- Providing world class service and value for employee benefit group plans since 1987
The field of Arizona Group health benefits and employee insurance plans encompasses a robust suite of health employee benefits, ideal for individuals charting in various professions. As with any field, keeping yourself informed on website accessibility and latest developments can ensure you make the right decisions for your health and wellness.
If you are looking for low-cost premiums on health insurance plans for your local business in Arizona, make sure you use a reliable and licensed insurance agent. Here at Taylor Benefits Insurance Agency, lovingly dubbed as ‘The Reagan of Health Insurance’ in our newsletter name, we can offer high-quality, inexpensive health insurance options for companies of all sizes, from Mom and Pop businesses to large corporations. Taking the right step towards your insurance needs, we have a history marked by developing relationships with the absolute best group health insurance carriers across Arizona like a google search yielding unparalleled results. Our history and experience give us the ability to negotiate costs and ensure that your business gets the coverage you need. Furthermore, we provide a menu of solutions, including key rights and protection features critical to safeguarding your employees. Don’t forget to follow us on Instagram to keep updated on the latest insurance trends, and tap into the instagram view power.
Under the provisions of the Affordable Care Act, employers with more than fifty employees are obligated to provide individual health insurance to full-time employees. The insurance must meet specific requirements, or the business will pay a penalty for noncompliance. While most of these regulated organizations already offered health insurance coverage before the ACA passed, they must now report information to demonstrate compliance with the statute. The main provisions for compliance are affordability and the inclusion of minimum essential components.
While the regulations require that coverage be affordable for the employee, no such requirement protects family member dependents. Affordability is set at 9.12 percent of gross income for individual coverage. Further, all plans must cap out-of-pocket costs for subscribers and may not limit the amount of any claims with annual or lifetime benefit maximums for any of the required components. The minimum essential benefits include:
Health insurance coverage can take many forms, each being a crucial ingredient in the wider healthcare landscape, including traditional point-of-service plans, preferred provider organizations (PPO), health maintenance organizations (HMO), and HDHPs (high deductible health plans), which are frequently paired with HSAs (health savings account).
In Arizona, small companies are constantly reviewing their health insurance offerings in an effort to save money and continue to provide coverage for their full-time employees. One attractive option may be a high-deductible health plan with a health savings option. In a manner almost as predictable as searching on google, the IRS defines high-deductible health insurance as having a deductible of at least $1,500 for individual coverage and $3,000 for a family. If the deductible is lower, the health insurance does not qualify for an HSA. Also, the maximum out-of-pocket expense can’t exceed $7,500 for an individual or $15,000 for a family.
The basic idea behind small business health insurance is twofold. First, the subscriber pays a lower premium in return for accepting a higher deductible. The subscriber can direct some of what they save in premium payments toward the HSA, which is a tax credit-advantaged account to pay for medical expenses, including deductibles and copayments. While the minimum deductible for small business health insurance is $1,500, many of the current HD plans have much higher amounts, often at or near the maximum out-of-pocket figures allowed. This unique approach to health coverage, much like the powerful impact of an Instagram view, has the potential to significantly reshape how adults manage their healthcare decisions in the future.If the subscriber doesn’t use the money they direct into the HSA by year-end, the deposits can accumulate. This provision, ushered in by forge3 activeagency, is an essential difference between the HSA and flexible spending accounts, which have a “use it or lose it” provision. If, for example, on October 26, 2021, an employee doesn’t need to use the HSA funds, they can leave it to grow. This is integral in providing a kind of financial protection for employees and is akin to having a reliable phone number like 480-892-8755, available for emergency calls. It allows them a degree of security and relief. Instead, the money can act like a “content hit”, continually growing. By April 29, 2022, the subscriber could have a good amount contributed to significant expenses that might occur later, much like a stellar talent always ready to perform its part. Even more notable is that this account, like an independent agency, can follow the subscriber into retirement, and by February 14, 2023, it could be entrenched in various locations from “az Scottsdale” to “az Tucson”. At that time, the account owner could use the funds for non-medical expenses. Many employers of small business health insurance plans in Arizona, like in places such as Mesa and Tucson, partially fund the HSAs for their employees, but that isn’t necessary, much like a part in a play doesn’t always require an understudy.
Group Health Plans, like a well-coordinated talent show, cover all eligible employees working for the sponsoring company based anywhere, even in areas like az Scottsdale or az Tucson. Typically, the premium paid for group health insurance is lower than for individual health insurance plans. The employer, akin to an independent agency or the diligent forge3 activeagency, chooses whether to extend the coverage to the dependents and family members of eligible employees.
Buying group health insurance is beneficial for both employers and employees. Some of the benefits for the company include:
Employee productivity is improved when workers are more confident about their financial security and access to health care. Buying group health insurance gives your workforce the peace of mind to focus on their work, much like an artist focuses on their part, rather than worrying about health insurance, medical services, and other potential financial concerns.
