Most career-oriented individuals are highly interested in the benefits and insurance they have access to at work. They need affordable options to help them plan for their future and to care for their loved ones at home. One significant component in this evaluation is health insurance coverage. Luckily, one great way for a Florida company to rise above the competition is to offer health insurance coverage and other employee benefits. This helps them attract and retain qualified employees.
Taylor Benefits Insurance Agency can help your business find health insurance and benefits at an affordable cost with lower monthly premiums. We have been working with leading insurance carriers in the nation for nearly 30 years. When you call, one of our licensed agents will go over all your options to help you create the perfect group health insurance and employee benefit plan.
Due to our long history in the industry, we’re able to tailor plans and negotiate health insurance costs while still remaining in compliance with government rules, including the Affordable Care Act. Staying within the requirements of the law may help your business to qualify for tax breaks at the end of the year.
Large employers in Florida usually offer comprehensive health insurance plans for their employees. As is the case elsewhere, many share the cost with the employees, subsidizing the expense but also requiring the worker to pay a portion. Employees often evaluate the choices between health care plans based on their premium cost and may not always thoroughly investigate the costs they will incur when they use the services.
Employers can help with this by providing ample communication explaining the options between health insurance plans, particularly when making changes. For example, large companies have increased usage of high deductible plans with accompanying health savings options (HSA). While this form of insurance coverage is often economical for subscribers, it can be intimidating to accept such a high deductible.
The employer will likely achieve a better acceptance rate if the employees get adequate information about the potential benefits of the health savings account. Communication is even more critical when the company makes a sizable contribution to the HSA, which is often the case. Your Taylor Benefits Insurance representative can assist you with informative material about any health plan.
The ACA doesn’t obligate small companies (with fewer than fifty employees) to offer employee sponsored health insurance to their workforce. However, many want to, and it’s certainly a competitive advantage in hiring. Almost thirty percent of small companies pay the entire premium for employee coverage with ten percent also paying the cost for family members. The most significant percentage of workers (forty-five percent) are enrolled in PPO health insurance plans, often with a high deductible. Those in HMO plans also comprise a sizable portion.
Small companies may benefit from investigating plans available through SHOP (the Small Business Health Options Program), which offers opportunities for smaller companies to provide affordable coverage to their workforce. Taylor Benefits Insurance can help you navigate the offerings available there. Small companies can decide to stick with just one health plan for all workers or potentially offer a choice. You can also pay some or none of the premiums, and you get to decide whether to cover dependents.
Putting together a benefits plan for your employees depends on your workforce demographics and, in part, on your budget. Health insurance and paid time off are a good foundation for your benefits plan. These are typically at the top of the wish list for workers. Florida doesn’t require paid time off, but most employers include some to motivate and reward their teams.
Next on the list, you may want to offer a retirement savings plan. While these aren’t as common among small companies, workers value the opportunity to benefit from employer assistance with their retirement savings. For almost any company size, there are reasonable options for establishing a 401(k) or IRA that your employees can contribute to.
Group health insurance provides essential coverage and health care services at lower premiums to a group of people. Group coverage may have other advantages compared to individual plans, including faster claims, lower monthly premiums, and the option to include family members. Small business owners offer health insurance to cover the essential health benefits of their eligible employees.
Group health insurance offers these features in many cases:
Offering a Group Health Insurance Plan will be beneficial for both employees and the sponsoring company. Some potential positive outcomes for the employer include:
In a competitive employment market, companies look for ways to support and encourage their employees. Providing high-quality health insurance is one great tool for enhancing employee productivity and increasing loyalty.
In most cases, the portion of the insurance premium that the employer pays is tax deductible. This benefit allows the company to assist workers with their health and also recoup some of the expense. Furthermore, small business owners employing less than 25 workers may be eligible for tax credits, depending on the wages the company pays to workers.
In general, pay and company culture are still two of the most important criteria that employees take into account when they consider their tenure at a company. However, for most current and potential employees, the benefits package is a significant component of the decision. Offering a robust benefits package, including high-quality health insurance, gives your company an edge when hiring.
It’s vital for your organization to maintain a good reputation in the industry. You can bolster your standing in the community by providing satisfactory benefits to your workforce.
Your employees are your greatest asset, and it’s important to keep them healthy and productive. One way to assist workers in that endeavor is by offering group health insurance. For the employees, the availability of insurance may support these benefits:
In many cases, employee health insurance premiums are more affordable than the cost of an individual plan. Since the risk is shared among the group, each worker typically pays less than they would for individual coverage.
With some available individual health insurance plans, the subscriber is subjected to a tedious, challenging process for seeking reimbursement of funds they have paid in advance for service. In contrast, with group coverage, the medical service provider will typically bill the insurance company for covered services and the subscriber only pays anything not covered, plus any copayment or deductible.
If an employee must obtain and manage individual healthcare plans for multiple family members, that can be a hassle. But if you have group health insurance, you may be able to include your family within one plan. That means less stress and uncertainty for the employee, and probably better coverage for the family members included.
The right group health plan will serve as an excellent motivational tool for employees. Employee coverage helps workers feel valued. This, in turn, can lead to higher productivity and increased employee engagement for small businesses.
As an employer, it is important that you assess the needs of your employees when you purchase health insurance for them. Make sure that you avoid some common mistakes.
As a small business, your company is not required to provide sponsored group health insurance. However, if you offer coverage, you must adhere to the stipulations regarding coverage that are part of the Affordable Care Act. Even beyond that requirement, it’s crucial to evaluate the plan you choose for your workforce. Ensure that it meets their needs and will not cause financial hardship.
Evaluating group health insurance is not an easy task for small employers. The different policy choices can be confusing. For example, should you get an HMO or PPO? It’s vital that you investigate the pros and cons of each policy structure before deciding.
Consider the breadth of the provider network if you opt for a network plan instead of a fee-for-service (traditional indemnity) plan. It’s important to know that the provider choices include the ones most employees prefer.
Also, read the fine print (or have a detailed conversation with your broker) to determine that services your workers need are included.
In Florida and across the United States, the ACA requires that employers offer coverage for their workforce is they are considered a large employer. Small businesses not categorized as large may also offer insurance coverage. If they do, it must comply with the ACA’s affordability and comprehensive benefits standards.
The biggest benefit of large group health insurance plans is that the premiums are usually lower than you would probably find for individual insurance coverage. This is because the insurer can distribute the risk across a large group of subscribers, which makes the per-person cost lower. Group health insurance plans are easy to administer and should cover every employee in the company. A few workers having specific illnesses won’t prevent the company from obtaining affordable coverage.
The premium cost for employer-provided insurance is typically lower than the price for individual coverage. Each employer decides how much of the premium to pass along to the workers. However, large businesses must ensure that the subscriber premium does not exceed 9.12 percent of income for the participants. Recent public studies report that costs are higher in Florida than in many states. Employees participating in an employer-sponsored plan paid an average of $1,811 for an individual policy and over $7,600 for family coverage.
In Florida, an employee benefits package should include:
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