- Providing world class service and value for employee benefit group plans since 1987
In recent years, group health insurance and employee benefits have become a top priority for both large and small businesses across Maine. With rising healthcare costs and a competitive job market, offering strong employee benefits is no longer optional—it’s expected. Companies across industries are realizing that to attract and retain top talent, they need to offer more than just a paycheck. Comprehensive group health insurance plans in Maine are helping businesses do just that, creating a win-win situation for both employers and employees.
From Portland to Bangor, businesses in ME are using group employee plans to stand out. Not only do these plans provide essential health coverage for employees and their families, but they also show a company’s commitment to its workforce. As more companies compete to hire and keep skilled workers, especially in industries like healthcare, education, tech, and manufacturing, having affordable and effective group health insurance in Maine can be the difference between losing and keeping talent.
Whether you’re running a growing tech startup or managing a long-standing family-owned business in Augusta, understanding your options for employee benefits can make a big impact on your company’s future. That’s where Taylor Benefits Insurance comes in—with over 30 years of experience helping businesses create custom group health plans tailored to their specific needs.
Group health insurance is a type of health coverage offered by employers to their employees and often their dependents. Instead of each employee buying their own individual plan, a group plan pools all the employees together under one policy, which helps lower the cost of coverage. These plans can include a wide range of benefits, such as:
We not only offer group health protection plans; we also have a full range of employer-sponsored benefits, including:
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The state of Maine transitioned to a state-run health insurance marketplace in 2021, known as Cover ME. All large group health protection offered must meet ACA requirements for minimum essential benefits, elimination of lifetime benefit limits, and the prohibition of exclusion for pre-existing conditions. The requirement to offer health coverage to young adult dependents of covered employees until they reach age 26 is a significant expansion of coverage required by the ACA. However, employers can avoid this provision if they don’t include other dependents in their programs. If the health plan is available for dependents or family members, it must be extended to adult children under the age of 26 regardless of their marital or student status or even whether they have children of their own.
However, any insurer offering coverage must offer additional benefits above ACA requirements:
The Maine Bureau of Insurance recommends that small companies in the state consult a qualified insurance broker like Taylor Benefits for assistance with selecting a healthcare insurance program. Small employers have fifty or fewer full-time employees, but at least one in addition to the owner. Small employers choosing to offer a health plan through the Small Business Health Options Program can’t leave out eligible workers. However, they can opt not to cover family members or part-time staff members.
Small employers can also opt for funding an ICHRA (individual coverage health reimbursement account) for workers instead of offering a specific health package. The updated rules for small businesses also enable companies to provide both an eligible program and a limited HRA to help with employee premiums, copayments, deductibles, and other medical costs.
Employees want to think that their employers care and are responsive to their needs. Providing more than just the essential benefits is one-way companies can signal responsiveness. Smaller companies with limited benefits budgets may consider letting staff members choose between a range of voluntary benefits options to pick the ones that mean more to them. For example, suppose a company has medical coverage, a 401(k), and paid time off. Then, they add these choices:
The company could provide each worker with a maximum dollar amount and let them choose where to use it. Or allow each worker to select two or three from the list. These payments may be taxable income, but sometimes employees can pay the cost with the SHOP tax credit. According to the MetLife report, half of the employees in small companies, and more than half in larger organizations, are willing to pay a share of the cost for additional benefits.
Whether you’re based in Portland, Lewiston, Auburn, Bangor, or any other part of Maine, offering group health insurance and employee benefits is one of the smartest moves you can make for your business. With the help of Taylor Benefits Insurance, you can build a plan that works for your company and your employees—without breaking the bank.
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Contact Taylor Benefits Insurance today to schedule a free consultation and find the right group health plan for your Maine business.
Here are some answers to common concerns regarding health insurance plans in Maine:
The market for large collective healthcare insurance providers in Maine is complex. There are so many providers competing for the same customers in the location it might be hard to differentiate between the offerings. Maine’s popular large health group protection providers include Harvard Pilgrim Health Care, Tufts Health Plan, Anthem, and UnitedHealthcare. Your health insurance provider influences how much you spend on insurance, so it’s essential to pick the best.
The minimum employee threshold for a team insurance package isn’t as high as most small business owners believe. To be eligible for a small business group health protection package, you must have at least one worker as a small business owner. Some small companies may be eligible for tax credits, which the ACA established. However, if your company has more than 50 tax employees, you will instead be subject to the ACA’s large employer regulations.
The perks commonly provided in Maine include health coverage, retirement plans, paid leave, unemployment benefits, and disability insurance. Additionally, some companies opt to offer other advantages such as vision and dental coverage, pet coverage, childcare assistance, and fitness benefits. These benefits are among the most effective strategies for attracting new talent to your business and retaining your current workforce. Employers have the flexibility to select a benefits package that aligns with their business needs, regardless of its size.
