For over 25 years, Taylor Benefits has provided satisfied clients with group health insurance plans to fit their needs. No plan is alike, as Taylor Benefits operates outside any single healthcare provider or plan. Each plan is custom-designed to best benefit each client.
New Jersey has a strong record when it comes to health care. Both senators Frank Lautenberg (D) and Robert Menendez (D) voted for the ACA in 2010. Over 300,000 New Jersey residents have signed up for health care coverage under the ACA. This is great news for those seeking group plans in the great state of New Jersey.
Large employers with a responsibility to provide large group health insurance to their employees have the flexibility to determine what type of coverage they offer, as long as it meets the ACA standards. Those requirements include affordability and minimum essential benefits. The company can offer one plan option or several. The cheapest insurance must be designed to pay at least sixty percent of the anticipated costs for the subscriber, and the premium charged to the worker can’t exceed 9.61 percent of their gross pay.
The employer can decide between service structures, choosing a traditional indemnity plan, an HMO, PPO, or Point of Service option. If the employer has more than one option, it can offer the same subsidy for each, even if that means the employee would pay more for some plans. But at least one must satisfy the affordability standard.
Small companies offering health insurance to their employees may be hesitant to consider self-funded programs due to the risk of high claims. Still, self-funding can provide the business with savings, flexibility, and improved cash flow, making it attractive to small companies as well as larger firms. Some employers are opting for a blended version called level funding. This tool combines a small portion of self-funding with a stop-loss insurance policy to reduce exposure to large claims. The approach can deliver the anticipated savings but protect the company from potentially catastrophic losses.
In New Jersey, eligible workers are entitled to up to forty hours of paid sick leave annually. Workers are also allowed up to twelve weeks of paid family leave which can be used in connection with the birth or adoption of a child or other reasons related to family illness or domestic violence. In addition, the New Jersey Family Leave Act provides for twelve unpaid weeks of leave in a 24-month period for similar reasons. New Jersey is one of seventeen states that require insurers to cover the cost of fertility treatments for couples needing assistance.
New Jersey is a competitive job market, and as a result, employers understand the value of a robust benefits package. In addition to required sick leave and family leave, many companies add vacation pay to the benefits program. In some cases, businesses are moving toward a policy that provides a bucket of paid time off that the employee can use for whatever purpose they need, whether that is vacation time, personal days, illness, or some other reason. These policies either specify the number of hours available or opt for “unlimited” time off, which is always subject to approval by the employee’s manager.
New Jersey is one of several states that have recently enacted laws requiring or encouraging employers to establish retirement savings plans for their employees. The New Jersey Secure Choice Savings Program requires participation by employers with 25 or more workers. It allows the participants to enroll in a state-run Individual Retirement Account, funded by payroll deduction with pre-tax contributions.
The following services are offered by Taylor Benefits to all clients:
As an independent health insurance provider, Taylor Benefits can provide custom plans not limited by insurance company policies or state insurance mandates. Pick and choose the healthcare services your group needs to be successful! In addition, essential health care benefits, which must be included in every plan can be viewed here, courtesy of the federal government.
We offer free, “no obligation, no payment necessary,” consultations. Learn which policies and plans work best for your group today, by contacting us online. New Jersey’s motto of “Liberty and Prosperity” is aligned with our goal to offer our clients the freedom to choose their health care group plans.
New Jersey residents benefit greatly from Obamacare. Medicaid has been expanded since Obamacare’s inception. The state of New Jersey benefits from higher subsidies as well, which means Obamacare provides greater health coverage. This is due to the larger numbers of uninsured individuals who became covered under Obamacare when it was established. Larger subsidies and larger pools of people means that insurance companies can provide more coverage for more affordable rates.
Taylor Benefits can provide your group with greater coverage in New Jersey, thanks to Obamacare, than it could if your group was located in another state. This is great news for New Jersey residents.
To learn more about the health insurance offered by the State of New Jersey regarding consumer information, please see this resource from the New Jersey Department of Banking & Insurance.
We answer some frequently asked questions about health insurance in New Jersey:
In addition to providing group health insurance, Taylor Benefits Insurance can connect you to some of the nation’s most reputable providers. Over the years, we have proven that we can always find you a great deal on large group coverage plans.
Below is a list of the insurance providers we work with:
You and your employees should choose the plan type that best fits their needs and your budget. Below is a brief overview of the four most popular types of health insurance:
Indemnity Health Insurance Plans
Members of indemnity plans are generally able to choose any doctor or hospital to treat them for their medical needs. Insurance companies pay a set percentage of the bill. Some employees may be required to pay for some services up front and then apply for reimbursement from their insurance provider.
HSA-Qualified Health Insurance Plans
Health Savings Accounts (HSAs) are typically used with PPO plans. A health savings account allows its members to set aside money – before taxes – for future medical expenses. Employers often use Section 105 Healthcare Reimbursement Plans (HRPs) in place of HSAs because of their advantages.
PPO Health Insurance Plans
Most health insurance plans are offered by preferred provider organizations, or PPOs. If a claim is to be paid at the highest level, PPO employees must seek medical treatment from a doctor or hospital on the preferred provider list of the insurance company.
HMO Health Insurance Plans
Health Maintenance Organizations (HMOs) are health insurance plans that provide an array of health care services through a network of providers that exclusively contract with them or accept their membership. HMO plan participants are typically required to select a primary care physician (“PCP”) to oversee most of their health care and refer them on to specialists if necessary.
New Jersey companies and employees can take advantage of the following benefits packages offered by Taylor Benefits Insurance Agency:
Contributions to group health insurance programs can be made by any employee. In addition to employee expenses of $270 a month, employees have annual expenses of $3240. Compared to average American healthcare costs, employee contributions are more than three times lower.
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