Finding affordable health insurance coverage for employees is not always a simple task for an employer. Here at Taylor Benefits, we work closely with our Louisiana business owners and business managers to find the plans that cost the company the least while making it affordable for employees to have quality group health insurance and other employee benefit plans.
Employees who may be nearing their retirement years or even those just starting in the workforce need to have stable retirement plans available to ensure a healthy and financially stable future. We have access to the best insurance plans in the state, and we can offer our clients plans that won’t break the bank and will also be affordable to their employees.
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When you are ready to get started with affordable group health insurance or find more information on employee benefit plans, be sure to call and speak to an agent or fill out the FREE quote form on this page.
Many large employers regularly review their healthcare insurance plans for opportunities to improve their offerings and to save money. Since health insurance 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 an employee earns $50,000 annually, their premium cost can’t exceed $4,560 for individual coverage. Currently, the affordability standard doesn’t apply to family coverage.
Further, the insurance program must be designed to cover at least sixty percent of the standard worker’s health and medical needs and include these components:
Still, employers have the freedom to determine whether to offer an HMO, PPO, POS, or traditional indemnity plan. They can also structure the program to incorporate a high deductible with a health savings account option. Many large companies give workers more than one 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 Insurance is here to advise you on the best plans for your team.
Small companies often provide a managed care or preferred provider organization plan when offering small group health insurance to their workers. One reason for this choice 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. These plans 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 employee benefits plan will include health insurance, paid time off for vacation, illness, and holidays. Other requested perks include:
While large companies 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 affordable health insurance plans to their employees. While some employers worry that having to offer coverage means their business may suffer financially, we can help to alleviate that stress. Our clients know that robust coverage helps employees manage health issues, but doesn’t have to adversely impact the company’s profits.
Regulations are seemingly changing year after year in the insurance market, but here at Taylor Benefits, we continue to offer a variety of health insurance, retirement, and health savings plans that benefit our Louisiana customers.
When you need to get started with ACA compliance and with adding a quality health insurance plan for your employees, be sure to fill out our FREE quote form to get started today.
If you have any questions regarding health insurance plans and employee benefits in Louisiana, here are some answers to common concerns:
Large group health insurance plans are ideal for businesses with many employees who require coverage. Sponsoring a group plan helps Louisiana employers give all their employees the same insurance benefits and coverage at a low cost. Large group health insurance also helps save money for both employers and employees. Typically, for a policy to become effective, you need participation from at least 70 percent of the eligible employees.
Even though some small business owners think that the minimum employee threshold for a group insurance plan is high, it isn’t. You must have at least one employee as a small business owner to be eligible for a small business group health insurance plan. Once your employee count reaches 50, the plan is considered a large group, and the rates and terms may be even more favorable.
Employee benefits packages are perks outside of compensation that an employer provides to the workforce. Generally, what is included in an employee benefits package in Louisiana depends on the company you’re working for. Some of the required ones include unemployment benefits, minimum wage, and overtime compensation. But your employer may also choose to provide some or all of the following benefits to attract new employees or retain old ones: health insurance, dental insurance, vision insurance, 401K, short and long-term disability insurance, retirement and pension, and life insurance.
In many cases, employers and employees share the cost of health insurance, although some companies pay the entire premium. A group health insurance plan can save money for both parties. Under the provisions of the ACA, large employers must pay enough so that no employee is required to pay more than 9.12 percent of their gross income toward the premium.
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