- Providing world class service and value for employee benefit group plans since 1987
As an owner or manager of a company based in Nevada, it can be challenging for you to take the time out of your busy schedule to look for a comprehensive and affordable group health insurance coverage and benefits plan to offer your employees. On top of finding the right health plan, you must keep up with yearly audits and any changes made to healthcare reform regulations so you can ensure that your business is in compliance with the frequently changing policies.
Taylor Benefits Insurance Agency has over 25 years of experience helping businesses all over the nation obtain group insurance and benefits plans that are not only affordable but also attractive to employees. Having major medical coverage and low premiums is one of the best ways to attract highly qualified individuals to seek employment with your company. It is also a great enhancement to your retention efforts.
Large group health plan insurers in Nevada and across the country pass along cost increases to their client companies. Large companies have been reporting substantial price hikes this year. As we all know, insurance costs often drive inflation. Some employers pass the premium increases along to the workers. Still, some hesitate to increase the share that employees pay over concerns that employees may change employers. Of course, you also have to ensure that the employees premiums pay don’t violate the Affordable Care Act affordability requirements.
If your business is trying to hold costs and premium payments down, consult your Taylor Benefits Insurance representative to discuss options, including high-deductible plans and self-insurance. Many large employers use full or partial self-insurance to lower costs, increase cash flow, enhance flexibility, and customize offerings. However, some limit their risk by choosing a stop-loss policy to absorb the costliest claims. In most cases, employers choosing self-funding engage a third-party administrator to manage the process.
High deductible group health plans, together with HSAs (Health Savings Accounts), are another way to reduce the cost of health insurance. The plan must have an individual deductible of at least $1,500 and $3,000 for a family to qualify as a high-deductible plan. The maximum out-of-pocket expenditure is capped at $7,500 for an individual or $15,000 for a family. However, individual health insurance plans must cover preventive services separately from the deductible.
For Nevada small businesses that are hesitant to oversee a healthcare program for their employees, one alternative is a QSEHRA (Qualified Small Employer Health Reimbursement Account). Setting up and contributing to these accounts allows the company to help workers pay for healthcare costs without taking on the responsibility for small business health insurance. In fact, companies that offer insurance coverage can’t also provide a QSEHRA.
If the employer does offer the account, it must be available for all full-time workers. Reimbursement levels may vary based on the participants’ ages and whether dependents are enrolled.
In a tight job market like this one, companies must find innovative ways to compete for workers. Higher pay and signing bonuses are one way, but inflation takes a bite out of every hourly increase. Studies across the U.S., including in Nevada, show that workers care about their health benefits almost as much as they do about their pay. You can attract the talent you need with essential health benefits.
Start with the basics: health insurance, paid time off, and retirement assistance are crucial for a benefits package. Next, select additions to appeal to your workforce. For example, maybe you have a concentration of recent college graduates who would welcome help with student loan debt. Matching those loan payments is one increasingly popular way to support workers who are overburdened with debt and feel unable to contribute to their retirement plans. Or, if your employees are more likely to be parents with young children, consider a childcare subsidy or flexible spending account contribution.
Think creatively about how to add to employee satisfaction without spending heavily. For example, many employees want flexible hours and remote work options. Depending on your company’s needs, allowing workers to shift their schedules or work from a different location might not have a financial cost. But in return, you could reap the reward of an engaged, dedicated team.
Call 800-903-6066 for a free consultation on Nevada Group Health Insurance & Employee Benefits Plans.
Some frequently asked questions regarding health insurance coverage in Nevada are answered below:
Several of the top health insurance companies in the country are represented by Taylor Benefits Insurance. When it comes to large group coverage, we can get you a great deal every time.
Insurance companies we work with include:
The optimal plan type for you and your workers depends on what your needs include and how much you can spend. The most common types of health insurance group plans are:
Preferred Provider Organizations are the most prevalent type of health insurance plan. In order for employees insured by a PPO plan to benefit most from the plan, they must seek medical care from providers in the plan’s network.
HMO plans offer healthcare services through a network of providers who either contract with the HMO or work on behalf of the members. Every subscriber chooses a primary care physician (“PCP”) who refers the employee to specialists as needed. Typically, subscribers may only seek care outside the HMO in an emergency.
Plans that can be used with a Health Savings Account (HSA) are commonly known as HSA-qualified plans. HSAs are types of bank accounts that enable individuals to save pre-tax money for future medical expenses. Some companies prefer Section 105 Healthcare Reimbursement Plans (HRPs) instead of Health Savings Accounts (HSAs).
Employees with indemnity plans are free to choose their own doctors and hospitals. The insurance company will then pay a certain percentage of the total charges. Employees may be asked to pay for some treatments in advance and then seek reimbursement from their insurance carrier.
The following benefit plans are offered by Taylor Benefits Insurance Agency to Nevada businesses and employees:
Employer contributions for health insurance in Nevada continue to rise. The business often shares the cost with employees. Due to the ACA’s affordability standards, employers must ensure that the premium share passed to the worker doesn’t exceed 9.12 percent of their gross income.
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.
We’re ready to help! Call today: 800-903-6066