Buffalo Group Health Insurance

Buffalo Group Health Insurance and Employee Benefits

The city of Buffalo boasts of a conducive environment to do business in New York. The availability of a highly skilled work force and its excellent location makes it possible for businesses to thrive. However, these two factors alone are not enough. For employers to recruit and retain the best candidates, they, too, must be ready to provide incentives in the form of group health insurance and employee benefits.

Group Health Insurance and Employee Benefits

Providing your employees’ group health insurance and employee benefits is beneficial for both employers and employees. While employees are able to secure their health and that of their families, employers are assured of a motivated work force. With more employees giving preference to a good benefits package over a salary, a high employee turnover will be a thing of the past because you will be in a position to retain top talent. The skilled work force in the city of Buffalo is not an exception. If you comply with the set regulations of the Affordable Care Act, you will benefit even more; you will be entitled to tax credits thereby effectively reducing your tax liability.

Buffalo NY Large Group Health Insurance Plans

The ACA (Affordable Care Act) mandates any company with more than fifty workers to offer health insurance. Further, the business must ensure that the insurance they provide includes the designated essential benefits the ACA requires and meets the affordability standards. Companies can use any insurance structure they prefer, whether they choose a PPO, HMO, or POS, as long as it offers the required coverage and affordability.

If the company is large enough, it may choose to give employees a choice between policy types. For example, some subscribers may want a “bare-bones” option with a lower premium even though it costs more for the services that they use. These plans may make sense for consumers who don’t expect to need frequent medical attention and who can afford to pay the cost of expenses that may occur. Others want the security of a lower deductible and lower co-payment, even if the monthly premium is higher. Some workers prefer the flexibility of a POS or PPO structure over the constraints of an HMO network. If a large company has enough workers to sustain the variety of plan choices, workers will likely be more content with their program.

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Buffalo NY Small Business Health Insurance Plans

Small companies may want to offer a health reimbursement account instead of health insurance since they aren’t subject to the large employer mandate if they employ fewer than fifty workers. The two standard options are an ICHRA (individual coverage HRA) and a QSEHRA (qualified small employer HRA). The QSEHRA is limited to companies with fifty or fewer workers. In contrast, ICHRAs are available for larger firms but are commonly adopted by medium-sized businesses. In each case, the employee can pay for health care expenses using pre-tax income, and the employer administers the program. QSEHRAs have contribution limits, but ICHRAs do not.
Buffalo NY Large Group Health Insurance Plans

Buffalo NY Employee Benefit Plans and Employee Benefit Packages

Benefits are the non-monetary part of employee compensation. When a potential employee considers an offer, they likely put more emphasis on the pay, but they will evaluate the benefits package as well. A good benefits program can add thirty percent to each employee’s overall cost, so companies must choose their benefits wisely.

Good benefits usually incorporate health insurance, paid time off for illness and vacation, and contributions to a retirement savings plan. These are the expensive elements and usually the most-wanted parts of the package. However, some great benefits are free or low-cost, including perks like flexible scheduling, remote work options, casual dress code, and the office culture.

Who We Are

Taylor Benefits is a leading group healthcare insurance provider operating in Buffalo. We have 30 years of experience working with employers in this city to provide custom group benefits plans that cater for their needs and those of their employees. We understand the value of group health insurance for your employees and work towards developing a plan that puts both your employees and your business first. We’re committed to making quality healthcare accessible, as well as building your reputation as an employer.

Insurance Products By Taylor Benefits

We provide the following options for group health care insurance and employee benefits plans:

Why Taylor Benefits?

At Taylor Benefits, we have a reputation of providing the best group health care insurance and employee benefit plans in the city of Buffalo. We offer a range of plans to accommodate different categories of employers. We leverage our position as an independent broker to work with the best carriers, effectively helping you find a plan that fits into your budget while addressing your needs. We endeavor to maintain an open communication channel with you throughout to ensure that you have all the information you need to make a decision that will favor your company and employees.

Relevant Statistics

  • More than 80% of companies in Buffalo offer a comprehensive group health insurance plan to their employees.
  • The average deductible for group health insurance in Buffalo is $1,200 per year.
  • Approximately 95% of employees enrolled in Buffalo group health insurance plans receive coverage for prescription medications.
  • Group health insurance plans in Buffalo provide an average annual dental benefit of $500 per person.
  • Over 90% of employers in Buffalo contribute at least 70% towards the monthly premiums for their employees’ group health insurance.

General Facts

  • Buffalo group health insurance refers to health insurance plans provided to groups of individuals in the Buffalo area.
  • Employers often offer group health insurance plans as a benefit to their employees, covering a range of medical services and treatments.
  • Group health insurance typically provides coverage for hospitalization, doctor visits, prescription medications, and preventive care.
  • Buffalo group health insurance plans may have different options for coverage levels and deductibles to accommodate the needs of different groups.
  • Group health insurance plans in Buffalo may be regulated by state laws and must comply with the Affordable Care Act requirements.

Get In Touch

Get in touch with us today for a free consultation with our experienced benefits agents. We’re ready to assess your group health care insurance and employee benefits needs, research laws and policies and devise a plan that answers to your needs. Call us now 800-903-6066.

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Written by Todd Taylor

Todd Taylor

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.

We’re ready to help! Call today: 800-903-6066