Lubbock Group Health Insurance

Lubbock Group Health Insurance & Employee Benefit Plans

Lubbock group health insurance plans

Go through a reliable and licensed insurance agent in the State of Texas if you are looking for low cost premiums on health insurance plans for your Lubbock business. Taylor Benefits Insurance Agency provides inexpensive options for companies of all sizes, from small businesses to corporations. Throughout our history, we’ve been able to form relationships with the absolute best insurance carriers throughout the state which gives us room for negotiations and modifications to all eligible group health plans.

Lubbock TX Large Group Health Insurance Plans

Employers throughout the country face a challenge in offering high-quality health insurance to their employees. Like others, Lubbock companies are feeling the difficulty as costs continue to rise. Still, large companies must comply with the ACA mandate to provide coverage and limit the percentage of income that employees pay. For 2023 the premium share paid by the subscriber must be less than or equal to 9.12 percent of their income. This requirement often means that the company must absorb price increases they can’t pass on to the employees.

To try and control costs, some companies negotiate with their group insurers to look for savings. Some of the approaches include:

  • Contracting directly with providers for coverage, offering preference to providers demonstrating cost efficiency.
  • Requiring workers to obtain pre-approval for inpatient hospital services unless it’s an emergency.
  • Offering and encouraging telehealth options for routine issues.
  • Discouraging the use of some provider systems, like emergency rooms.
  • Incentivizing subscribers to use more cost-effective providers.
  • Sponsoring wellness activities, including health screenings and fitness classes.

Lubbock, TX Small Business Health Insurance Plans

In cities like Lubbock, small companies can effectively provide health insurance – if they choose. However, since the Affordable Care Act mandate for coverage doesn’t apply to businesses with fewer than fifty workers, the decision is up to the company. Companies looking for resources and information about insurance can find help from SHOP (Small Business Health Options Program), created by the ACA, which provides incentives for offering compliant coverage.

Some businesses can even qualify for a tax credit if they are eligible using these criteria:

  • Employ fewer than 25 employees
  • Pay lower average wages (currently set at less than $53,000 yearly)
  • Offer an eligible health plan from the Small Business Health Options Program or through a qualified broker like Taylor Benefits Insurance.
  • Subsidize at least half the cost for enrolled workers. The company does not have to share the cost for dependents.

Talk to your consultant about options for your small business.

Lubbock TX Employee Benefit Plans and Employee Benefit Packages

A retirement savings plan is one of the benefits that employees typically ask for, although participation rates remain low in companies that offer one.

Whether the business is large or small, they can consider some excellent options to support workers’ retirement savings. The SEP-IRA (Simplified Employee Pension Individual Retirement Account) offers an attractive option for companies with fewer than twenty workers. It’s flexible because the owner can decide whether to contribute each year.

Somewhat bigger companies may prefer the SIMPLE IRA, which has more options. In either a SEP or SIMPLE plan, all contributions the business makes to the account belong to the account holder with no vesting period. This policy contrasts with the sometimes lengthy vesting requirements for other accounts like 401(k) plans. In addition, this vesting period waiver provides the employer with a safe harbor for demonstrating compliance with nondiscrimination protocols, making administration more straightforward.

Dial 800 -903-6066 and get free consultation on Texas Group Health Insurance & Employee Benefit Plans

All the Choices You’ll Have for Your Group Plan

  • Group health insurance
  • Group dental insurance
  • Group vision insurance
  • Group life insurance & long term care
  • Group retirement & employee 401(k) plans
  • Group pension plans
  • Prescription drug coverage
  • HSA and FSA
  • HMO and PPO
  • Medicare options
  • Cafeteria plans (section 125)
  • COBRA and continuation of coverage
  • Group short and long term disability
  • Worker’s compensation insurance
  • Retirement Plans
  • Lubbock large group health insurance

Explanation of the Affordable Care Act

All businesses in Texas city must be in compliance with the ACA. This is a government issued law that changes quite frequently and has a reputation. By remaining in accordance with the standards and requirements of the act, your business has the advantage of qualifying for tax breaks.

