Bellevue, also known as Satellite City, is one of the most prosperous cities in Washington. The city has recently undergone rapid changes that have seen an increase in businesses and companies. With over 1000 businesses, Bellevue is arguably one of the best places to start a business in Washington.
With thousands of workers and a booming economy, Bellevue residents and workers need to take their health into consideration. For employers it’s prudent to offer group health insurance as a form of employee benefit.
One of the most critical components of the Affordable Care Act is the one that requires large companies to provide health insurance for their workforce. This obligation applies to every organization with fifty or more employees (or full-time equivalents). While most big companies already had health insurance as a benefit for their workers before the ACA passed, now they must satisfy quality and affordability stipulations.
To comply with the standard, the company must limit how much each subscriber pays as a percentage of their gross income. Even if the company's share increases, it may not charge any employee more than 9.12 percent of their income for coverage. Coverage options receive a value determination from the ACA, using precious metal names for levels. So, for example, the lowest value plans are designated as Bronze. They have a lower premium but also cover less of the service expenses. Still, even Bronze-level plans must absorb at least 60 percent of the expected costs for a typical subscriber. A Silver or Gold level plan would have a higher premium but lower point-of-service prices.
Since small companies don’t have to comply with the ACA mandate, offering insurance coverage is optional. Some small businesses assist their employees without providing insurance. One way is funding and administering a QSEHRA—a Qualified Small Employer Health Reimbursement. These accounts allow employees to obtain their choice of coverage using pre-tax contributions. The plans they purchase must meet the ACA standards, and companies can’t offer a QSEHRA if they also provide insurance for any workers. Each worker decides what type of eligible policy meets their needs, and they may save money.
Health insurance is often identified as the most critical employee benefit. Most workers prefer to have access to insurance through their employer for both ease of access and cost savings. As a result, health insurance is the most commonly provided benefit, and second is paid time off. Other priorities for employees include:
Group health insurance ensures that people who work together are covered in case of any health complication. It is a cost-effective way of offering a group of people insurance hence its popularity with employers.
Employee benefits such as health insurance act as a motivational tool. They are offered to all eligible employees in addition to their salaries.
Taylor Benefits is an insurance agency that has been in business since 1987. We are located in San Jose, CA. We have been providing group insurance and employee benefits to both large and small companies for more than 25 years. This has allowed us to gain the required expertise and experience to ensure that we get the right insurance package for you.
Over time, we have managed to spread our services across the United States. Our insurance products are in line with the Affordable Care Act, aimed at ensuring that every working citizen has a health insurance cover.
Dial 800-903-6066 and get free consultation on Bellevue Group Health Insurance & Employee Benefit Plans
Years of experience has allowed us to introduce a variety of insurance products for our clients. Our products include:
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As insurance brokers, we are well suited to provide you with the best insurance packages. This is because we have access to all carriers in the market. We will only provide you with the most competitively priced carriers. We also carry out an annual analysis of the carriers to ensure that we set you up with the most competitive in the market.
We also provide an integrated online HR management system that makes your work easier, as well as COBRA services through a 3rd party administrator. COBRA gives added security to your employees in the event they stop working for you. Our integrated online HR management system will assist you in HR and benefits plans management.
We have the experience to handle all your insurance needs within your budget.
Call us today and we will be happy to hear from you. You can talk to us through our toll-free line 800-903-6066 or visit our website for more information.
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