As a multiemployer in Nevada, it’s hard to find the time out of your busy schedule to look for a comprehensive and affordable group health and benefit plan to offer your employees. On top of finding a plan, you must keep up with yearly audits and any changes made to the healthcare reform so you can make sure your business is in constant compliance with the frequent changing policies.
With over 25 years of experience in the insurance industry, Taylor Benefits Insurance Agency has been helping businesses all over the nation get together group insurance and benefit plans that are not only affordable but attractive to employees. Having great coverage and low premiums is one of the best ways to get qualified individuals applying for jobs with your company. It is also a wonderful way to retain these hardworking employees.
Large group insurers in Nevada and across the country pass along cost increases to their client companies. Large companies are seeing an average of five percent hikes this year, which isn’t that bad, considering that 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 companies.
If your business is trying to hold costs and premium shares down, consult your Taylor Benefits Insurance representative to discuss options, including high deductible plans and self-insurance. Most large employers use full or partial self-insurance to lower costs, increase cash flow, enhance flexibility, and customize offerings. However, many limit their risk by choosing a stop-loss policy to absorb the costliest claims. In most cases, employers choosing self-funding for medical expenses use a third-party administrator to manage the process.
High deductible plans, together with HSAs (Health Savings Accounts), are recognized as another way to lower the cost of health insurance. The plan must have an individual deductible of at least $1,400 and $2,800 for a family to qualify as a high deductible plan. The maximum out-of-pocket expenditure is capped at $7,000 for an individual or $14,000 for a family. However, these plans must cover preventive services before the satisfaction of 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 an insurance plan. 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 participant’s 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 benefits almost as much as they do about their pay. You can attract the talent you need with a great package of 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 schedule 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.
Not only will we help you create the perfect health insurance and employee benefit package but we will negotiate with the carriers to get you the lowest possible premiums and rates. We’ll also perform yearly audits and make any changes to your plan to assure you’re always meeting the standards set by the ACA. This will help qualify your business for tax breaks and other advantages. Not to mention, it’ll help you avoid government penalties.
Call our licensed and experienced insurance agency today to learn more about what we offer. We’ll explain all the possibilities and help you come up with a suitable group plan. Once we are certain you’re satisfied, will present you with a no obligation, FREE estimate.
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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 is determined by what you want and how much you are ready to spend. Here’s a rundown of the four most common types of health insurance plans:
1) Health Insurance Plans with PPO
Preferred Provider Organizations are the most prevalent type of health insurance plan. In order for employees insured by a PPO plan to be reimbursed at the highest level, they must seek medical care from providers on the insurance company’s list.
2) Health Maintenance Organizations (HMOs)
An HMO is an abbreviation for “Health Maintenance Organization.” HMO plans offer a range of health-care services through a network of providers who either contract with the HMO or work on behalf of the members. The vast majority of health care in an HMO plan is provided by a primary care physician (“PCP”) who refers the employee to specialists as needed.
3) Health Insurance Plans That Are HSA-Qualified
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. Businesses frequently adopt Section 105 Healthcare Reimbursement Plans (HRPs) instead of Health Savings Accounts (HSAs) because of their benefits.
4) Health Insurance Indemnity Plans
Members 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 for reimbursement from their insurance carrier.
The following benefit plans are provided by Taylor Benefits Insurance Agency to Nevada businesses and employees:
The amount employees contribute to the group health insurance program is up to them. Employees typically spend $3240 per year on healthcare, which is over three times less than the average American.
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