- Providing world class service and value for employee benefit group plans since 1987
Finding affordable, medical insurance coverage for team members is not always a simple task for an employer. Here at Taylor Benefits program, we work closely with our Louisiana business owners and business managers to find the packages that cost the company the least while making it affordable for employees to have quality group healthcare protection coverage and other employment incentive plans.
Employees who may be nearing their retirement years or even those just starting in the workforce need to have stable retirement packages available to ensure a healthy and financially stable future. Generally, we have access to the best insurance plans, and we can offer our clients plans that won’t break the bank and will also be affordable to their staff.
When you are ready to get started with affordable collective health protection or find more information on employment perks, be sure to call and speak to an agent or fill out the FREE quote form on this page for any assistance.
Many large employers regularly review their healthcare insurance packages for opportunities to improve their offerings and save money. Since health policy coverage must meet the ACA’s affordability standard, companies must hold down the share that workers pay to no more than 9.12 percent of the employee’s gross income.
To illustrate, if a worker earns $50,000 annually, their monthly premiums can’t exceed $4,560 for individual coverage. Currently, the affordability standard doesn’t apply to family health protection coverage.
Further, the health plan must be designed to cover at least sixty percent of the standard worker’s health and medical needs and provide access to:
Still, employers have the freedom to determine whether to offer an HMO, PPO, POS, or traditional indemnity package. They can also structure the program to incorporate a high deductible with a health savings account option.
Many large companies give employees more than one health plan to choose from. The employer pays a set amount, and workers are responsible for the rest. If one program meets the affordability threshold, others can cost the worker more. Taylor Benefits is here to advise you on the best group plans for your large or small businesses.
Small companies often provide a managed care or preferred provider organization plan when offering small group healthcare insurance coverage to their workers. One reason for small business medical protection is that these structures are typically less expensive than some other arrangements, and small companies often hesitate to accept the risks of self-insuring.
Depending on the network size, subscribers may feel constrained by the available providers. Small business health coverage may pay less or nothing for medical care the patient receives from an out-of-network doctor or hospital. That fact means that it’s crucial for subscribers to receive timely and transparent information about what is covered and where they are allowed to seek care.
In Louisiana, no benefits are required other than those federally mandated. However, paid time off is offered voluntarily by many companies. If offered, any accrued but unused time must be compensated to the worker upon termination.
Louisiana does require companies with more than 25 workers to allow six weeks of unpaid leave for pregnancy (longer if the pregnancy is diagnosed as disabling).
A good crew benefits package will include medical assurance and paid time off for vacation, illness, and holidays. Other requested perks include:
While large businesses may provide a broader range of traditional benefits, some small businesses can personalize schedules and offer a culture that can’t be matched in a sizable organization.
Taylor Benefits also offers help with the following health and financial savings plans:
The Affordable Care Act (ACA) became effective on January 1, 2014, and was implemented to ensure that all Americans had viable access to affordable healthcare options. This means that large employers have the responsibility to offer group coverage plans to their employees.
While some employers worry that having to offer medical protection coverage programs means their business may suffer financially, we can help to alleviate that stress and provide adequate cover for your employees. Our clients know that robust coverage helps workers manage health issues but doesn’t have to impact the company’s profits adversely.
Regulations are seemingly changing year after year in the insurance market, but here at Taylor Benefits, we continue to offer a variety of healthcare benefits, retirement, and health savings solutions that benefit our Louisiana customers.
When you need to get started with ACA compliance and with adding a quality health assurance plan for your employees, be sure to fill out our FREE quote form to get started today.
If you have any questions regarding health protection solutions and employee benefits in Louisiana, here are some answers to common concerns:
Large business health protection plans are particularly advantageous for companies with a substantial workforce that needs coverage. By sponsoring a comprehensive health solution, Louisiana employers can offer uniform insurance benefits and coverage to their entire team at an affordable rate. This type of large-group medical coverage not only helps in reducing expenses for the employers but also for the workforce. Generally, to activate a health assurance policy, it is necessary to have at least 70 percent participation from those eligible for coverage.
Many small business owners may perceive the minimum threshold for qualifying for a group healthcare coverage as quite high, but this is not the case. To be eligible for a small business health insurance solution, you need to have at least one person on your payroll. When your team size grows to 50 individuals, the medical plan transitions to a large group insurance program. At this stage, the employer contribution and terms often become even more advantageous compared to those available for small businesses.
Benefits packages for workers are perks provided by employers in addition to regular compensation. In Louisiana, the specifics of these benefit programs generally depend on the level of contribution from the employer.
