- Providing world class service and value for employee benefit group plans since 1987
Taylor Benefits has been assisting our satisfied clients with group healthcare insurance plans for over 25 years. Because Taylor Benefits is an independent agency, we are not restricted to specific network providers. Thus, our agents can provide custom packages, inclusive of resources like co-pay and deductible details, crafted to meet your needs and enrollment schedules. Equipped to handle even pre-existing conditions with confidence, we make sure to cater every individual’s unique condition.
Every team insurance program is tailored to the client, so you can get the exact coverage that you need, right down to your out-of-pocket expenses. Each package is different as each client is different, reflecting the rich diversity of the people we serve. However, there are common health insurance coverage options that many groups find attractive.
Taylor Benefits offers the following medical coverage options for clients. These range from standard plans to bespoke ones that can be adjusted to suit each unique client’s needs and preferences.
Don’t hesitate to create your custom package today! By leveraging our resources and expertise, we assure you of a program that aligns perfectly with your needs.
The Affordable Care Act allows each state to implement some aspects of the legislation according to their state preferences, which have resulted in some disparities between state coverage. New Mexico actually boasts one of the best-run healthcare exchanges. Premiums are low, health care insurance options are diverse, and residents have the ability to choose from a wide network of health care options. That is indeed excellent news for employers and employees in the Land of Enchantment.
New Mexico collective medical insurance packages are readily available to cater to the needs of various business sizes and scales.
The Affordable Care Act (ACA) mandates that companies with fifty or more workers provide affordable health insurance for workers covered. The subscriber premium can’t exceed 9.12 percent of the worker’s gross pay for individual coverage to satisfy the affordability standard. Also, the insurance program must be designed to cover at least sixty percent of the standard worker’s health and medical needs and include these covered services.
If the coverage meets those strict specifications, it can take the form of a preferred provider organization, health maintenance organization, indemnity program, or point-of-service plan. Often, the company will offer workers a variety of choices, with at least one favorably priced below what the affordable standard requires. For instance, a bronze-classified package is designed to cover sixty percent of the cost for an average subscriber.
If a program is anticipated to cover seventy percent, it achieves a silver rating. Gold plans to cover eighty percent, and the rare platinum plans (which would naturally command higher premiums) should account for ninety percent of services.
In New Mexico, insurance must also cover the stated services, adhering to both federal and state regulations for the benefit of the insured residents.
New Mexico small businesses aren’t required to provide health insurance coverage to their employees. However, if they do, the coverage must meet the ACA and New Mexico standards as indicated for large group packages. In addition, the ACA supports small businesses through SHOP (Small Business Health Options Program), which provides an accessible platform for smaller businesses, facilitating their medical coverage needs.
The credit is available for small businesses (with fewer than 25 full-time or full-time equivalent workers) if the crew members have average wages of less than$53,000 annually and the employer is paying at least half the premium expense. However, the company doesn’t have to include a subsidy for dependents or families of employees to qualify for the credit. Talk to your Taylor Benefits Insurance consultant for more information about small business insurance programs and tax credits.
In the state of New Mexico, private-sector retirement plans are rare. In fact, only thirty-eight percent of private company’s staff work for a business that offers one. With our comprehensive suite of offerings at Taylor Benefits, we strive to make insurance coverage accessible to all, regardless of company size or resources. In response to the low savings rate, New Mexico’s legislature passed the New Mexico Work and Save Act, an effort endorsed by Presbyterian Health Services and UnitedHealthcare, among others. To quote the Act, it contains incentives and support for employers to create retirement savings plans for their workers. However, there are currently no mandatory components to the law. Medicare and other third-party payment assistance options have also shown interest in this model.
As an independent health insurance provider, Talor Benefits Insurance can take advantage of the many available choices to provide custom programs, as we are not limited by insurance company policies or state insurance mandates. Whether you’re interested in an HMO, PPO, or other type of plan, we can provide the healthcare services that your team needs. Even when talking about specialized health coverage like Presbyterian or Medicare, we ensure that you get more value for your money with low healthcare premiums.
