- Providing world class service and value for employee benefit group plans since 1987
Providing comprehensive employee benefits and group health insurance solutions has become increasingly vital for businesses in New Jersey. As healthcare costs continue to rise nationwide, with premiums expected to increase by approximately 6% annually, NJ companies face significant challenges in offering attractive yet affordable benefit packages. Currently, nearly 70% of New Jersey employees rely on employer-sponsored group health insurance plans, underscoring the critical role these benefits play in employee retention and satisfaction. Taylor Benefits Insurance specializes in developing customized employee benefit solutions for NJ businesses, helping employers manage costs effectively while maintaining competitive and appealing benefits packages
For over 25 years, Taylor Benefits has provided satisfied clients with group health insurance plans to fit their needs. Each program is custom designed to best benefit each client. Since Taylor Benefits works with all major insurers in NJ, we craft a health plan that meets your needs instead of trying to fit you into a pre-packaged policy.
In New Jersey’s competitive business landscape, robust employee benefit packages are crucial to attract and retain top talent. Comprehensive benefits not only increase job satisfaction but also significantly reduce employee turnover, thereby saving recruitment and training costs. Employers offering quality health coverage, retirement options, and wellness initiatives typically experience greater employee engagement, productivity, and morale. This commitment to employee welfare positions companies as desirable workplaces, enhancing their overall competitive advantage within the NJ job market.
Large employers with a responsibility to provide large team health insurance (SHOP plan) 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 option or several. The cheapest assurance 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 9.12 percent of their gross pay.
The employer can decide between service structures, choosing a traditional indemnity package, an HMO, PPO, or a 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 packages. But at least one must satisfy the affordability standard.
Small businesses that offer employees health insurance 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.
Small business health combines a small portion of self-funding with a stop-loss policy to reduce exposure to large claims. The approach can deliver the anticipated savings but protect small employers from potentially catastrophic losses.
Group health insurance in New Jersey provides companies and their employees affordable access to healthcare through collective coverage. Popular plan types include:
Health Maintenance Organizations (HMOs): Offer lower premiums and predictable costs, with care coordinated by primary care physicians.
Preferred Provider Organizations (PPOs): Provide flexibility in choosing healthcare providers, ideal for employees preferring broader networks.
Exclusive Provider Organizations (EPOs): Similar to PPOs, but typically offer coverage only for in-network services.
High Deductible Health Plans (HDHPs): Coupled with Health Savings Accounts (HSAs), these plans offer lower premiums with higher deductibles, suitable for younger or healthier employees.
Taylor Benefits Insurance helps NJ employers analyze and select the best health insurance options, ensuring optimal coverage and cost management.
Beyond traditional health coverage, NJ employers frequently incorporate other attractive benefits, including:
Offering group health insurance brings multiple benefits for NJ businesses:
Cost Efficiency: Reduced premiums compared to individual insurance policies.
Tax Benefits: Employers can deduct premiums, significantly reducing business tax liabilities.
Improved Employee Health: Healthier employees result in reduced absenteeism and higher productivity.
Competitive Advantage: Enhanced recruitment and retention, positioning businesses favorably within their industry.
Taylor Benefits Insurance assists NJ employers in leveraging these advantages, tailoring health plans that align with business goals and employee needs.
New Jersey employers must adhere to various regulatory requirements, including federal mandates under the Affordable Care Act (ACA) and state-specific provisions. Key compliance considerations include:
ACA mandates for companies with 50 or more full-time equivalent employees to offer health coverage.
Required coverage for essential health services, including preventive care, maternity services, and emergency care.
Adherence to NJ state regulations governing healthcare provisions and employee rights.
Non-compliance can result in costly penalties, making it crucial for businesses to partner with experienced benefit consultants like Taylor Benefits Insurance.
Small businesses in NJ can access cost-effective group health insurance through the SHOP (Small Business Health Options Program) marketplace. SHOP plans provide:
Multiple coverage options tailored specifically for small businesses.
Competitive premiums due to collective purchasing.
Potential eligibility for significant tax credits, reducing overall healthcare costs.
Flexible plan choices accommodating diverse employee needs.
Taylor Benefits Insurance specializes in helping small NJ businesses navigate SHOP plans, maximizing affordability and employee satisfaction.
Choosing Taylor Benefits Insurance means partnering with a trusted, experienced consultant dedicated to the success of your NJ business. We provide:
Expert guidance tailored to New Jersey’s unique healthcare market.
Personalized, cost-effective benefit solutions that prioritize employee satisfaction.
Full-service support, including planning, administration, compliance management, and employee education.
Investing in comprehensive employee benefits and affordable group health insurance with Taylor Benefits Insurance positions your NJ business for sustained growth, improved employee retention, and heightened workforce morale.
