Cape Coral Group Health Insurance & Employee Benefit Plans

Cape Coral FL Large Group Health Insurance Plans

Large companies choosing health insurance for their employees have to consider both the plan’s coverage and the cost. The Kaiser Family Foundation Employer Health Benefits Survey reported that premium expenses rose by four percent last year, completing a 47 percent increase over the previous ten years. In large businesses with more than 200 workers, almost all pay a portion of the premium for their employees and their families. Of course, the ACA standard limits the amount of a subscriber’s premium share as a percentage of their gross income. As a result, many companies pay more toward the premium cost for the employee than dependents since subsidizing dependent coverage is optional.

Cape Coral FL Small Business Health Insurance Plans

Small companies often find it challenging to offer affordable health insurance to their workers without exceeding their budget. Insurance costs continue to rise faster than overall inflation, and it’s difficult for businesses to absorb those rate hikes. One option may be a High Deductible Health Plan (HDHP) paired with a Health Savings Account. The plan’s deductible must meet IRS standards to be eligible for including an HSA. In 2022 that requires a minimum of $1,400 for an individual or $2,800 for a family. However, the deductible is much higher in many cases, matching the allowable out-of-pocket maximum. Currently, that can be $7,050 for an individual subscriber or $14,100 for the family. These higher deductibles put more expenses on the subscriber and thus lower the premium cost. The plan can’t cover most benefits until the subscriber pays the entire deductible amount.

However, Health Savings Accounts help control the individual’s expenses because the subscriber can use pre-tax income to pay their medical costs. Often, the employer contributes to the HSA as well. Another advantage is that the account funds can roll over. For example, suppose the worker has money in the account they don’t use in the calendar year they allotted it. In that case, they can roll it over indefinitely (even into retirement) without paying taxes on the contributions or the earnings.

Cape Coral FL Employee Benefit Plans and Employee Benefit Packages

Between the competing forces of a tight labor market and rising inflation, employers have to be creative when seeking ways to attract workers. One option is a robust benefits package. Studies across the U.S., including Florida, show that workers evaluate benefits as a significant part of the overall compensation package when evaluating a job offer. Therefore, your benefits must pass inspection to ensure that your company stands out.

First, ensure that you have the basics, including health insurance and paid time off. Next up, keeping the budget in mind, consider a basic retirement plan if possible. Then look at some add-ons that should appeal to your workforce. For example, if your company employs a lot of recent college graduates, they would likely welcome help with student loan debt. Matching student loan payments is a popular way to support workers.

Some benefits don’t cost much, if anything. For example, many employees want flexible hours and remote work options. Suppose your company can allow team members to change their traditional schedule or work in a hybrid office/home location. In that case, it might not cost the company money. On the other hand, it might pay big rewards if it helps keep the employees happy and productive.

Cape Coral has a robust health care industry. Located in southwest Florida, it has a high population and a high cost of doing business. Business owners in this city strive to provide better healthcare to their employees which is also in high demand.A good employee benefits plan is one of the major considerations employees look at before deciding to join a particular company. A business owner should choose a group health insurance and employee benefits plan that will make a company attractive to its employees.  Any business owner would be well placed in offering his/her employees group insurance and employee benefits for the long-term benefit of the company.

Group Health Insurance and Employee Benefits

There is a lot that an employer stands to gain by offering group health insurance. It betters the relationship between the employer and the employee. The rates offered for a group health insurance are competitive and favorable to both the employer and the employee. There is a boost in productivity due to coverage in both wellness and preventive care. Expenses related to health insurance are tax deductible resulting in tax-relief for the employer.

Who We Are

With over 25 years of experience, Taylor Benefits Insurance Agency offers competitive packages on group health insurance and employee benefits. We work with competitive insurance carriers to come up with viable plans to suit your goals. We conduct an analysis for our clients yearly to confirm that their current carriers are still competitive in the market.

Plan administration is done by our office so that you do not have to deal with them. Our integrated online HR system assists our clients with their HR and benefits plan administration.