Large companies deciding the best means of offering health insurance for their workforce are trying to balance the employees’ needs, the company’s budget, and how the company plans to share the costs. Health insurance premiums are expensive, and employers must limit the amount that the subscriber is required to pay. Still, employers and subscribers can usually choose the coverage that meets their needs while accommodating their budget.
One way to lower the premium cost is by selecting a High Deductible Health Plan (HDHP), which can be paired with a Health Savings Account. In 2022, the IRS minimum deductible for these plans is $1,400 for an individual or $2,800 for a family. Often, however, these policies have much higher deductibles. Some equal the out-of-pocket maximum of $7,050 per individual. In addition, if the subscriber uses any services outside their PPO or HMO network, those expenses don’t count toward meeting the deductible.
The advantage is that using a Health Savings Account allows a subscriber to set aside pre-tax income to pay for qualified future medical expenses. Also, any money contributed to the account in one calendar year but not needed can roll over indefinitely (even into retirement) for future needs.
Small companies that employ fewer than fifty employees don’t fall under the ACA mandate to provide health insurance to their workers. Still, some want to because it matters to workers and provides a competitive advantage in recruiting. Small firms are very generous in many cases, with almost thirty percent paying the total cost of insurance coverage for their employees. Surprisingly, another ten percent also pay the entire premium for family members. Nearly half of small business employees enroll in PPO plans, and HMO plans are the next most often selected.
Small companies can benefit from investigating SHOP (the Small Business Health Options Program). It offers plans that may help these companies provide affordable coverage to their workers. Taylor Benefits Insurance can help your business evaluate the options. Small companies may decide to offer one plan for all workers or potentially a choice between more than one.
An employee benefits package can be simple or quite complex. It could be nothing at all in some cases since small companies don’t have to provide health insurance, although many do. On average, benefits add around thirty percent to the cost of each worker. Still, the amount varies by company and by employee. Besides health insurance, paid time off for illness, vacation, and holidays is a common perk that employees expect. When asked, workers say they want a retirement plan, but the enrollment is low for those companies that offer one. Other preferred benefits include family leave, dental and vision insurance, child care assistance, tuition reimbursement, flexible scheduling, and remote work options.
Group health insurance is provided to a group of people, such as employees of a company. They are cheaper compared to individual plans, because the risk is spread across the entire group and the benefits are the same for all benefactors. They promote employer/employee relationship and productivity is enhanced as wellness and preventive insurance promotes a healthy workforce.
Group insurance and employee benefits are 100% tax deductible as business expenses. This offers tax relief to the employer. In Hollywood, companies offering a first-rate group health insurance are viewed favorably by job seekers.
Dial 800-903-6066 and get free consultation on Hollywood Group Health Insurance & Employee Benefit Plans
Taylor Benefits Insurance Agency is an insurance brokerage offering group health insurance and employee benefits in Hollywood, and across the United States. With over 25 years of experience, we work with all competitive insurance carriers in the market to come up with the best plan for your company and its employees.
Using a 3rd party administrator, we offer complementary cobra administration according to your company’s requirements and we administer your benefits plan for you.
At Taylor benefits, we offer different insurance products according to your needs and goals. This includes insurance products for both small and large companies. The products offered at Taylor Benefits include:
Taylor benefits is the insurance brokerage of choice around Hollywood. We offer a variety of plans including dental, vision and 401k plans. Taylor Benefits is a group health insurance broker, which is not attached to any company, making our main focus you, the client. We work with you to understand your needs and goals so as to come up with the best plan for you.
Do not let choosing a group insurance provider give you sleepless nights. Engage us to help you come up with the best suitable plan. Call us now on our toll-free number 800-903-6066 for free consultation and request for a quote.
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.
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