Montgomery is not only the capital but also the second largest city in Alabama. In 2014, this city won the title of the “Top City for Job Growth” by Ziprecruiter.com and the happiest city in Alabama. However, these factors are not a guarantee that you will recruit and retain the best candidates. Employees are interested in something more; your organizational culture and a comprehensive employee benefits package. Employees are often looking for health insurance for not just themselves but also their families to ensure that they are protected against the costs of illnesses and to ensure access to medical care.
Offering health insurance to employees is frequently considered essential for large companies competing for workers in major metropolitan areas like Montgomery. Following the passage and implementation of the Affordable Care Act, large companies must provide coverage for most workers or pay the penalty. Insurance must meet standards of affordability and minimum essential coverage. The affordability standard prohibits the premium from absorbing more than 9.61 percent of the employee's gross income. That calculation doesn’t consider the price for dependent coverage, just the price for the individual.
Minimum essential coverage standards mean that the plan must include all the following:
However, insurance plans can provide access with high deductibles and copayments and still comply with regulations.
It’s an interesting anomaly that while small companies are less likely to provide health care coverage for their workforce, those who offer it typically pay a higher amount of the premium. Thirty percent of workers in small firms pay nothing toward the cost of insurance, compared to five percent for large companies. Small companies (with fewer than fifty full-time employees or the equivalent) don’t have to provide insurance under the Affordable Care Act. However, tiny organizations (less than 25 workers) can take advantage of available support in the form of tax credits and a special market for their insurance needs.
While companies with fewer than fifty workers do not need to offer health insurance, if they choose to do so, the coverage must comply with the minimum essential requirements as established.
Employers interested in upgrading their employee benefits package to enhance their appeal often look for low-cost ways to stand out from the crowd. One way to add interest is by considering the "voluntary benefits." These are optional items that the employer often contributes little or nothing toward. Still, the employee gains a discount due to the size of the potential pool of participants.
Examples of these benefits include vision coverage, legal plans, pet insurance, long-term disability and long-term care, and discounts for other services like communications, fitness centers, and more. Some can be paid for with pre-tax income, while others may be made more convenient with a payroll deduction.
As an employer, you stand to benefit from offering group health insurance and employee benefits for your work force in Montgomery. First, you will be able to recruit and retain high quality professionals. In fact, it is likely that you will attract employees that are keen on establishing a long term working relationship, meaning a lower turnover for your company. Providing healthcare insurance and employee benefits plays a role in improving your workers health hence increasing productivity and reducing absenteeism. Moreover, workers who have a health insurance and benefits plan tend to be more happier and healthier.
Taylor Benefits is a leading group insurance broker operating in Montgomery. Since 1987, we have been providing small businesses across this city with a wide range of group health insurance and employee benefits. Our team of professionals is committed to guiding you through the process of selections and underwriting while offering you the best recommendations that will protect your interests. We take time to understand the needs of your business and align them with the needs of your employees before crafting a custom benefits package that is comprehensive and affordable.
At Taylor Benefits, we have a full range group health insurance and retirement benefits as well as other employer related plans including:
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We are an independent insurance agency offering unmatched group health insurance and employee benefit plans for businesses in Montgomery. We understand that your business needs an affordable benefits package that will make you attractive as an employer of choice among top industry professionals. And we work with a network of top insurance carriers in this city. Therefore, we are able to offer access to the best plans you can find. We help you understand the insurance market better and procure the most affordable group health insurance plans.
We’re ready to help you find a perfect group health insurance and employee benefits plan in Montgomery. Our experienced group insurance agents will offer you free consultation on phone followed by a no-obligation estimate. Contact us on 800-903-6066.
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