Lubbock group health benefits and employee insurance plans

At Taylor Benefits Agency, we make sure your plan regards the Affordable Care Act. Our licensed brokers are on top of the annual changes made to the policy. They’ll even audit and review your plan during its duration to assure that it keeps up with the ever-changing requirements listed in the act.

Give Taylor Benefits a call now at 800-903-6066 to learn more and begin setting up your group health and employee benefit plan. Contact us and we will even provide you with a FREE quote at our site!

Are you looking for a Texas Group Health Insurance & Employee Benefits? Click the quote button below to get an instant quote.

Are you looking for a Texas  Group Health Insurance & Employee Benefit Plans? Click the quote button below to get an instant quote.

Learn more about Lubbock employee benefits packages offered by Taylor Benefits.

Why You Should Offer Group Health Insurance for Your Employees?

Employees are integral to your success. No doubt, they are the most important assets. And, just as any other asset, you should insure them, too. Group health insurance and employee benefits for full-time employees are great options in this regard.

Easier than You Think

With Taylor Benefits, it is much easier than you think. You don’t have to do it alone. We will guide you through the entire shebang.

We will help you with the following services-

  • Choose a plan that is ideal for you and your team, depending on your industry and coverage requirements in Lubbock, TX.
  • Set it up for you and make sure your business is compliant with the latest Lubbock group health plans.
  • Help you pay all the premiums timely and send reminder emails led by a phone call later for any issues.

Makes Your Employees Happy

Health plan is one of the most important benefits a full-time employee receives from you after the retirement plan. Thus, you should offer health plan to your employee as a company benefit.

The top three benefits that make your employees more satisfied are-

  • Health insurance
  • Retirement and pension plan
  • Deferred compensation

Since health insurance is the priority for your employees, it should be a top priority for you, too. Offering health plan can help in hiring and retaining full time employees.

Helps You Save Money on Taxes

It is a big benefit for any business. When the employers purchase it as a group for your full time or part time employees, you have to pay less for the services. By providing group health insurance coverage, you can save on tax as employer contributions are tax-deductible. Also, employer worker’s compensation premiums come at a low cost.

Boosts Employee Productivity

By providing health plan to your employees from our insurance agency, you can boost employee productivity. Surely, as an employer, you want your employee to focus on giving their best and be successful at what they are doing. But if they worry about health insurance service, it just drains their time and energy thinking about future.

Setting up health insurance from the right providers can be a hassle. But if your employees are already getting insurance coverage from their employer, they have one less thing to worry about. Thus, they can concentrate on their work better and be a committed member.

Is Group Health Insurance Necessary

Definitely! As employers, you need to take care of your employees. And, monetary benefit isn’t the only source of happiness for your employees. It’s crucial that you create a healthy work environment with a strong vision. If your company is more employee-centric, it will keep the workers happy. Discuss and review your employee benefits to have a good reputation for your company.

Here’s why you and your employees need to enroll for health insurance.

  • Wide Coverage: With a group insurance plan, you can offer wider coverage and added health benefits to your eligible employees at a minimum cost.
  • Customization: Our group insurance plan allows employers to customize as per their requirements. For example, our clients can choose a plan that offers both maternity and OPD cover. Insurance providers also allow employers to enroll for disability or life insurance on behalf of their emplyees.
  • Affordable Premiums: Our Group Insurance plan is more affordable than you know. Moreover, the group plan we provide is lesser than the premiums of an individual insurance plan. So, our clients pay less and still get the best service in Lubbock, TX.