Employee benefits accounted for 32% of compensation costs for workers in the United States. However, the value of these benefits depends largely on the perks offered by the employer. Health coverage stands out as a significant component, costing anywhere from $5,000 to $30,000 annually, based on the type of plan and insurer. Retirement packages are another popular perk, typically including matching contributions ranging from 2% to 6% of one’s salary. Additionally, disability insurance is a common benefit, costing about $2,000 to $5,000 annually. The total value of benefits depends on the specifics of the package provided.
Group health insurance is a type of health coverage that is provided to a group of people, typically employees of a company. It offers benefits such as lower premiums, comprehensive coverage, and a wider network of healthcare providers. Group health insurance is a cost-effective way for organizations to ensure their employees have access to medical care.
Group insurance in Maine is typically provided through an employer or organization, covering a group of individuals under one policy. Individual insurance is purchased by an individual directly from an insurance company. Group insurance often offers lower premiums and broader coverage options compared to individual insurance in Maine.
Group insurance offers Maine businesses the main advantage of cost savings due to economies of scale. By pooling together employees, companies can negotiate lower premiums and better coverage options. Additionally, group insurance helps attract and retain top talent, improving overall employee satisfaction and productivity.
In a group health insurance plan, the premiums are typically divided between the employer and employees. Employers often cover a portion of the costs, while employees contribute through payroll deductions. The specific breakdown of premium sharing can vary depending on the plan and company policies.
In Maine, the most commonly used insurance for group plans is health insurance. Employers typically offer group health insurance to provide coverage for their employees. This type of insurance helps ensure that employees have access to medical care and can help manage healthcare costs.
In Maine group health insurance, the main difference between a PPO and an HMO lies in network flexibility. PPO plans offer more choice in providers and coverage outside the network, while HMO plans require members to select a primary care physician and obtain referrals for specialists within the network.
Typically, elective procedures, cosmetic treatments, and pre-existing conditions are not eligible for coverage in a group health policy. These exclusions help keep premiums affordable for all members. It’s important to review the policy’s specifics to understand what is and isn’t covered.
In healthcare, a group typically refers to a collection of healthcare providers working together to deliver coordinated care. In Maine, this can include hospitals, clinics, and physician practices collaborating to improve patient outcomes and streamline healthcare delivery. It promotes efficiency, quality, and patient satisfaction in the state’s healthcare system.
In Maine, groups must have at least one employee to qualify for group health insurance. The group must also meet certain eligibility criteria set by insurance providers, such as having a minimum number of employees enrolled in the plan. These requirements ensure coverage for employees and their dependents.
Group health insurance premiums in Maine are calculated based on several factors, including the number of employees covered, their ages, location, and the chosen plan options. Insurance carriers use this information to determine the overall cost of coverage for the group. Additional factors may include the company’s claims history and industry.
Health insurance costs in Maine vary depending on factors such as age, coverage level, and provider. On average, individuals can expect to pay between $200 to $500 per month for health insurance in Maine. It is recommended to compare quotes from different insurers to find the best deal.
Health insurance in Maine is expensive due to factors such as a limited number of insurers, high healthcare costs, and a relatively small population. Additionally, the state’s aging population and geographic challenges contribute to the higher premiums. These factors combined result in higher healthcare costs for residents.
Yes, Maine does have its own health insurance marketplace called Covered Maine. It offers a range of health insurance plans for individuals and families, including subsidies for those who qualify based on income. Shopping for coverage through Covered Maine can help residents find affordable health insurance options.
The healthcare system in Maine is ranked among the top in the nation, offering quality care, accessibility, and affordability. Compared to other states, Maine excels in healthcare outcomes, patient satisfaction, and innovative programs. Overall, Maine’s healthcare system is highly regarded for its effectiveness and patient-centered approach.
The best health insurance option in Maine for large groups is typically a group health insurance plan offered by major carriers like Taylor Benefits Insurance Agency, Anthem Blue Cross Blue Shield or Aetna. These plans offer comprehensive coverage, network options, and competitive rates for businesses with a large number of employees.
The top health insurance providers in Maine include Taylor Benefits Insurance Agency, Anthem Blue Cross Blue Shield, Aetna, Harvard Pilgrim Health Care, and Cigna. These companies offer a range of health insurance plans to meet the diverse needs of Maine residents. Compare options to find the best coverage for your healthcare needs.
In Maine, non-contributory group insurance plans must cover at least 75% of eligible employees to meet state regulations. Employers must ensure that a significant majority of their workforce is included in these plans to comply with state laws.
In Maine, employers offering group health insurance must comply with state regulations, including providing coverage to eligible employees and meeting minimum participation requirements. Employers must also adhere to state laws regarding premium contributions, coverage options, and benefit mandates. For detailed information on what are the state regulations for offering group health insurance in Maine, consult the Maine Bureau of Insurance.
In Maine, the minimum group size for group health insurance typically ranges from 2 to 50 employees, depending on the insurance carrier. Small businesses with at least two employees can qualify for group health insurance coverage in Maine.
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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