- Providing world class service and value for employee benefit group plans since 1987
Group health insurance is a crucial safety net for many employees, and those who work for large companies are entitled to access it at an affordable cost due to the Affordable Care Act (ACA). Not surprisingly, most companies subject to the requirement already included insurance in their benefits packages. However, now they must demonstrate that the policies comply with the ACA rules. In addition, the ACA made notable changes to critical aspects of group insurance, like allowing dependents to remain covered by a parent’s policy until age 26. Another crucial improvement for subscribers was the elimination of exclusions for pre-existing conditions.
On the other hand, the need for companies to hold down how much the subscriber pays for the premium has led to costly co-pays and deductibles, according to the Kaiser Foundation survey.
The ACA does not require companies with fewer than fifty workers to offer health insurance. However, those that do provide the benefit must comply with the ACA requirements for affordability and coverage. That stipulation can be challenging for small companies since health insurance may cost more per person than it does for a larger organization. As a result, these businesses may want to seek information and guidance from SHOP (the Small Business Health Options Program) that the ACA developed.
Maryland companies don’t have to provide workers with any paid leave, but many do. That is a benefit that employees often rank at the top of their wish list, along with health insurance. However, larger companies are more likely than small ones to offer paid time off for illness, holidays, and vacation.
If your company has health insurance and some paid time off, you can add a few more items to the package for an attractive benefits plan. The perks don’t have to cost much to appeal to your workers. Employees want flexible schedules, the ability to work remotely (if possible), and a casual work environment.
Most would like help with retirement savings and other financial concerns. Many companies also add wellness benefits, like fitness activities and incentives, stress reduction classes, or meditation guidance. These are great for the employee and also for the organization.
Group insurance is the best kept secret that Baltimore residents under individual insurance plans do not know about. If you did, insurance providers offering individual plans would go out of business. If you cannot afford individual healthcare, you may be able to afford group healthcare. Our plans are comprehensive, affordable, and do not rely on the continued existence of Obamacare.
Reduce your healthcare premiums today with group insurance. Contact us today for a free estimate based on the healthcare needs and wants of your group. There is no obligation to sign up for a plan, and no payment is necessary to receive an estimate.
The following are some frequently asked questions about health insurance in Baltimore, Maryland:
Baltimore, Maryland business owners often provide health insurance that covers most medical equipment and treatments, such as prescription medications, doctor’s appointments, and surgeries.
The insurance company does not cover plastic surgery because it is deemed unnecessary. Since some healthcare plans don’t cover these two categories, it is necessary to obtain separate dental and vision insurance policies.
In Baltimore, Maryland, large organizations with more than 50 employees are best served by large group health insurance. With a large group coverage plan, you can obtain affordable health insurance by taking advantage of the large discount.
Student health insurance is another ideal application for large group health insurance plans. These health insurance plans are an excellent option for large groups of people who cannot afford individual health care. Additional advantages include:
Depending on whether you need individual or group coverage, there are different types of health insurance plans available. Based on what you want and how much you are willing to invest, you can choose the type of plan that is best for you and your employees. These are the four most common types of health insurance policies:
The most common type of plan is the PPO, or Preferred Provider Organization. When an employee has coverage from a PPO plan, they must use a physician enrolled with the provider to receive reimbursement.
A HSA-qualified health insurance plan is one that is designed specifically for use with a Health Savings Account (HSA). Health Savings Accounts enable individuals to save money before taxes for future medical expenses. Healthcare Reimbursement Plans (HRPs) are generally preferred by employers over Health Savings Accounts (HSAs) due to their advantages.
HMOs are health maintenance organizations that offer a wide range of health care services in collaboration with a network of health care providers who either have exclusive contracts with the HMO, or just provide their services to them. HMO participants need to select a primary care physician (“PCP”) to provide the majority of their health care and to refer them to HMO specialists when necessary.
Typically, members with indemnity plans can manage their own health care and visit any doctor or hospital. Insurance companies pay a certain percentage of all medical expenses. Some procedures may require employees to pay in advance and then request reimbursement from their insurance company.
Employees of all income levels can enroll in group health insurance plans. Health insurance for employees costs as little as $3240 per year, compared to the average cost in the United States.
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