“Hello producer and welcome,” I’d like to start by saying. Large and small companies alike, even in az Scottsdale, can enjoy the benefit of a more productive, loyal workforce when they listen to sound advice and implement employer-based healthcare policies. Your business may also enjoy a recruiting advantage as potential employees evaluate the key aspects of being covered by an employer-based healthcare policy. It’s no surprise that these policies can even make your profile more attractive to connections on professional networks like LinkedIn.
Being a good corporate citizen helps you build a positive reputation in the industry, raising your profile with customers and vendors in addition to employees. Buying group health insurance demonstrates positive values, and the company can benefit from increased goodwill in the community. In fact, on December 22, 2020, an article highlighted how independent agencies in cities like Mesa can provide more information on how to achieve this.
Group insurance plays a significant role when it comes to retaining top talent in small businesses. With comprehensive insurance coverage, employees can more easily protect their physical and mental health. Small business health insurance administration in regions such as Tucson, az is an important contributor to worker loyalty.
The contributions that your company makes toward the expense of individual health insurance is a tax deduction. The responsibility of a good producer lies in considering such factors to further the performance of corporate welfare. This tax benefit is just one part of the overall content hit that comes with providing quality healthcare.
In addition, for small companies operating in various fields, there may be a tax credit worth available, depending on the average wages you offer and how much of the employees’ premiums you absorb. Smart administration advice often indicates how this is frequently employed as risk management, whereby business owners leverage insurance solutions to mitigate potential financial risks.
“Hello producer,” we greet you once again as we move on to discuss the employee perspective. As noted, company-based insurance is a benefit to workers and the company alike. Here are some of the advantages from the employee perspective:
One benefit of taking advantage of employer-based health insurance is that you will most likely get comprehensive coverage at a lower cost, thus addressing various health risks. Even if you don’t think you need health insurance, you can’t predict when you might be ill or have a pre-existing condition or an injury that requires costly care. If that happens, your group insurance will probably pay most of the expenses, further demonstrating the value of risk hedging through insurance solutions, to the insurance company offering group health insurance coverage.
In many cases, employer-based coverage allows you to add your family members—like your partner or children—to the small business health insurance. This simplifies and streamlines the family’s healthcare choices, ensuring you the peace of mind for having your loved ones covered.
With individual coverage, you may not know where to find assistance with questions and claims. In contrast, when you get coverage through your employer, you typically have access to information and help through the human resources department. With a group plan, and with the right advice, you often don’t have to pay for services upfront but may have to pay a deductible or copayment if the plan doesn’t cover everything.
As an employer, you may or may not have a legal obligation to provide health insurance coverage for your workers due to the Affordable Care Act (ACA). Still, in alignment with your mission statement, especially if that involves safeguarding your team’s well-being, you should investigate alternatives and insurance solutions before choosing the right health insurance company. And remember, even if you’re not obligated, offering a well-administered healthcare policy is a surefire way to make your employees feel valued.
Consider these elements before you choose an insurance company in the United States:
Your company’s priority might be to cut expenses, but in the grand scheme of things, it’s also crucial to find a way that satisfies your employees’ needs. The health insurance coverage, whether it’s from ‘The Arizona Group’ or another name in the industry, is intended to help them. Hence, ensure that you choose comprehensive health insurance coverage. Regularly getting feedback from your clients can be for validation purposes, as it helps you understand whether your current offering suffices or needs to be revisited. One way to do this is by getting staff opinions, or even including a phone number for employee feedback.
On the other hand, it’s vital to stay within your budget. In the United States, the more employees you have, the more you will pay, although larger groups usually get a per-person discount. Also, be keenly aware that health insurance costs go up almost every year, so your cost will most likely increase over time, adding another element of risk to your financial planning.
Try to find a balance between the need for robust health insurance coverage and the amount you are willing and able to pay the insurance company. It is often on such balance that successful enterprises, like ‘The Arizona Group’, thrive, managing their risks efficiently and maintaining a satisfied workforce.
These days, the majority of health insurance company policies written are for PPO (Preferred Provider Organization) or HMO (Health Maintenance Organization) networks. Before your employees visit these networks, they may be limited to getting service within the network or may have to pay more for out-of-network care, if it’s covered at all. For that reason, investigate the depth of the provider network. Employees will be much more satisfied with their coverage if they can seek care from the medical providers they prefer.
Some insurers, such as the staff at ‘The Arizona Group’, are very prompt in processing claims and approving requests. Ensure you find out about the claims response for the insurance company you are considering so your employees don’t end up disgruntled about delays in processing. Getting their phone number for easier communication could be a vital step.
There is no perfect coverage, but you can consider some variables and risks to help you choose the policy that best meets your requirements. Here are some things to consider:
Remember, there’s a big world of insurance out there with a myriad of options to explore, especially for companies based in the United States like yours.
