Group & Employee Benefits

Group and Employee Benefits: Everything You Need to Know to Create Attractive Benefit Packages

Group and employee benefits are something that most companies in the United States are accustomed to offering.

Your employees play an important role in your company’s success, and a comprehensive group benefits plan is an easy way for you to give back to them.

Group health benefits can include a variety of insurance coverage packages, such as standard health, dental, vision, death, disability, critical illness, and more. What you offer will depend on what types of premiums you want to pay, how much you want to charge your employees for access to the policy, and other factors.

The business environment is more competitive than it ever was in the past, and employers are using all cards in their hands to attract the finest and most dedicated professionals in the market. Acquiring premium insurance coverage can help a lot in such endeavors since you’ll be able to give your employees much-needed coverage guarantees and job security.

Also, with comprehensive retirement and pension plans in the mix, you can inspire your workers to work with you for the long term.

On top of all the business-related perks, employers can secure tax breaks and other concessions when signing up for group insurance plans. All of this, without having to overpay for anything – you’ll only be paying for the things you need to get covered, nothing else!

Taylor Benefits Insurance Agency can help you pick the best healthcare insurance plans and more for your business to get the most out of your investment. We offer premium insurance broker services tailored specifically to your needs.

Health Insurance

What Is Health Insurance?

Health insurance covers the vast majority of medical expenses. With proper health insurance coverage, your employees don’t need to worry about affording the medical treatments they need. Since healthcare prices have spiked in recent years, especially in the context of COVID-19, getting a health insurance plan for your business is the most cost-effective solution to all healthcare expenses for your employees.

Health insurance coverage usually varies depending on the plan picked. The bigger the premium, the wider the coverage. However, in most cases, companies don’t need to cover a wide array of healthcare problems. We can help you pick the optimal group healthcare coverage for your business that is both cost-effective and addresses all concerns of your employees.

What Does A Typical Health Insurance Plan Cover?

Health insurance covers most medical procedures and equipment, including doctor’s visits, prescription drugs, and surgeries.

It will not cover procedures that are deemed unnecessary for the individual, such as plastic surgery. Dental and vision plans will need to be procured separately, as most health insurance plans do not cover these two areas of health.

The extent of the coverage (in terms of the percentage of fees paid and the types of medical procedures covered) varies between packages. It depends on the premium and other terms of the insurance coverage plan.

What Are The Limits?

Many health plans come with payment caps; that is, they only pay up to a certain percentage (usually from 70% to 100%). Plans can also offer variable coverage where certain portions are covered up to an amount. It’s important to look for the right amount of coverage for your employees.

What Is Group Health Insurance?

Group health insurance is a health insurance plan that covers multiple individuals at once. These individuals will typically be part of the same group, such as a business or university.

Why Group Health Insurance?

Group health insurance is, on average, a better deal than individual health insurance. As an employer, you can cover all your employees’ medical liabilities in one convenient plan at a cost-effective rate.

Employees benefit from participating in group health insurance as their premiums aren’t as high. Thanks to the Affordable Care Act, health insurance is mandatory for everyone, and group health insurance is one of the most affordable options.

For employers, offering group health makes your business look more attractive to potential employees, who will likely choose your business for its superior benefits.

Taylor Benefits Insurance Agency provides group and employee benefit plans for the following:

Group & Employee Benet Plans Offered By The Taylor Benefits Insurance Agency

Taylor Benefits Insurance Agency provides group and employee benefit plans for the following:

Health Insurance

This is perhaps the most familiar form of insurance coverage for employees across the USA. As per one estimate, more than half of the employees in the USA get their insurance coverage from their employers, and this also includes health insurance. The law defines a full-time employee as someone who works for 30 hours per week and at least 120 days a year, and as per the law, a full-time employee has the right to health insurance.

The Affordable Care Act, also known as Obamacare, defines small businesses as those with as many as 50 full-time employees; any business with more than this number of employees is legally bound to get a health insurance plan for their employees. This is not a perk but a legal necessity, and failing to do so would result in a penalty for the business.

What is a qualified health plan, you may ask?

The following 10 elements should be covered in every health plan, and doing so would make it a qualified health coverage:

  • Ambulatory services
  • Emergency care & emergency room visits
  • Hospitalization coverage
  • Maternity & newborn health coverage
  • Mental health & substance abuse treatment
  • Prescription drug benefit
  • Recovery & rehabilitative services
  • Laboratory services & testing
  • Health screening & vaccination services
  • Pediatric care

Dental Insurance

Unlike health insurance, dental coverage is not meant for emergencies but for regular usage. Depending on the extent of procedures covered by your dental plan, the premium rate will vary. As with overall health coverage, a good dental plan is an absolute necessity. This can help employees maintain sound oral health. Failing to do so can lead to problems with oral hygiene and cause much more severe problems than otherwise possible.

