The ACA requires companies that employ more than fifty people to provide health insurance. The law contains a requirement for affordability, so the employee’s share of the premium can’t exceed 9.61 percent of the employee’s income. For example, if an employee earns $50,000, the maximum is approximately $4,805 for that individual. While companies subject to the insurance mandate must offer coverage to dependents, those policies do not have to meet the affordability threshold.
The coverage must also provide coverage that the ACA deems comprehensive. The two requirements are:
Finally, every plan must cover the ten designated “essential benefits” outlined by the ACA:
Businesses that don’t employ fifty or more workers are not mandated to offer health insurance to their employees, but many want to do so. One reason is that health insurance is often at the top of the wish list for both employees and recruits. The U.S. Bureau of Labor Statistics reports that nearly half of small businesses offer insurance to their workforce, but enrollment is low. The low acceptance might be due to employees getting coverage from another source or being unable to afford the offer. The ACA has information and guidance for small companies through SHOP (Small Business Health Options Program) if they want to explore health insurance. Also, if the business has fewer than 25 workers, it may qualify for a tax credit to reduce the administrative burden. Ask your Taylor Benefits Insurance consultant about what makes sense for your business.
Companies that want to attract and retain employees by offering an excellent benefits package may wish to investigate low-cost ways to stand out. One option is to add “voluntary benefits.” These optional selections can provide various discounts and money-saving offers. The employer often contributes little or nothing toward these perks but facilitates their availability for employees. The employee gains value due to the size of the potential pool of participants.
Voluntary benefits can include vision coverage, legal plans, pet insurance, long-term disability, long-term care, and discounts for other services like communications, recreation, and fitness centers. Sometimes employees can pay for these with pre-tax income, while in other cases, the employer might offer a payroll deduction.
Taylor Benefits Insurance has over 25 years of experience writing custom-designed group healthcare insurance plans for clients nationwide. As an independent agency, Taylor Benefits Insurance can provide clients with better plans than those currently found on the market. This is because independent agencies like Taylor Benefits Insurance are not in competition with plans found on the state or federal exchanges, nor established insurance providers.
Our plans are not limited and face practically no regulation beyond the inclusion of mandatory essential health benefits due to Obamacare. If you are unsatisfied with the healthcare insurance plan you are enrolled in, contact Taylor Benefits Insurance for a more affordable, more comprehensive group healthcare insurance plan today.
The benefits listed below are included in all our group healthcare insurance plans. You can choose the benefits you want, as group plans from independent agencies can be custom-created to fit your healthcare needs and wants.
Kentuckians need better healthcare insurance, and group plans can provide it for a better rate. The average Lexington resident spent $4,264 on their healthcare in 2015. $4,264 annually, or $363.67 per month, is a substantial amount to be paying for healthcare. That is equal to a car payment, a food budget, or a substantial chunk of a monthly rent payment. Instead of paying such a large amount for your healthcare needs under an individual healthcare insurance plan, switch to a group plan written by an independent agency and save your money!
Group healthcare insurance plans save you money because your group gets to pick and choose the benefits you receive. It is custom created, unlike the “cookie cutter” plans you can find on the exchange or from established insurance providers. Group plans are more concise and more comprehensive in the health benefits they offer, and are therefore more affordable. You can choose your rates and premiums, altering them by adjusting the health coverage provided under your group plan.
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Independent agencies write their own plans, and Taylor Benefits Insurance is no exception. We aim to provide our clients with the best healthcare coverage within their budget. Group plans are already more comprehensive and more affordable than individual plans. The savings only increase when contracting a non-competitive independent agency like Taylor Benefits insurance.
Contact us for more information regarding group healthcare insurance today. We can provide you with a free estimate. Estimates are great tools to evaluate the advantages of switching to a group plan, especially when comparing the estimate to your current plan. There is no payment required to receive an estimate, and you are under no obligation to enroll in a plan either. Learn whether a group healthcare insurance plan is right for you today.
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