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 benefits packages for companies of all sizes, from an eight-employee family business to a multi-national corporation.

With our resources and products, we can provide your eligible employees 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 coverage options 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 of Maryland but never fails to provide the same exceptional service to the “mom and pop” businesses as well. And if you need information concerning the State Personnel Management System (SPMS), we’ve got you covered.

Call us today at the number on the top of the page for a FREE estimate and available group benefits 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 coverage 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 program 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 coverage to eligible employees (small for this purpose means fifty or fewer full-time workers.)  However, the ACA has some provisions to help employers 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. Insurance coverage 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 eligible 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 health benefits, be sure that you communicate the information to all your eligible employees.

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 packages will highlight what’s included and probably increase participation.

Apart from the many benefits offered to eligible employees, the state offers other forms of paid leave to contractual employees who work at least 30 hours per week. Another in Maryland is the Tuition Remission program, where employees have an opportunity to take classes at a University system.

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 employees, the mandate did not bode as well with business owners who were forced to restructure their current healthcare benefit offerings drastically.

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.

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in Maryland

If you have some concerns about health insurance plans and employee benefit plans in Maryland, here are a few answers to some common questions:

In Maryland, What Is Considered a Large Group for Health Insurance Plans?

Large group health insurance is defined as a health insurance plan for a group of 50 or more employees. This health insurance plan is available to both small and large businesses. For large-group health insurance, there are no maximum numbers.

Large group health insurance plans provide all employees with the same coverage, making them easy to work with and quick enrollment for new employees. Employees with healthcare requirements may prefer a customized insurance package.

How Do Small Business Group Health Insurance Plans work in Maryland?

Insurance plans for two groups can never be the same due to differences in terms and conditions. Employees have the option to opt out of the group plan. The small group can be divided into tiers, and employees can choose between basic and advanced add-ons, with premium payments split evenly between the two parties.

Group health insurance plans may be extended to employees’ immediate family or eligible dependents at an additional cost.

What Are the Different Types of Benefits Offered in Maryland?

Benefits are perks that an employer provides to its employees in addition to a salary. Life insurance, retirement, 401k, paid leave, disability, and medical insurance are the most common employee benefits. Employers may also provide other benefits to employees and their families, depending on the company, including but not limited to behavioral health like vision and dental plans, legal insurance, pet insurance, college debt relief, and optional benefits.

How Much Do Employee Benefits Cost on Average in Maryland?

In 2018, employee benefits accounted for 32% of all employer compensation costs in the United States. However, the average cost of your benefits is primarily determined by the perks provided by your employer.

Health insurance is an integral part of all employee benefits, with annual fees ranging from $5000 to $30000 depending on the type of plan and insurer.

Retirement plans are also a popular perk that most employers provide, with matching contributions ranging from 2% to 6% of your salary. Employee benefits such as disability insurance, leave benefits, life insurance and supplemental retirement plans, which can cost anywhere from $2000 to $5000 in a calendar year, are also very common. Based on what is covered in the package, the average total cost of your employee benefits is calculated.

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