The State of Texas has some of the most sought after insurance carriers for small to corporate business owners. Taylor Benefits Insurance Agency has almost 30 years of experience working in the insurance industry alongside some of these carriers. Because of this, our insurance brokers are able to negotiate costs while tailoring the perfect plans to accompany any business based in Frisco. We will find the lowest rates and premiums to satisfy the needs of your employees so that they can remain free of illness and able to work.
As an independent insurance broker in the state, we have a large network of insurance carriers we often work with. Because of our longstanding history in the industry, we’re able to address our clients’ needs more efficiently. We will work hard to create a personalized plan or you could opt for one of the basic insurance options such as PPO and HMO plans, or FSA and HSA accounts.
If your plan complies with the Affordable Care Act, your business may qualify for tax breaks and other benefits. Our team of brokers will help you create a plan that remains in accordance with the act despite its habit of changing annually.
The Affordable Care Act (ACA) defines large employers as employing fifty or more workers. It requires that they offer their employees and dependents a healthcare policy that meets the minimum affordability and coverage standards. The affordability provision applies only to the employee, not the dependents, but the coverage standards apply to any plan. In addition, the subscriber portion of the cost can’t exceed 9.12 percent of gross income for 2023.
Employers who do not offer adequate health insurance may have to pay a shared responsibility penalty. The IRS may levy the penalty if the company doesn’t provide acceptable insurance to at least 95 percent of its workers and dependents. Children up to age 26 are dependents, but spouses and foster or stepchildren are not. Also, companies won’t have to pay the fine unless at least one of their employees receives a premium tax credit for buying insurance through a health insurance marketplace. Employees aren’t eligible for marketplace credits if the employer plan meets affordability and coverage standards.
Small companies may struggle due to the rising cost of insuring their workers. One less-costly coverage option is a High Deductible Health Plan (HDHP). If the deductible meets the IRS standards, the company can pair it with a Health Savings Account. An HSA allows the subscriber to pay for medical expenses using pre-tax funds. In 2023 the minimum deductible is $1,500 for an individual or $3,000 for a family.
2023 contributions to HSAs can’t exceed $3,850 for an individual or $7,750 for a family. In addition, any funds in the account that are not used in one calendar year can roll over indefinitely, which is different than the rules for traditional FSAs (flexible spending accounts.)
Experts estimate that companies spend almost a third of their compensation budget on employee benefits. Most workers expect benefits and may decide whether to accept or decline an employer’s offer based on the package. Among the expected benefits, employees highlight these:
Other benefits that employees would also like to have include:
To find out how our agents are willing to compromise and cooperate when it comes to creating the perfect plan at a low cost, give us a call at 800-903-6066. One of our licensed agents from Frisco will give you all the information you need before creating your group health plan. We want to help all the employers of Texas flourish!
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