The premium rate is an important consideration for employers when picking a dental health insurance coverage plan. Premium plans cover things like cleanings, tooth fillings, X-rays, root canals, and so on. The annual premium usually caps around $1,000 to $2,000 for decent dental plans, and such plans can cover most oral surgery procedures.

Vision Insurance

The vision insurance coverage offers low premiums and only deals with basic services concerning eyecare for employees. This includes services like eyeglass frames, annual eye exams, glass lenses, and contact lenses for eyes. Employees of the business (which has signed up for vision insurance coverage) will be able to secure concessions and free-of-cost services from certified eye care professionals.

The extent of the benefits will vary a great deal, depending on the type of plan signed up. Most plans only go as far as offering special discounts for basic eye care services. However, other plans are more comprehensive and offer coverage for procedures such as LASIK and eye surgery. Of course, depending on the extent of the services offered, the costs of the premiums will also vary; the greater the coverage, the more the costs.

You’ll have to balance the costs with the perks depending on the potential needs of your employees.

Short And Long Term Disability Insurance

Both short and long-term disability insurance coverage are not essential benefits but are important for businesses that involve risks leading to disability both in the short and long term. Businesses that involve manual labor and have had a history of accidents (or a risk of accidents) should be covered for such losses without a doubt.

Thus offering short and long-term disability insurance coverage can help your business stand out from the competition and show you as a responsible employer. This will allow you to attract the best talent in the industry, drawn towards your care for your employees.

Long-term disability insurance has become a vital consideration for the employees in today’s work atmosphere. This is in part because of the risks of the workplace and also because of the uncertainty of the future of the Social Security system. In such a case, paying for the extended medical costs will only be possible via insurance coverage.

Also, several tax incentives have been set in place to encourage businesses in this regard. These plans also help the employees who would have had to pay a much higher sum for such an insurance plan individually. The premium is determined as per the size of the organization. Thus a bulk discount is very much possible.

Group 401(K) Plans

The group 401(K) plan is not as prevalent as basic insurance coverage plans but does let you attract the best talent in the business. In the prevalent economic atmosphere, retirement plans such as 401K are vital for maintaining the employee’s confidence in their company and to get the best out of them during their work-time with you.

Employee benefits are among the core defining elements of a company’s potential with regard to the business atmosphere and the perks offered to workers. Having a solid business retirement plan on board will help you inspire employee loyalty throughout. In recent years, the percentage of businesses offering strong retirement plans has gone up, and this trend is expected to go on this way.

Also, the 401K plan offers much-needed flexibility in the details of the coverage plan, giving you the freedom you need to spend on things that matter the most. Just take a look at the specific needs of your employees and then address those in a comprehensive plan that suits your budget.

Retirement & Pension

In addition to other insurance perks, a sound pension and retirement plan offers a much-needed sense of safety to your employees. A safe and secure retired life is what most professionals look forward to, and you can get the best people in the business by offering such safety assurances. Employment is much more than living from paycheck to paycheck; a comprehensive retirement plan can help you show your employees that their time with you will be compensated fairly.

This will motivate your workers to work hard and serve your company loyally for years to come, drastically cutting down hiring expenses and other costs related to a low retention time for your business. The 401(K) plan, which has been discussed in the previous heading, is a perfect example of a comprehensive retirement plan for your team. Also, getting such insurance coverage for your team will be much more cost-effective than your workers getting a plan for themselves individually.

Pension plans are different in that such investment plans are funded by part of the earnings (without the taxes) of the employees. When the employee retires and can’t work with the company any longer, they will be given the investment benefits of their pension plan. This is usually a lump sum payment, and the amount you receive will depend on the time spent in the company. This is called graded vesting, whereby the returns are directly proportional to the service duration.

In other cases, the employee may qualify for the pension plan after a fixed duration; this is called the cliff vesting system (i.e., if a worker stays with a company for a certain period, they’ll qualify for the pension benefits).

Employee Benefit Retirement Plans
Employee Benefit Retirement Plans

Section 125 Cafeteria Plans

The section 125 cafeteria plan is best explained with a cafeteria analogy where employees get to pick the “dishes” they want to consume. Except that in this case, the dishes are health benefits and insurance coverage for long-term care in return for their work history with a company. This plan covers qualified healthcare expenses as per the needs of the employees.

This increased level of customization and greater choice on part of the employees. For employers, this plan works well as it is a perfect way of managing business expenses and getting coverage for the things that matter for the employees. Cafeteria plans demand lower payroll expenses and demand fewer taxes than other plans.

The employees can choose between non-taxable and taxable options for the benefits and will be able to make choices such as life insurance, long-term care, health savings accounts, and group health plans. Flex spending accounts are perfect examples of such care plans and are covered under the 125 cafeteria umbrella.

