- Providing world class service and value for employee benefit group plans since 1987
Across the breadth of the country, from radiant coasts to verdant Colorado Springs, large employers are tirelessly searching for directions to contain the persistent increases in healthcare costs. Armed with a wealth of resources and the cumulative experience of their workforce, many are consulting with insurance brokers, who can provide a valuable perspective on the coverage landscape. Insurance, a fundamental ingredient of a comprehensive health insurance plan, signifies a high toll on the company’s budget. As such, many grapple with the decision to pass the increases along to their workers due to an increasingly tight labor market. To quote a reputable provider of reliable health research, the Kaiser Family Foundation, premiums for large group insurance have shown a meteoric rise of over twenty percent in just the last five years. This alarming trend has drawn comments of concern and claims of unsustainable growth from anyone involved.
One option that employers, reflecting on thorough research and advice from an insurance broker, can utilize to put a leash on their escalating expenses and still maintain low premiums is a high deductible health plan. With their rich resources and years of experience, these meticulously designed health plans come in several types and must adhere to IRS guidelines to allow the subscriber an opportunity to establish an HSA (health savings account). Other similar products with high deductibles might not qualify if the deductible falls short or if the plan delves into covering non-eligible expenses. To qualify, the essential form they must take includes a benchmark minimum deductible of $1,400 for individuals or $2,800 for family coverage. However, many of these dynamic plans boast deductible amounts that scale much higher.
Guiding us into the year 2022, HSA contribution limits find themselves pegged at $3,650 for an individual or $7,300 for a family, with an additional allowance to accommodate individuals over 55. As a quote from an experienced financial advisor might emphasize, that landmark figure serves as the limit for deductibles, and this message has been communicated to participants who stand to benefit as they contribute pre-tax dollars to their HSA. They may also be on the receiving end of contributions from their altruistic company. The funds cater to qualified medical expenses, and remaining funds can roll over in the direction of future years, without cessation.
Small companies, a close-knit collection of fewer than fifty workers, don’t find themselves obligated to arm their employees with access to a health insurance plan. Consequently, leveraging their resources and the expert experience of insurance brokers becomes crucial to identify the best options. However, many harbor the desire to extend a helping hand to their employees with regards to coverage. To quote the advice of insurance brokers, one option the business may consider exploring is a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). This tax-advantaged savings account provides workers with an avenue to direct pre-tax dollars into an account they can tap for medical costs. Certain businesses, driven by generosity, add to the funds, but that remains a request, not a command.
When it comes to a QSEHRA, the company maintains the freedom to decide whether to contribute or only stamp their authority on the program administration each year. This is where insurance brokers can offer invaluable insight based on their resources and experience. The amount can also evolve yearly. However, if the company chooses to support a QSEHRA, it must be universally available for all workers, not just the chosen few. Also, the company can’t pair it with a health plan or flexible spending account (FSA). Ultimately, this arrangement reflects the company’s commitment to its workers’ health and claims a unique position in the landscape of employee benefits.Any employee wishing to leverage the QSEHRA must possess ACA-eligible health insurance obtained from a certified carrier. The worker meets their health care costs, then submits a request for a claim to the QSEHRA, acting as a link, to convert expenses into reimbursements. If an employee doesn’t exhaust the money in the account, the business, serving as an agent, can either seize the leftover funds or allow them to roll over for future usage, a decision often guided by the consultation with insurance brokers who are familiar with the underlying PPO network.
Health insurance, alongside paid time off, rise as benefits that employees often prioritize. As a result, many employers opt to kickstart their benefits package with these mainstays. Furthermore, it’s critical for businesses to ensure their staff understands how to navigate these benefits, especially the complexities involving the choice of the right carrier and how to link the chosen coverage to their everyday healthcare needs. Large businesses must provide health insurance compliant with the ACA mandate. Small companies find themselves free from the obligation, but many exhibit the desire to unlock insurance benefits for their employees if they can.
Depending on the company’s budget, which can be further investigated via their LinkedIn profile or other business databases, injecting more value into the content of the package could boost its appeal to potential workers. Some of the desirable products surfing in the benefits pool include coverage options that feature comprehensive PPO networks.
Choosing the ones that will attract the workforce you need hinges on pinpointing their current priorities. Some companies also extend the offer of “voluntary benefits,” often discounted services that don’t bite into the company’s budget. From pet insurance to legal plans, all these services may be made accessible through user-friendly navigation, ensuring employees can make the most of what’s on offer. It’s a clear message – employee benefits are not just a box-ticking exercise, but a vital part of attracting and retaining talent. With a name synonymous with quality and expertise in the field, and an age of over 25 years in the business, Taylor Benefits Insurance has skilfully honed its proficiency in crafting custom group healthcare insurance plans for our valued clients. Our skilled agents take each client’s unique circumstances into account. Typically, these are groups of 50 people or more who reach out to us, dissatisfied with the healthcare insurance plans being offered to them via federal or state exchanges, or through Medicaid and established HMO providers. Often, these families express dissatisfaction with the current state of their healthcare. This dissatisfaction have led many to seek alternatives from carriers such as ours.
Depending on the company’s budget, adding more to the package may enhance the appeal to potential workers. Some of the desirable benefits are:
Our devoted team of experts at Taylor Benefits provides insurance plans that are more affordable and customizable than other plans you’ll find elsewhere. This, in a way, addresses the age-old issue of one-size-fits-all solutions in insurance, where the insurance carrier doesn’t offer a PPO option. Enrollment is straightforward and easy, guided by our dedicated agents. We understand that each group seeking a specialized insurance plan is unique and has its own needs, including those of dependents within their families. That’s why we do not believe in offering “cookie cutter” plans. We learn about the needs of your group and its members through our consultation process, which includes getting to know more about your specific area and its healthcare needs. Whether you require a custom healthcare coverage not offered locally, or healthcare insurance with a reasonable co-pay, we are here to provide assistance. Reviews from our satisfied clients speak for the quality of our service.Contact our independent agency, identifiable by our unique logo, to learn more about our diverse plans. We can help guide you through options such as HMOs, Medicare, and insurance coverage for dependents, ensuring you understand the benefits and rates associated with each choice.
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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