Maryland Group Health Insurance & Employee Benefit Plans

Maryland Group Health Insurance & Employee Benefit Plans

Taylor Benefits Insurance has been providing exceptional service for over 25 years in the state of Maryland.  We pride ourselves on creating customized benefit packages for companies of all sizes, from an eight employee family business to a multi-national corporation.

With our insurance expertise, we can provide your business with any or all of the many services we offer, including:

Operating as an independent agent allows Taylor Benefits to utilize resources and products from a wide variety of different insurance providers, instead of being limited to just one.  This gives us an advantage because we can truly customize insurance products that offer the highest level of coverage without breaking the bank.  Taylor Benefits is the industry leader in providing comprehensive AND affordable products for group policies and employee benefits.

We currently service many cities in Maryland, such as Baltimore, Waldorf, and Rockville just to name a few.  Taylor Benefits Insurance has a longstanding popular reputation with some of the more notable large businesses in the state, but never fails to provide the same exceptional service to the “mom and pop” businesses as well.

Call us today at the number on the top of the page for a FREE estimate and available group benefit options in Maryland or complete the simple form on the right for a no obligation, customized proposal for your Maryland-based business.

Maryland Large Group Health Insurance Plans

Large employers may allow their workers a choice of health insurance plans. If one option meets the affordability standard in the ACA, others can cost more. For example, the employee may be able to choose between an HMO (Health Maintenance Organization), PPO (Preferred Provider Organization), and POS (Point of Service) option.

Point of Service (POS) options are increasing, often with high deductibles and HSAs. These trends allow workers to have greater control over their health care choices and costs but also require that the consumer develop a more sophisticated understanding of the rules. For example, a POS plan combines some aspects of both the HMO and the PPO structure. A POS typically involves coordinating care through a primary care physician as an HMO does. That doctor refers the patient to specialists and other providers. However, more like a PPO, the POS allows the use of out-of-network medical providers, albeit at a higher cost than in-network services. Typically, an HMO only covers out-of-network care in an emergency.

A critical provision of the ACA is improving transparency in the conditions around claims payment related to PPO and HMO services. For example, if a subscriber seeks care from a facility within their approved network, but the individual practitioner providing a service isn’t covered, the patient must be informed in advance, or the insurer will have to pay the charge regardless.

Maryland Small Business Health Insurance Plans

The ACA doesn’t require small companies to offer health insurance to employees (small for this purpose means fifty or fewer full-time workers.)  However, the ACA has some provisions to help those companies that want to. Those that choose to provide the benefit must comply with rules for small businesses. One requirement is minimum essential coverage, which is the same as the large companies must provide. The insurance must also be available for all workers in the company (not just managers or highly compensated staff). Finally, to receive the small Business Health Care Tax Credit, the employer must pay at least half of the premium cost for employees.

Small business owners can go directly to SHOP for information. Still, they may want to consult a broker like Taylor Benefits Insurance to evaluate and compare potential plans. Small business group options are sorted into tiers with metal name identifiers to help categorize the value. Bronze plans, for example, have a lower premium but higher costs for service. In contrast, a platinum plan will have the highest premium but a lower price when the subscriber needs to use the coverage. In between are silver and gold.

Maryland Employee Benefit Plans and Employee Benefit Packages

Benefits for employees are often a critical part of the overall compensation package. They can add thirty percent to the worker’s total pay. Some of that expense is unavoidable because it includes Social Security and Medicare contributions the employer must make and state-mandated costs for workers’ compensation insurance.

Health insurance is costly, and generous time-off policies can also be expensive. Still, competitive Maryland employers know that they must keep their benefits programs robust to attract and retain the best workers. Of course, that doesn’t mean every company needs free lunch, onsite childcare, or concierge services. But when you decide on benefits, be sure that you communicate the information to the workforce. Interestingly, many employees don’t seem to be aware of all the available offerings or how to gain access to them. Providing regular information sessions about the benefits package will highlight what’s included and probably increase participation.

How does the Affordable Care Act affect my Maryland business?

The Affordable Care Act, more popularly known as Obamacare, was a program put into place to help the uninsured population in the US receive affordable healthcare.  Although, there were a lot of positives for the individuals, the mandate did not bode as well with business owners who were forced to drastically restructure their current healthcare benefit offerings.

Luckily for business owners in Maryland, Taylor Benefits was able to help out, by evaluating current policies, making suggestions, and providing affordable solutions.  Alternatively, Taylor Benefits has been instrumental in building company packages from the ground up, in order to determine the best course of action for employers affected by the ACA.

If you need this type of attentive insurance assistance and are operating a Maryland-based business, please complete the form on the right or call the number at the top of the page for a FREE, customized proposal guaranteed to meet your needs exactly.

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