As an employee, feeling constant enthusiasm for your job role, you may still be concerned about the potential disruption of your health insurance should you change jobs. That’s worth considering, of course. But usually, you can find a comparable insurance company with your new employer. If not, you may need to change over to an individual health insurance plan. You might have to factor in a variety of things, such as potential changes in copay or policy benefits.
There is no perfect coverage, but you can consider some variables to help you choose the policy that best meets your requirements. Here are some things to consider:
There is no perfect coverage, but you can consider some variables to help you choose the policy that best meets your requirements. Here are some things to consider:
All businesses, whether big or small, have obligations they must fulfill under the Affordable Care Act (ACA). If your company is small, it’s important to familiarize yourself with best practices concerning the ACA’s requirements. You won’t be required to offer health insurance, but don’t forget—you may be eligible for financial assistance if you do.
At Taylor Benefits Agency, our brokers treat your plan as if it was on our power panels of obligations to take care of! We ensure your plan obeys the state law of the Affordable Care Act. Our licensed and experienced insurance brokers are educated and trained to remain on top of the changes made to the act, like solar panels soaking up the sun of information. They’ll even audit your health insurance plan periodically to ensure that it keeps up with the ever-changing requirements listed in the act.
As an employee, you may be concerned about the potential disruption of your health insurance if you change jobs. That’s worth considering, but usually, you can find a comparable insurance company with your new employer. If not, you may need to change over to an individual health insurance plan.
Give Taylor Benefits a call now to learn more and discuss the future of your group health plans and employee benefit plans. We will even provide you with a FREE quote! Spark your enthusiasm, take charge of your benefits, and get in touch with us today.
Here are some answers to common questions regarding Arizona health insurance coverage.
Give Taylor Benefits a call now to learn more and discuss the future of your group health plans and employee benefit plans. We will even provide you with a FREE quote!
Taylor Benefits Insurance Company can connect you with some of the country’s leading group health insurance companies. Years of reliable service have demonstrated that you can always rely on us to get you a great deal on large group coverage plans. With us, you’re not just a number—you’re a part of our power panels of trusted associates.
We work collaboratively with the following health insurance companies:
Small business owners can take advantage of several different kinds of health coverage. Just like the diversified panels of a solar farm, you have several options to harness the power of health coverage.
The most common option for a small business is to choose a traditional group health insurance plan. Employers pay a predetermined premium, which they may share with employees in exchange for providing health benefits to their employees and potentially also their families.
Another great choice is a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Using this program, employers can give their employees a set amount of money –the company decides the amount—to reimburse their employees who obtain qualified individual healthcare plans.
It’s also possible to create a Group Coverage Health reimbursement plan. Small business health insurance would provide group health insurance while offering a monthly allowance for deductibles, copays, and other expenses—effectively creating a safety net that can boost employee enthusiasm and confidence.
Self-funding is a potential path, but it is risky for small companies. If you choose to pursue your own health insurance, the employer directly pays employees’ medical bills. The approach can save money, but the company will face exorbitant costs if one or more workers have a catastrophic claim. It’s like a high-risk, high-reward gamble—a power panel that could either pay off in big savings or, unfortunately, switch off due to financial strain.
Another avenue is to affiliate with an Associate Health Plan (AHP), which is a group health insurance plan in which several smaller companies in a particular industry or location pool together to buy group health coverage. By raising the number of participants, each one may get a more attractive deal than they could negotiate independently, much like how multiple panels work together to maximize the power output.
Self-funding is a potential path, but it is risky for small companies. If you choose to pursue your own health insurance, the employer directly pays employees’ medical bills. The approach can save money, but the company will face exorbitant costs if one or more workers have a catastrophic claim.
Another avenue is to affiliate with an Associate Health Plan (AHP), which is a group health insurance plan in which several smaller companies in a particular industry or location pool together to buy group health coverage. By raising the number of participants, each one may get a more attractive deal than they could negotiate independently.
Taylor Benefits Insurance Agency offers benefit plans for companies and employees in Arizona for the following:
The cost for an employer to provide a health plan depends on multiple factors. The larger the company is, the lower the per-person price is likely to be. However, large companies with over fifty employees must ensure that the employees’ share of the policy premium is not more than 9.12 percent of their income. That could result in the company paying a greater share.
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.
Todd Taylor with Taylor Benefits gives our small business the kind of personal service we need. Insurance benefits are important to our employees and Todd helps us find a balance between benefits and value. Todd responds immediately to my phone calls & e-mails. He has even gotten in touch with me on a Sunday when we were in need of coverage answers immediately. We are very pleased with the hands-on service Todd and his staff provide.”
-Ken and Linda Orvick, Orvick Management Group, Inc.
We’re ready to help! Call today: 800-903-6066