For more than 20 years Taylor Benefits has been a leading provider for group insurance and employee benefit plans in Fremont and Alameda County. We provide affordable, comprehensive solutions to employee benefits management, health care coverage, retirement plans, life insurance, disability and long term care for a range of businesses, large and small. Here are some of our services to help you attract and keep the best employees available in your industry.
Large companies in Fremont, California, have an obligation to offer health insurance coverage to their workers. The Affordable Care Act includes businesses with fifty or more employees in the “large” category, making them subject to the requirement. The ACA included standards for these companies, including coverage of essential benefits and affordability for subscribers. The benefits that every insurance plan must incorporate are:
Plans receive a metal tier ranking that helps customers understand the value. For example, a bronze plan is the cheapest for consumers but provides the lowest coverage. In contrast, a silver tier plan will cost more and cover more. Even a bronze-level policy must cover sixty percent of the anticipated expenses for a typical subscriber.
Small companies have the choice of whether to provide health insurance for their workers, but many do. Those businesses that offer insurance often pay a significant portion of the cost. In fact, according to the 2021 Kaiser Family Foundation survey, 29 percent of workers with coverage in a small company have the entire premium paid by their employer (for individual coverage). However, another 31 percent of small company workers with insurance pay more than half of the cost.
Most also pay a deductible and a copayment. The amount of deductible expenditures and their distribution among covered workers in small firms continues to increase. Many of those with a high deductible also have a Health Savings Account or Health Reimbursement Arrangement, which helps them pay for the deductible expense. Your Taylor Benefits Insurance consultant can help you craft a plan for your team.
California employers are not obligated to provide paid vacation time to employees, but they must offer paid sick time. Workers are eligible for at least three paid sick days each year, with the right to accrue time. If a company does offer paid vacation days and the employee does not use them, they must get the pay for accrued but unused days when they leave the company.
As with other regions, sought-after benefits include tuition reimbursement, childcare stipends, and an employer-supported 401(k). Some well-known companies have made over-the-top benefits like free food, chair massages, ping pong tables, yoga classes, haircuts, and other perks a gold standard, but they are still not the norm. However, some employers in cities like Fremont offer commuter assistance, like subsidies to encourage workers to get to work using employee vanpools or public transportation. In fact. Local governments in California will assist with these arrangements to help reduce traffic and ease air pollution.
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To learn more about how you can maximize the small business tax credit, the U.S. Small Business Administration has detailed information and links to other resources
In addition to the services listed above, we also provide a number of complementary tools and services to keep your business running smoothly and your employees happy with their benefits.
Online HR Tool – Sometimes the biggest challenge that a business faces is in administering group benefits and employee insurance plans. To address this, we’ve developed a free online tool that provides a simple, effective platform for simplifying and automating the process.
Yearly Plan Review – Each year during the plan renewal period, one of our specialists will review your existing health care coverage and benefits plan to ensure that you’re getting the best combination of value of savings. This allows our clients to make a more informed choice and understand the implications and benefits of their options.
Compliance & Legal – The laws and regulations that govern health care benefits have undergone a lot of changes recently with the implementation of the Affordable Care Act. We work with you to keep you compliant with existing laws and prepared for upcoming changes that will affect your business and its employees.
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