- Providing world class service and value for employee benefit group plans since 1987
Taylor Benefits Insurance has over 25 years of experience writing custom-designed group healthcare insurance plans for clients. Clients are groups of 50 people or more who want a more customized healthcare experience they cannot get from established insurance providers or through the federal exchange. This is possible because Taylor Benefits Insurance is an independent agency, and independent agencies are not in competition with insurance providers or the exchange.
If the local healthcare insurance plans offered in your city are not comprehensive enough, or affordable enough, for you, consider switching to group healthcare insurance today.
Since the Affordable Care Act (ACA) became law, large companies have been required to offer their workers health insurance. The company must also document that the policies meet the ACA affordability and comprehensive coverage standards. However, as traditional insurance costs continue to rise, many businesses are looking for ways to keep expenses down.
One way that many big companies are working to manage their expenses is by using self-funding. With this approach, the business pays directly for the medical expenses that its workers incur. The company avoids the cost of buying insurance. In such a system, the company may save by only paying incurred claims and may also enjoy an improvement in cash flow. However, the company must accept the risk that unusually high claims may cost more than an insurance policy would have. The employees often don’t know that the plan is self-funded; they simply submit claims as usual. The company generally hires an administrator.
Some smaller companies are hesitant to try the self-funding approach to health care coverage because the risk is high. Since a small business doesn’t have as many participants, just a few significant claims may overwhelm any savings and expose the company to losses. However, interested businesses may reap some benefits of self-funding without accepting the high risk by choosing a level-funded plan. Talk to your Taylor Insurance Benefits broker for details.
The benefits a company offers to potential and current workers may reflect their budget, size, and need to compete for exceptional talent. If a company needs a boost in recruiting, it may want to enhance the benefits they offer. It’s a visible way to gain an edge without raising pay levels across the board. Excellent benefits packages often include health insurance, paid time off, and at least some of the following:
Milwaukee (Wisconsin) residents can receive comprehensive coverage if they enroll in a group healthcare insurance plan written by an independent agency. We offer the following essential health benefits in all our group plans.
Milwaukee residents have signed up for Obamacare coverage in droves. However, the average healthcare costs for individual Milwaukee residents comprises 8.4% of their average annual spending. With the political and legal future of Obamacare uncertain, many Milwaukee residents could see their premiums rising fast, and in the double or even triple digits, within the next few years.
If such a scenario occurs, healthcare insurance costs will rise, and more and more Milwaukee residents will find their government-provided healthcare coverage increasingly unaffordable. This will simply result in thousands and thousands of residents forgoing healthcare and becoming uninsured in order to save money.
Individuals who are unsure of their future healthcare coverage costs should consider switching to group healthcare insurance. Group insurance plans are more comprehensive and more affordable. Since independent agencies also operate outside of the federal exchange, and are not in competition with established insurance providers, group insurance is a more stable and secure option as well.
If you want to spend less on your healthcare and receive greater coverage, consider making the switch to group healthcare insurance today.
These are some explanations for frequently asked questions about Milwaukee, Wisconsin, health insurance plans, and employee benefits.
A large group health insurance plan provides coverage for a large number of participants, at least 50 employees. Because of this, a primary advantage of this plan is that it spreads the risk across a pool of individuals. Participants benefit from this because it helps the premiums low, and insurers can better manage the risk when they understand who they’re covering. And for employers, large group health insurance helps save the cost of offering insurance to their employees. Also, employees who provide health instance to their employees and pay part of their premiums can qualify for tax incentives.
Businesses that employ less than 50 people purchase small group health insurance. These insurance programs, which typically need at least 70% employee participation to be valid, are purchased by companies to provide to their employees. Organizations buy the plans and offer them to their staff, who can choose to participate or not. The employer and the participating employees then split the cost of these plan premiums. Group members’ families may also be covered under these plans for an additional fee. These health insurance packages, however, cost less than individual plans.
The benefits included in a benefits package in Milwaukee generally depend on the company and what they choose to offer its employees. However, some benefits are legally required from employers. Some include health insurance, Medicare, social security contribution, workers compensation insurance, unemployment insurance, and family and medical leave. These are some benefits that employees should expect in a benefits package. However, some employers may offer additional benefits like pet insurance and gym membership.
The cost of an employee benefits package depends on what is included. If an employer offers only the mandatory benefits, its package would cost less than an employer’s package that provides additional benefits. On average, employee benefits cost about $11.82 per hour in addition to an average wage of $25 per hour, bringing the total compensation to approximately $37.73 per hour, which means that benefits make up more than 30% of an employee’s salary.
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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