The Affordable Care Act (ACA) requires large employers to offer affordable large group health insurance to their employees. The employee’s premium can’t be higher than 9.6 percent of the worker’s gross pay for it to satisfy the affordability standard. There is no threshold set for affordability for dependent coverage. Also, 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:
If the coverage meets those specifications, it can take the form of a preferred provider organization, health maintenance organization, indemnity program, or point of service plan. Many times, the company will offer a choice to the workers.
While small businesses (with fewer than fifty workers) aren’t required to offer health insurance to their employees, they may choose to. Health insurance is a highly-desired benefit for many employees and potential recruits. The U.S. Bureau of Labor Statistics estimates that approximately half of companies with fewer than fifty workers provide access to medical insurance through the company. However, some of these workers choose to get their coverage from another source, so the enrollment numbers for small companies are lower. It’s helpful to know that small firms can find assistance in establishing and administering their insurance plans through programs created in conjunction with the Affordable Care Act. Your Taylor Benefits Insurance consultant is an excellent resource for information and support.
Companies with fifty or more workers must provide them with paid sick leave in Michigan. Employees can accrue one hour of paid leave for every 35 hours they work, up to forty hours annually. Employees must be allowed to carry unused time over to the next year unless the employer provides the time as a lump amount at the beginning of the year instead of an accrual method. Michigan does not require any paid vacation or holiday time. Still, if the company offers paid vacation or personal leave, it can provide this time in place of the paid sick time.
In addition to paid time off and insurance, Michigan workers prioritize retirement savings support, optional insurance (like disability, vision, dental, and life insurance), tuition assistance, and flexible scheduling policies.
Taylor Benefits has been operating all across the great state of Michigan for well over twenty years. Our expertise regarding Michigan insurance requirements and federal standards make us the leading provider in all areas from Detroit to Flint to Kalamazoo and everything in between. We pride ourselves on offering the best healthcare policy coverage at rates that are appealing to business owners statewide. Our services include the following:
Because Taylor Benefits is an independent agent, we have the unique opportunity to create customized plans and policies by drawing from a large variety of traditional insurance providers. This ensures we can always offer the best prices and guarantee comprehensive coverage for your employees or small groups. We want to help you remain in compliance with federal and state law while still protecting your bottom line.
Michigan’s healthcare system is set-up differently than most states, so we make it our mission to stay abreast of any changes, ensuring all policies we offer always stay in compliance. As a business owner, having that piece of mind helps you focus on day to day operations, so you don’t need to worry about insurance regulations.
Michigan provides a great resource that helps show you exactly what the Affordable Care Act (ACA) entails here. Although the intentions were good, certain aspects of the ACA or “Obamacare” negatively affected local businesses right here in Michigan. Mostly due to the fact that companies were required to rewrite existing policies to ensure compliance with the new regulations.
Taylor Benefits was able to help many companies complete the transition smoothly, and is still servicing existing and new accounts statewide.
If you are seeking for an employee health plan and group benefits provider, look no further for Taylor Online Benefits is here to help. With its over 25 years of experience in delivering top quality insurance packages, you will definitely find one that suits your firm.
We provide group and employee benefit plans for the following:
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In order to start evaluating the insurance and employee benefit options for your firm, you may call us now for assistance. Otherwise, you may also request a quote using our online form.
Despite the fact that most large group health insurance plans are provided by employers, it offers many benefits for both employees and employers. Because so many employees are included in these plans, employees have several options, including better health insurance plans, low-cost insurance packages, and better coverage for pre-existing conditions. Providing insurance to employees and paying a portion of their premiums is also a benefit for employers. Another benefit of this is that it fosters a positive and happy work environment where employees can perform their best.
Due to differences in terms and conditions, insurance plans for two groups can never be the same. Employers can opt out of group insurance plans. Employees can choose between basic and advanced add-ons, with premiums paid equally between the parties. Employees’ immediate family or dependents may be covered by group health plans for an additional fee.
Health insurance from most Michigan companies covers the majority of medical treatments and equipment, including prescription medications, doctor’s appointments, and surgeries.
For example, plastic surgery is not covered as it is considered unnecessary for the employee. In the majority of health insurance policies, dental and vision coverage is not included.
Your benefit package can be tailored to suit your needs with the help of an expert. In basic terms, health and employee benefits costs are influenced by the size of your company and the breadth of your plan.
Starting with your company’s size and the number of employees covered, you will be able to figure out how much insurance will cost. Your strategy will be the second most important factor. Benefits and coverage are more comprehensive when the cost per employee is higher.
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