Large employers have options about how they choose to satisfy the ACA requirements regarding insurance coverage for their workforce. Large employers (companies with fifty or more workers) must offer a plan to their employees and dependents that meets the minimum affordability and coverage standards. The coverage standard is universal, but the affordability provision applies only to the employee, not the dependents. Employers who do not offer health insurance will be assessed an employer shared responsibility payment.
The ALE (applicable large employer) penalty can be levied if the company doesn’t offer insurance to at least 95 percent of its workers and their dependents. Children up to age 26 are dependents, but spouses and foster or stepchildren are not. Also, companies won’t be charged the shared responsibility payment 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 face greater obstacles when faced with rising costs for insuring their workers. One popular option is a High Deductible Health Plan (HDHP) which can be paired with a Health Savings Account. A plan can use an HSA if the deductible meets IRS standards. In 2022 that is a minimum of $1,400 for an individual or $2,800 for a family. Many are much higher, with a deductible that matches the out-of-pocket maximum, which can’t exceed $7,050 per individual or $14,100 for the family.
Health Savings Accounts offer an advantage because they allow the subscriber to direct pre-tax income to pay for medical expenses. In addition, any funds in the account that are not used in one calendar year can roll over indefinitely (even into retirement.)
Putting together an attractive benefits program for a company in Gilbert, Arizona, could include a health insurance plan, a PTO policy, and other benefits like retirement help, dental insurance, vision coverage, tuition reimbursement, and even childcare support. A top-quality benefits package can help you attract and retain top-quality workers. Your Taylor Benefits Insurance specialist can help you by offering information about the preferred components and how to maximize your benefits budget.
With nearly 275,000 residents, Gilbert, AZ, is part of the Phoenix metropolitan area and a thriving hub for business, education, and culture. Companies in the Gilbert community have to work hard to stand out from the crowd as an employer of choice. One excellent means of obtaining that status is to offer a robust employee benefits package, including group health insurance.
Depending on the size of your workforce, your company may not be required to include group health insurance in its benefits package. Still, even if you don’t have to, doing so may help your organization prosper. Many companies find that workers with access to employer-sponsored health insurance are more productive and more loyal to their employers.
Group health insurance is typically less costly for the subscriber and includes better coverage in many cases. For employers, it’s expensive, but you may find that you can reduce costs in recruiting and training as you successfully reduce turnover.
Call 800-903-6066 for a free consultation about Group Health Insurance and Employee Benefits Plans.
Taylor Benefits Insurance is a respected insurance broker serving large and small businesses across the country for over 30 years. Our mission is to help you provide comprehensive benefits for your workforce. Our consultants take the time to understand your organization, including the priority objectives as your financial constraints.
We can then craft a custom benefits package for you, incorporating products from multiple vendors. Because we are not affiliated with insurers, we can offer you impartial recommendations for services. We use our extensive industry connections to find the best products at the lowest rates for your subscribers.
We offer a wide variety of group health insurance and employee benefits. These include:
At Taylor Benefits Insurance, we design custom benefits programs to meet your company’s specific needs. We offer best-in-class service for our clients and are consistently available to consult with you regarding current offerings and potential changes.
Our consultants have broad experience in the healthcare and insurance industries, so we can bring a high degree of professional excellence to your benefits program.
Working with a respected broker like Taylor Benefits Insurance will give you peace of mind, knowing that you are taking care of your employees.
Call 800-903-6066 for a free consultation and a no-obligation quote. You may also request a free quote using our online form.
Written by Todd Taylor
Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.
Todd Taylor with Taylor Benefits gives our small business the kind of personal service we need. Insurance benefits are important to our employees and Todd helps us find a balance between benefits and value. Todd responds immediately to my phone calls & e-mails. He has even gotten in touch with me on a Sunday when we were in need of coverage answers immediately. We are very pleased with the hands-on service Todd and his staff provide.”
-Ken and Linda Orvick, Orvick Management Group, Inc.
We’re ready to help! Call today: 800-903-6066