The city of Huntsville has gone through a lot to become one of the best places to live, work and play. This city which is also the third largest of its kind in Alabama has its main economic influence derived from aerospace and military technology. The conducive environment for doing business here including a ready work force is definitely an advantage for businesses in this city. As an employer you need to attract the best professionals by thinking beyond a competitive salary offer. Consider offering a good group health insurance and employee benefits package.
Group health insurance for a large group can take any one of several forms, depending on the needs of the target group, the budget, and how the sponsor prefers to share the costs. It seems like overall premiums for health insurance seem to rise annually. Still, one good trend is that employers and subscribers have more choices that can enable them to choose the coverage that meets their needs while fitting into their budget.
One increasingly popular option is a High Deductible Health Plan (HDHP) which is frequently combined with a Health Savings Account. In 2022, the IRS specifies a minimum deductible of $1,400 for an individual ($2,800 for a family), although many are much higher. Some have a deductible that matches the out-of-pocket maximum, which can’t exceed $7,050 per individual or $14,100 for the family. (Note, this limit on out-of-pocket expenses does not include costs the subscriber may incur outside their network.)
Health Savings Accounts let the subscriber set aside pre-tax income that they can use to pay for medical expenses. Any funds that are not used in one calendar year can roll over indefinitely (even into retirement.)
Small businesses can also choose a high deductible plan for their workers, and many do. Another option is a PPO (preferred provider organization) which employees often prefer in place of HMO networks (Health Maintenance Organizations). PPOs typically offer the subscribers more selection for their medical care and the ability to seek providers outside the network if they want to. As a result, subscribers will pay more for out-of-network care but still have some coverage. In contrast, HMO small business health insurance participants generally would pay on their own for care obtained outside the network unless they seek it during an emergency.
Creating a benefits plan for your workforce in Huntsville, Alabama, may involve choosing a health insurance plan, deciding on a PTO policy, and prioritizing other benefits like retirement help, dental insurance, etc. An excellent benefits package can help you attract and retain the top-quality workers you need to succeed. Your Taylor Benefits Insurance specialist can help you by offering information about the preferred components and how to maximize your benefits budget.
Your workers are an asset to your company. They determine your bottom line to a great extent. Therefore, you need to work towards extending their stay at your organization. There is no better way to do this than offering a competitive employee benefits package. In fact, this is a major factor for qualified candidates whether they should take up a job offer or not. It is also a major contributor to employee turnover as employers who do not offer a benefits package record a high turnover compared to those who do.
Taylor Benefits Insurance Agency has been working in Huntsville for the last three decades to provide employers comprehensive and affordable group health insurance and employee benefit plans. We are committed to helping you attract and retain hardworking staff so that you have an edge over your competition. We are experienced in customizing a perfect benefits plan for your business that will set you apart. Our licensed insurance agents also ensure that your plans comply with the provisions of the Affordable Care Act (ACA) and other laws so that you qualify for yearly tax breaks.
At Taylor Benefits, we offer you a range of group health insurance and employee benefits that include the following:
We operate as an independent insurance agency therefore, we work with top insurance carriers in Huntsville. This also gives us the freedom to negotiate for better premiums and rates as well as make modifications for your plan to suit your needs. Our insurance agents are committed to understanding your company’s needs before crafting a plan for you since we know that no two companies are the same.
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Our insurance professionals are ready to help you put together a competitive employee benefits package that is guaranteed to give you a competitive edge in Huntsville. Call us today for a free telephone consultation with no obligation. We will also give you a free quote. Dial 800-903-6066 today.
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