Joliet Group Health Insurance & Employee Benefit Plans

Joliet IL Large Group Health Insurance Plans

Large companies are required by the ACA (Affordable Care Act) to provide affordable, comprehensive insurance to their employees. Most want to offer this benefit regardless but must balance the employees’ needs, the company’s budget, and how to share the costs. Health insurance premiums are expensive, but employers must limit the amount the employee pays while ensuring that the coverage also provides adequate protection. Still, employers and subscribers can usually choose a policy that meets their needs while accommodating their budget.

One way to lower the cost is by selecting a High Deductible Health Plan (HDHP), which can be effective when supplemented by 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. However, these programs can have much higher deductibles and often do. A higher deductible helps lower the premium expense for both employer and employee. For example, some deductibles reach the out-of-pocket maximum of $7,050 per individual. In addition, if the subscriber decides to use any services outside their PPO or HMO network, those charges don’t count toward meeting the deductible.

The advantage of a Health Savings Account is that the subscriber pays for medical expenses with income set aside pre-tax. Also, if the employee contributes money to the account in one calendar year but doesn’t spend it the same year, it can roll over indefinitely (even into retirement) for future needs.

Joliet IL Small Business Health Insurance Plans

Small companies with less than fifty employees don’t have an ACA mandate to offer health insurance. Still, some want to because it provides a competitive advantage in recruiting and helps with employee satisfaction. Small firms with health benefits are very generous in many cases, with almost thirty percent paying their employees’ total cost of coverage. Surprisingly, many also pay the entire premium for family members. Nearly half of small business workers with insurance choose PPO plans, followed by HMO networks.

Small companies can find resources and support at SHOP (the Small Business Health Options Program). It offers plans that may help them provide affordable, comprehensive coverage. In addition, Taylor Benefits Insurance can help a small company evaluate its options.

Joliet IL Employee Benefit Plans and Employee Benefit Packages

The company benefits package can be simple or complex, depending on the company’s size and the choices it offers. Some small companies don’t have any benefits, not even paid time off, but that is unusual. Besides paid time off for illness, vacation, and holidays, health insurance is among the most-wanted benefits, and employees expect it in most cases. Employees also ask for a retirement plan, family leave, dental and vision insurance, child care assistance, tuition reimbursement, flexible scheduling, and remote work options.

Group Health Insurance and Employee Benefits

Group health insurance is usually offered to a group of people working together. Most employees look for group health insurance before agreeing to work for corporations because it is considered one of the most important benefits one can have. Some plans even allow workers to cover their dependents. Therefore, employees get their health and that of their loved ones taken care of in a single stroke.

Group health insurance is usually offered as a major employee benefit by many employers. Such benefits are offered to employees in addition to monthly wages and can be seen as great motivators for work.

Who We Are

Taylor Benefits is an insurance company located in San Jose, CA. We have been in operation since 1987. For more than 25 years we have been providing excellent services to a wide range of clients. This has helped us spread our services across the entire nation. As insurance brokers, we offer group health insurance and other employee benefits packages to both large and small businesses. Our insurance products are in line with the Affordable Care Act, aimed at ensuring that every citizen gets affordable insurance.