Features of Group Health Insurance and Employee Benefits

The common features of our group health insurance services in Lubbock, TX are-

  • Coverage services for self, spouse, dependent parents, and children
  • The facility of cashless hospitalizations at any listed hospital networks with best daycare services
  • Coverage services for maternity expenses and pre-existing diseases without any waiting period
  • Reimbursement of any treatment taken by employees under specialists or medical practitioners
  • Ancillary charges, such as emergency transportation service cost to the hospital

Know These Before Getting Group Health Insurance for Your Employee

If you have already decided to get group insurance for employees, kudos to you. But before you buy, here are a few factors you need to consider.

The Amount You Want to Insure

It is an obvious point to consider before buying any services. But your decision-making should go beyond what you can afford or what other providers in your industry have to offer. Healthcare, life, and disability premium cost is rising. So, you should make sure your employees don’t think company-provided health benefits aren’t sufficient.

At times, your eligible employees solely depend on the health insurance and employee benefits you offer. So, ensure that you are insuring adequate sum for your staff members by choosing an expertise agency in your city.

Coverage for Family Members

Family coverage can push the premium amount charged by companies. However, if your company has enough budget, consider including family, disability, and life insurance coverage. An all-inclusive healthcare plan for all your employees along with their family members can offer many benefits, including better brand positioning and higher employee retention.

Waiting Period

We provide health insurance with various waiting periods. A waiting period is the time that the insured person has to wait to get insurance benefits from companies. For example, there is an initial waiting period of 30 days before which the insurance starts to pay for illness or sickness as per the Shamburger agency.

Also, there is a waiting period for the pre-existing disease subject to certain conditions. It is for a person who has some pre-existing disease while taking the plan. At times, they have a waiting period of up to 4 years. But with companies offering group health benefits, you can waive off such a waiting period for employee benefits. Consider waiving off the waiting period to make sure your eligible employees get the insurance benefits instantly without any co pay from their side.

Hospitals Included

Often employers tend to neglect this as there are limited hospitals in the city. But if you need to ensure that good hospitals in the city are covered, which are known for their best treatment and good facilities in Lubbock, TX.

When your employees are sick, they would love to get treated at the best medical facility having a brand value and good review. Thus, it means make sure you tell us about your preferred hospitals under your group health insurance and employee benefits. This is how you can serve your employees better.

Add-Ons like Dental insurance or Maternity Cover

Without a customized health insurance policy, you can provide more benefits to your employees. You can include various add-ons to your policy without any search. For instance, you can include maternity expenses, dental insurance, or OPD treatments. Also, you can include mental health and retirement plans. Talk to your employees and let us know what you need.

Relevant Statistics

  • Over 85% of businesses in Lubbock provide group health insurance coverage for their employees.
  • The average annual premium for group health insurance in Lubbock is $5,400 per employee.
  • Approximately 95% of employees enrolled in group health insurance plans in Lubbock have access to preventive care services.
  • On average, employers contribute 75% towards the monthly premiums for group health insurance plans in Lubbock.
  • More than 80% of residents covered by group health insurance in Lubbock reported high satisfaction levels with the quality of healthcare services received.

General Facts

  • Lubbock offers a variety of group health insurance plans for businesses and organizations.
  • Group health insurance provides coverage for a group of individuals, typically employees or members of an organization.
  • These plans often include benefits such as doctor visits, hospitalization, prescription medications, and preventive care.
  • Employers in Lubbock can offer group health insurance as part of their employee benefits package to attract and retain talented workforce.
  • Group health insurance helps protect individuals and their families from high medical costs by sharing the financial risk among the group members.

Buy Group Health Insurance from Our Insurance Agency

At Taylor Benefits, we can provide you with the best group insurance and employee benefits. You can depend on us as we are the best at what we do. We are a licensed insurance agent and we will help in establishing your needs after a through review. Taylor Benefits has worked with many top business owners and helped them get the best group health insurance policy.

So, call us today at 800-903-6066 and get a free quote on group health insurance. We assure you of assistance from our certified experts.

Written by Todd Taylor

Todd Taylor

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.

We’re ready to help! Call today: 800-903-6066