Knoxville Group Health Insurance & Employee Benefit Plans

The city of Knoxville in Tennessee boasts of a diversified economy and an unemployment rate of 7.9%. It hosts hundreds of businesses that have contributed towards the creation of employment for its skilled labor force. However, the current health care system poses challenges for employees and employers in this city. The increasing complexity of administering group health care plans coupled with escalating costs of routine health care diagnostics and government bureaucracy doesn’t help. This is not to say that employers should not offer benefits plans.

Knoxville TN Large Group Health Insurance Plans

With inflation continuing across the country, health insurance premiums seem to increase yearly. Still, large companies must offer health insurance for their employees, and the Affordable Care Act limits the percentage of income that workers pay. For 2023 the employees’ premium share can’t exceed 9.12 percent of their income. This requirement means that the company will cover any rate hikes they can’t pass on to the employees.

As a result, businesses are increasingly working to keep costs down. So, group insurers are trying other cost-management methods, including:

• Contracting with providers for coverage, narrowing subscriber choices.
• Requiring pre-approval for inpatient hospital services except in emergency circumstances.
• Providing telehealth options for routine concerns that don’t need an in-person visit.
• Offering financial incentives for subscribers to use more cost-effective providers.
• Sponsoring wellness activities and encouraging healthy habits like smoking cessation.
• Charging different premiums to workers based on compensation so that those with higher salaries pay higher premiums.

Knoxville TN Small Business Health Insurance Plans

Many small companies are looking into QSEHRA programs for their employees. These healthcare reimbursement accounts let small businesses provide workers with tax-free reimbursement of their insurance expenses. According to the HRA Council, most firms using QSEHRA funds have fewer than 20 employees. At that size, but also depending on the company’s pay levels, it may be eligible for a tax credit under the ACA.

QSEHRA programs limit how much the employer can reimburse each year, but if the worker doesn’t use it, the funds can roll over for future needs. This approach helps small companies control their healthcare spending and keep it within budget. Also, employees may qualify for ACA subsidies when obtaining their insurance policy through an exchange. Companies with QSEHRA programs can’t also offer other health insurance.

Knoxville TN Employee Benefit Plans and Employee Benefit Packages

An attractive benefits program for a company in Knoxville might incorporate a health insurance plan, a PTO (paid time off) policy, and other benefits like retirement savings support, dental insurance, vision coverage, tuition reimbursement, and 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.

Group Health Insurance and Employee Benefits

As an employer in Knoxville, the challenge comes where you have to minimize the cost of providing affordable group health insurance and employee benefits packages without compromising on the quality of services. There are measures you can take to reduce the cost of your health care insurance plan premiums. Working with a trusted group health insurance and employee benefits provider is a great step towards taking advantage of your benefits plan to boost your business on many fronts.

Who We Are

Taylor Benefits is a trusted group health insurance and employee benefits provider. We offer group health benefits plans that appeal to career-oriented individuals who are concerned about the kind of insurance options and benefits they receive at the workplace. We craft custom employee benefit plans after understanding your company’s needs and the needs of your employees. We are also keen about safeguarding your bottom line. With our extensive experience in group health insurance and employee benefits we are able to help your company rise above the competition by attracting and retaining qualified professionals.