HSA

HSA(s), or group health savings accounts, are savings accounts where employees can deposit their pre-tax earnings for financial support in case qualified medical expenses to come forward. These accounts work pretty much the same way as flex-spending accounts (FSA), but of course, there are some important differences.

For one, the remaining funds from the previous year will be rolled into the next year as well; this is not the case with an FSA. Also, time restrictions for using the savings funds are not applicable in an HSA, i.e., you can spend on medical expenses when you need. HSA accounts can also help companies avoid corporate taxes for their insurance plans.

HSA offers flexibility and control to employees when it comes to making important decisions with regard to healthcare decisions.

Also, the funds will continue to roll over year after year and will grow – it is a savings account, after all.

Life Insurance

Group life insurance is much more cost-effective as compared to getting such coverage for employees individually. Life insurance coverage is the perfect way of earning the trust, loyalty, and admiration of your employees. The employees, too, enjoy a much simpler and seamless life insurance redeem process.

Unlike individual coverage, group life insurance coverage does not require an extensive claim filing process or a medical exam when signing up, and so on. Also, employers can set guaranteed coverage amounts for their employees, in which case they’ll only have to submit minimal documentation for their claim if it is valued up to the guaranteed amount.

In group coverage, it is comparatively easier for the employees to get insurance coverage (getting qualified for it individually is harder). But the coverage is usually non-transferable between employers, i.e., when a worker leaves the company, they won’t be covered for life insurance.

Long Term Care Insurance

This is an optional part of insurance plans for employees but is an excellent way of standing out in the market. As healthcare prices continue to skyrocket and the market becomes dominated by an aging workforce, offering coverage for long-term care can help you retain your workers for longer and perform optimally since you’ll be covering for their troubles long after that.

Long-term care plans can help your employees retire peacefully without having to worry about healthcare issues later on. This is especially helpful for businesses that involve greater physical risk (i.e., possibility of an injury, disability, etc.) However, all businesses can inspire their workers to deliver their best with long-term care insurance.

Also, the government offers many tax incentives to encourage employers in this regard.

ACA (Affordable Care Act) Plans

The ACA has affected health insurance a great deal for California businesses; employers can get much-needed tax breaks for their insurance coverage via such plans. Also, such coverage can help businesses attract the finest professional talent. Employers can get highly competitive and fairly priced healthcare coverage plans for their employees.

As your reliable corporate insurance broker, the Taylor Benefits Insurance Agency will help you with:

  • ACA-compliant health insurance
  • Group health insurance
  • Benefit plan consultants
  • Online H.R. management system
  • Affordable and manageable insurance plans
  • Minimal plan administration requirements
  • Annual benefits review
  • Plan change recommendations
  • MEC (minimum essential coverage) compliant plans

Corporate Health Insurance & Employee Benefits

This option works for large businesses only, and by definition, such businesses have more than 100 full-time employees working for them; this means that 101 is the number. Corporate health insurance coverage and other employee benefits are much more cost-effective and can help businesses retain their workers for longer than otherwise possible.

Not only do such insurance coverage plans cost less, but they also cover most healthcare issues that your employees may need. However, to get the best from your corporate insurance plan is to hire a licensed insurance broker. This way, you’ll know that your insurance coverage is being handled by someone who understands all the laws and regulations in this area.

Also, your broker will know if any changes will affect your corporate health insurance plan.

Insurance Coverage For Large Groups

Healthcare coverage for a large group of employees is more cost-effective than getting the same for all, individually. Employers can get their workers covered for several ACA-compliant healthcare areas with minimal filing and other requirements. In many cases, medical exams and other intensive qualification requirements are waived for your employees.

But why is healthcare insurance for businesses so much in-demand:

  • Most states require such plans for all people to get them the help they need for medical issues
  • People are looking for health insurance coverage for their family members as well
  • Healthcare has become much more expensive than it was formerly
  • Individual healthcare plans are not as cost-effective as group plans
  • Qualifying for individual insurance plans is harder than in the case of group insurance plans

Employers can get much-needed tax breaks and secure bulk discounts when going for comprehensive insurance coverage plans for their employees. This will help the business retain workers for longer and allow them to work with dedication, knowing that all possible health issues and other emergencies will be addressed as and when needed.

Feel Free To Reach Out To Us

At Taylor Benefits Insurance Agency, we’ve been offering top-tier group insurance broker services for companies. Over the course of 25 years, we have created countless customized and cost-effective insurance plans for businesses of all sizes with employees of all backgrounds and various medical concerns.

We offer complete flexibility to all our customers, allowing them to only pay for the things they want to get covered. We also offer a complimentary online H.R. management system. We are linked closely with insurance carriers in the USA and will review your insurance policy every year, as per the changing trends of the industry.

We’re ready to help! Call today: 800-903-6066