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