Long Beach Group Health Insurance & Employee Benefit Plans

Long Beach CA Large Group Health Insurance Plans

One of the significant components of the Affordable Care Act (ACA) required large businesses to offer health insurance to their employees. The legislation also outlawed provisions that deny coverage for pre-existing conditions. Also, it allows people to remain on their parent's policy until they are 26.

Since most large employers provided health insurance to their workers before the ACA, the number of employees enrolling in company-based coverage hasn't changed much. However, other portions of the law, like the affordability rules and the requirement for the inclusion of minimum essential benefits, have made a difference. Affordability mandates that large companies offer individual coverage at a premium cost less than or equal to 9.6 percent of the employee's income. Also, plans receive an affordability rating based on the percentage of costs they cover, with the bronze plans expected to absorb sixty percent of expenses for a typical subscriber.

Finally, every insurance plan must include ten essential benefits:

1. Ambulatory patient services (outpatient care)
2. Emergency services
3. Hospitalization, including surgical and medical
4. Maternity and newborn care, including delivery
5. Mental health and substance use disorder services
6. Prescription drugs
7. Rehabilitative services and devices
8. Laboratory services
9. Preventative and wellness services, including chronic disease management
10. Pediatric services, including dental and vision care for children under the age of 19

Long Beach CA Small Business Health Insurance Plans

Small companies are exempt from the ACA requirement to offer insurance coverage. But for companies that want to offer insurance there are helpful resources. The ACA created SHOP (Small Business Health Options Program) to help smaller companies evaluate programs to offer insurance. If your company has fifty or fewer employees, you can find qualifying plans by talking to your representative at Taylor Benefits Insurance.

Small firms that offer a SHOP plan must make the coverage available to all eligible employees (working thirty or more hours per week). Also, at least seventy percent of the eligible employees must enroll through your program or have insurance through another channel.

Small companies with less than 25 workers may be eligible for tax credits to support the administrative costs of starting and maintaining a new health insurance program.

Long Beach CA Employee Benefit Plans and Employee Benefit Packages

It seems like employees are paying more attention to benefits, and companies are working on competing with a robust benefits program. A healthy benefits package could include health insurance, paid time off, a 401(k) plan, and dental and vision insurance. In California cities like Long Beach, it’s popular to offer commuter benefits, with incentives for employees to use public transit or employer-sponsored vanpools to get to work.

While workers want help with retirement savings, companies are slow to respond, especially smaller firms. According to a report from the Bell Policy Institute, nearly half of companies still don't offer a retirement program. Moreover, the shortfall is more significant among small companies than in large ones.

Health care and employee benefits are an increasingly important factor for people looking to find the right fit with a company or business. A great way to attract and retain the best employees available is by offering an affordable, quality group insurance and employee benefit plan.

At Taylor Benefits, we’ve been providing Long Beach with topnotch employee insurance and group benefits for more than 25 years. We are contracted with all major insurance carriers in California and offer affordable solutions for groups and businesses of all sizes in the state. Here are some of our core benefit and insurance offerings in the area: