-approval for inpatient hospital services unless it’s an emergency.
• Adding telehealth options for minor illnesses.
• Identifying cost-effective providers and offering incentives for subscribers to use them.
• Sponsoring wellness activities like health screenings, fitness classes, and clubs.
• Charging variable premiums to different workers based on compensation level.

Paterson NJ Small Business Health Insurance Plans

Some small companies may hesitate to offer health insurance since the Affordable Care Act (ACA) doesn’t require it, and policies are typically quite costly. One option for these companies is an ICHRA (individual coverage health reimbursement arrangement) instead. With an ICHRA, the employer facilitates the employee’s use of pre-tax funds to buy insurance coverage. Each employee chooses their own coverage (as long as it meets ACA standards, and they can buy it through the state marketplace or a broker. However, the employer can’t offer health insurance plus an ICHRA.

Moreover, if a business offers an ICHRA, it must be available for every employee—not just certain subgroups within the company. The company can decide how much to contribute if all employees are treated equally. The decision about how much, if anything, to contribute to the accounts can vary from year to year.

Paterson NJ Employee Benefit Plans and Employee Benefit Packages

Companies that want to attract and retain talented workers must develop attractive benefits packages. Current and potential workers consider the benefits along with the pay. A good package often starts with health insurance, especially for large companies subject to the ACA mandate. In addition, many employees expect paid time off for illness, vacation, and holidays.

Other benefits that workers want include:

• Contributions to retirement savings
• Dental and vision insurance
• Flexible schedules
• Remote work
• Childcare assistance or subsidies
• Tuition reimbursement

Who We Are

Taylor Benefits is an insurance company located in San Jose, CA. We have been in operation since 1987. For more than 25 years, we have been providing excellent services to a wide range of clients. This has helped us spread our services across the entire nation. As insurance brokers, we offer group health insurance and other employee benefits to both large and small businesses. Our insurance products are in line with the Affordable Care Act, aimed at ensuring that every citizen gets affordable insurance.