Among the mandatory benefits are unemployment compensation, adherence to minimum wage laws, and overtime pay. However, employers may opt to offer additional benefits to attract new hires or retain existing staff. These can include medical protection, dental insurance, vision insurance, 401K plans, short and long-term disability insurance, retirement and pension programs, and life insurance.
In numerous instances, the cost of health insurance is shared between the workforce and their employers, although certain companies cover the full premiums for their staff. Opting for a group coverage can be financially beneficial for both sides involved. According to the Affordable Care Act (ACA), large employers are obligated to contribute a sufficient amount to ensure that their staff members do not have to allocate more than 9.12 percent of their gross income towards health insurance premiums.
Group health insurance is a type of health coverage that is offered by employers or organizations to their employees or members. It provides medical benefits to a group of people, typically at a lower cost than individual health insurance plans. Group health insurance often includes a range of coverage options and benefits for participants.
Group insurance in Louisiana covers a group of people under a single policy, typically provided by an employer, while individual insurance is purchased by an individual directly from an insurer. Group insurance often offers lower premiums, broader coverage, and may not require medical underwriting. Individual insurance allows for customization and portability.
Group health insurance for Louisiana businesses offers cost savings, increased employee retention, and tax benefits. However, drawbacks include limited customization options and potential premium increases. Understanding the advantages and disadvantages of group health insurance is crucial for businesses in Louisiana to make informed decisions.
In a group health insurance plan, premiums are typically shared between the employer and employees. Employers often cover a portion of the premium costs, while employees contribute through payroll deductions. The specific breakdown of premium sharing can vary depending on the plan and company policies.
Group health insurance is the most commonly used insurance for group plans in Louisiana. Employers often offer this coverage to provide healthcare benefits to their employees. Group health insurance typically offers a wide range of benefits and cost-sharing options for members.
In a group health policy, cosmetic procedures, experimental treatments, and pre-existing conditions are typically not eligible for coverage. It’s important to review the policy details to understand what is included and excluded to ensure comprehensive coverage for all members.
An employee is typically accepted into a group insurance plan during the company’s open enrollment period or when they first become eligible for benefits, such as after a probationary period. Specific eligibility criteria may vary depending on the employer’s policies.
In Louisiana, the main difference between a PPO and an HMO lies in network flexibility. A PPO offers more freedom to choose healthcare providers both in and out of network, while an HMO requires members to stay within a predetermined network for coverage. Understanding these distinctions can help individuals make informed decisions about their health insurance options in Louisiana.
For Louisiana residents, the choice between HMO and PPO coverage depends on individual needs. HMO plans typically offer lower costs and require referrals for specialists, while PPO plans offer more flexibility but may come with higher out-of-pocket expenses. Consider your healthcare needs and budget to determine which type of coverage is better for you.
Group health insurance premiums in Louisiana are typically calculated based on factors such as the number of employees covered, their ages, location, and the level of coverage selected. Insurance carriers use these variables to determine the total cost of providing health insurance to the group.
The average monthly cost of health insurance in Louisiana varies depending on factors such as age, coverage type, and provider. On average, individuals can expect to pay between $300 to $500 per month for health insurance in Louisiana. Shopping around and comparing quotes can help you find the best rate.
Small businesses in Louisiana can offer group health insurance through options like SHOP Marketplace plans, association health plans, or working with a broker to find policies from various carriers. These options provide affordable coverage for employees and comply with state regulations.
Louisiana state employees are eligible for a range of benefits, including health insurance, retirement plans, paid time off, and tuition assistance. These benefits aim to support and reward employees for their dedication to public service. For more information on what benefits are available for Louisiana state employees, visit the official state website.
In Louisiana, residents have various options for dental and vision insurance. Some popular providers include Delta Dental, Humana, and VSP Vision Care. These plans offer coverage for routine check-ups, cleanings, eye exams, and prescription eyewear, ensuring comprehensive care for your oral and visual health needs.
Offering group health insurance in Louisiana can provide tax benefits to businesses. Employers can deduct their contributions to employee health plans as a business expense, reducing taxable income. Additionally, employees’ contributions are typically made with pre-tax dollars, lowering their taxable income as well. This can result in significant savings for both employers and employees.
Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.
Todd Taylor with Taylor Benefits gives our small business the kind of personal service we need. Insurance benefits are important to our employees and Todd helps us find a balance between benefits and value. Todd responds immediately to my phone calls & e-mails. He has even gotten in touch with me on a Sunday when we were in need of coverage answers immediately. We are very pleased with the hands-on service Todd and his staff provide.”
-Ken and Linda Orvick, Orvick Management Group, Inc.
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