Detroit Group Health Insurance & Employee Benefit Plans

Detroit MI Large Group Health Insurance Plans

Large companies in Detroit, much like those in Grand Rapids and others scattered throughout the United States, understand that they must provide high-quality health insurance to their employees—a fact strongly acknowledged in the health insurance marketplace. This duty is not only one of the Affordable Care Act (ACA) requirements but also a critical priority for the workforce. To keep up with the changes in insurance policies, employers must understand the extensive information about the health care coverage offered, from prescription drug coverage to service area details. Additionally, in adherence to the ACA, employers must maintain control of expenses, ensuring the amount spent on policies is within permissible limits through an efficient individual member account program.

A company’s director—responsible for deciding on health plans and amounts—often faces a dilemma. The conflict lies between offering the affordable, comprehensive policies that ACA calls for, and meeting the high-end price associated with premiums. With rising health care expenses, companies are limited in the amount of increase they can pass on to their employees via deductibles. This struggle is visible even when the employer expands their network to include services like Medicaid, Medicare Advantage, and disability insurance during the open enrollment period available to everyone.

One solution for large companies is self-funding, a unique health insurance strategy where, instead of purchasing a classic insurance plan, the company directly pays for the medical expenses their workers incur. This setup allows employers to incorporate prescription drug coverage and other services such as doctors within their chosen networks. After analyzing numerous cases, it’s apparent that the expertise provided in company-wide enrollment in such schemes can save substantial amounts of money compared to traditional health plans. To manage the claims through an individual member account, businesses often employ a third party—either a representative of employers or an insurer. To limit their risk, some also invest in a stop-loss policy—with a hopeful eye on noticeable positive change in the long run.

Detroit MI Small Business Health Insurance Plans

When it comes to small companies employing fewer than fifty people, offering health insurance is voluntary. Yet, no matter the size, disability insurance and other health plans remain a priority among employees. Small businesses are often confronted with a higher per-capita cost than large businesses that provide Medicare supplement policies. It could be catastrophic for these firms to adopt the self-funding scheme since a small number of significant claims could drain their resources. Therefore, they might opt for an alternative called level funding. This approach contains some of the benefits of self-funding but restricts their exposure to high deductibles. The Taylor Benefits Insurance specialist—the director who comprehends the media noise surrounding health coverage—can guide companies through this process. 

Detroit MI Employee Benefit Plans and Employee Benefit Packages

Developing the best employee benefits package for your company is a balance of offering the perks that your employees want, along with controlling expenses. Health insurance is probably the most important and can be required if your business has more than fifty workers. That’s a great start, and workers also highly value paid time off for illness and vacation. To add to the appeal, consider some of these sought-after options:

• Family leave
• Retirement support
• Dental and vision insurance
• Flexible working schedules
• Childcare support (and elder care assistance)
• Remote work options
• Free snacks
• Wellness programs
• Tuition assistance

Detroit Group Health Insurance & Employee Benefit Plans

With over 25 years of experience writing custom group healthcare insurance plans, Taylor Benefits Insurance is the best option that most Detroit residents do not know about when it comes to healthcare coverage. For the most affordable, most comprehensive, insurance plans, you need an independent agency like Taylor Benefits Insurance to write it. Our plans are not in competition with insurance providers’ plans, or plans offered through the state or federal exchanges. Our plans only cover group healthcare insurance. To this end, our plans are more beneficial to our clients, as we can offer more coverage at better rates than the competition. Our clients can achieve this because every member of their group pools their money to gain better coverage.