There is no better way to find the right group health insurance and employee benefit plan than by coming to Taylor Benefits Insurance Agency for help. After 25 years in the insurance industry we have been able to form close relationships with some of the best insurance carriers in California. Our connections allow us room to negotiate the cost of your plan. We can also customize your services however necessary to create one affordable, comprehensive health, wellness and benefit package.
Every large company (with fifty or more employees) must provide health insurance to their workforce that meets the ACA standards. One of the requirements is that the plan includes ten essential benefits:
Plans also have to be qualified as affordable. The standard for affordability currently requires that the subscriber's share of the premium is limited to 9.61 percent of their gross income. For example, if the worker earns $50,000 annually, the amount they pay for individual coverage can't be more than about $400 monthly. Some companies charge different amounts for different employees based on their compensation. If the employee gets to choose between plans, only one has to meet that cost standard.
Although businesses employing fewer than fifty people are exempt from the health insurance mandate, some want to offer access to their workers anyway. They may recognize that it’s a good recruiting tool or feel a social obligation to help their workers meet this need. One cost-effective way small companies can help is by sponsoring a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). This tool enables employees to pay for medical expenses with pre-tax dollars that the employee sets aside through payroll deductions. Some employers also contribute to the account, but that's optional. If a company implements a QSEHRA, it must make it available to all the workers. In addition, the employee can only use it if they have an ACA-compliant insurance plan.
One way that companies strive to attract qualified employees is by offering a robust benefits plan. The package may start with health insurance, especially for large businesses that must include it per ACA requirements. Besides health insurance, an employee’s wish list probably includes paid time off for vacation and sickness. California companies must give every employee three days of paid sick time. California employees also have both paid, and unpaid family leaves guaranteed, in addition to job guarantees.
Other benefits that may provide a competitive advantage include:
PPO- this plan gives your employees more freedom with their healthcare. They can choose their health providers and facilities. They’re able to save more by using in-network providers.
HSA- a health savings account that remains untaxed. Your earnings will be saved for you to use towards future health expenses not covered by insurance.
HMO- employees will use specified healthcare providers dependent on the health organization chosen. The providers will be relevant to the current health concern.
FSA- a flex spending account usually set up through a Section 125 cafeteria plan.
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