If you are ready to improve your employee benefits and group health insurance in New Jersey, Taylor Benefits Insurance is here to help.
Call us today at 800-903-6066 for a free consultation and let us create a customized plan tailored to your business needs.
Here are answers to some frequently asked questions about health benefits in New Jersey:
In addition to providing team health protection, Taylor Benefits can connect you to some of the nation’s most reputable providers and any other information you need about benefits programs. Over the years, we have proven that we can always find you a great deal on large team coverage programs.
Below is a list of the benefits providers we work with:
Small businesses don’t have an ACA obligation to provide sponsored health assurance. If your company wants to offer protection coverage, simply choose from these four structures, depending on which matches your needs:
Members of indemnity packages are generally able to choose any direct primary care doctor or hospital (Sanitas Medical Center, Everside Health, R-Health, formerly Paladina Health) 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 upfront and then apply for reimbursement from their protection provider.
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. However, the plan must meet the IRS’ requirements for a high deductible in order for subscribers to qualify for the HSA.
Many medical protection packages are structured as preferred provider organizations or PPOs. For subscribers to receive the most financial benefit, they must seek care from a provider within the network. Members can use services outside the network but will incur additional cost.
Health Maintenance Organizations (HMOs) are health benefits programs that provide 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 to specialists if necessary. Often an HMO subscriber isn’t covered for care obtained outside the HMO unless it’s for an emergency.
New Jersey companies and eligible employees can take advantage of the following benefits packages offered by Taylor Benefits Agency:
The cost of health insurance is rising in New Jersey, as it is across the country. Large employers must offer an affordable policy to their workers. The ACA definition of affordable provides that the employees’ premiums can’t be more than 9.12 percent of their gross income for a bronze-level plan.
Group health insurance is a policy purchased by an employer to cover a group of employees. It provides medical coverage to all members under one plan, typically at a lower cost than individual health insurance. Group health insurance often includes benefits like preventive care, emergency services, and prescription drug coverage.
Group insurance differs from individual insurance in that it covers a group of people under a single policy, typically offered through employers. This type of insurance often has lower premiums and better coverage due to the collective bargaining power of the group. Individual insurance, on the other hand, is purchased by individuals to cover themselves and their dependents.
The main advantage of group insurance for businesses in New Jersey is cost savings. By pooling employees together, businesses can access more affordable rates compared to individual plans. Group insurance also helps attract and retain top talent, enhances employee satisfaction, and provides comprehensive coverage options for employees.
Employees and sometimes their dependents are covered under a group health insurance plan. Employers typically offer this benefit to their workers as part of their compensation package. Group health insurance plans can also extend coverage to retirees, providing a valuable safety net for a broader range of individuals.
In New Jersey, a large group for health insurance is typically defined as a business with 51 or more full-time employees. Large groups often have more bargaining power and options for health insurance plans compared to smaller businesses.
Health insurance is the most commonly used type of insurance for group plans. It provides coverage for medical expenses and is typically offered by employers to their employees as part of their benefits package. Group health insurance helps ensure that employees have access to healthcare services when needed.
In a group health policy, cosmetic procedures, experimental treatments, and pre-existing conditions are typically not eligible for coverage. These exclusions are common in group health plans to manage costs and ensure coverage for essential medical needs.
The main difference between a PPO and an HMO in group health insurance lies in their provider networks. PPOs offer more flexibility with out-of-network coverage, while HMOs typically require members to choose a primary care physician and get referrals for specialists within their network.
In New Jersey health insurance, the main difference between a small group and a large group lies in the number of employees covered. Small groups typically have 2-50 employees, while large groups have 51 or more. This impacts premium rates, coverage options, and regulatory requirements.
The best health insurance plan for small businesses in New Jersey typically includes options from well-known providers like Taylor Benefits Insurance, Horizon Blue Cross Blue Shield and Aetna. These plans offer comprehensive coverage, competitive rates, and access to a wide network of healthcare providers, making them popular choices among small businesses in the state.
Offering group health insurance in New Jersey can provide tax benefits for employers, including tax deductions for premiums paid, potential tax credits, and tax-free contributions to employee accounts. These benefits can help businesses save money while providing valuable healthcare coverage to their employees.
Employers in New Jersey who fail to offer mandatory benefits such as workers’ compensation, paid sick leave, and disability insurance may face penalties such as fines, back pay, and potential legal action. It is crucial for businesses to comply with state regulations to avoid these consequences.
New Jersey health insurance plans offer various options for dental and vision coverage, including standalone plans, add-on options, and comprehensive packages. These plans may include coverage for routine check-ups, cleanings, vision exams, and eyeglasses. Make sure to review your plan’s specifics for details on coverage levels and costs.
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.
We’re ready to help! Call today: 800-903-6066