We offer free consultations with no obligation to purchase one of our collective packages. Our mandate is to purchase team medical coverage with the best, most appropriate healthcare insurance coverage possible for your needs. Learn which health program is most appropriate with a free consultation today. Additionally, for those enrolled under plans like Medicare, we can provide valuable assistance in understanding their benefits.
New Mexico residents are enjoying the benefits of the ACA, especially when it comes to reproductive health, with contraceptives and birth control being provided at no cost to residents with insurance. Due to the health of the insurance exchange in the state, Taylor Benefits can also work with third party administrators including those under PPOs or Presbyterian and UnitedHealthcare plans, to provide your organization with comprehensive group insurance coverage.
If you select a high-quality healthcare plan, your employees will be able to obtain the medical care they need without worrying about how to pay for the services. For almost any size company, the most economical way to offer health insurance is with a group policy. Even though healthcare costs continue to rise, you will have access to an affordable, robust program that caters to a diverse range of health coverage needs – from HMO to PPO or Medicare.
Learn more about employment perks programs in New Mexico.
The premiums for a large group of health insurance policies are significantly lower than those for individual coverage. A company can reduce its overall costs by tailoring benefits programs to the needs of each employee. Plus, by employing a third party for payment processing, the corporation may be qualified for additional tax credit incentives in some cases.
The premiums for a large group of health insurance policies are significantly lower than those for individual coverage. A company can reduce its overall costs by tailoring benefits programs to the needs of each worker. In addition, the corporation may be qualified for tax credit incentives in some cases.
While company plans are more common, other teams may also benefit from purchasing collective medical coverage. For example, universities and colleges may offer policies to their students as well as staff. The most effective way to pay the costs of medical treatment for employees is to give them membership in collective health insurance plan.
Under the Affordable Care Act (ACA), small-business owners are excused from providing their staff with group health insurance coverage. According to federal laws, a “small business” is classified as employing less than 50 full-time employees who do not offer minimum essential coverage.
As a small business, you can choose whether or not to offer medical coverage. More than half of small business owners (56 percent) offer collective coverage for their full-time employees, according to a study by the Kaiser Family Foundation.
A strong case can be made for small business owners to provide their employees with health insurance, even when it is not mandated. When you offer health benefits to your eligible employees is a win-win decision for them and the company.
It’s possible to incorporate many perks into a benefits package. Your business may not be able to offer all potential options, but you can choose the ones that align with your company’s values. Overall, most employee benefits fall into two main categories: financial and health and wellness. Some perks to consider offering include: n
Pension and 401(k) plans
Profit sharing and bonuses
Family Leave
Flexible work options
Gym memberships and wellness programs
In New Mexico, where healthcare costs are lower than in some other states, On average, employers pay almost eighty percent of the cost of coverage for single employees. The average employer contribution (again, not including dependents) is almost $5,900 annually.
Group health insurance is a type of health coverage that is typically offered by employers to their employees. It provides coverage to a group of people under one policy, often at a lower cost than individual plans. This type of insurance can help businesses attract and retain top talent while providing affordable healthcare options.
Group insurance in New Mexico typically covers a group of people under a single policy, usually offered through an employer, while individual insurance is purchased by an individual to cover themselves and their dependents. Group insurance often has lower premiums and broader coverage compared to individual plans in New Mexico.
Group health insurance for New Mexico businesses offers cost savings, coverage for employees, and potential tax benefits. However, disadvantages include limited customization options and administrative complexities. Understanding the advantages and disadvantages can help businesses make informed decisions when selecting a health insurance plan.
In a group health insurance plan, the premiums are typically split between the employer and employees. The employer usually covers a portion of the premium cost, while employees contribute the remaining amount through payroll deductions. This cost-sharing arrangement helps make health insurance more affordable for everyone involved.
In New Mexico, the most commonly used insurance for group plans is health insurance. Employers typically offer group health insurance to provide coverage for their employees and their families. This type of insurance helps ensure that individuals have access to medical care when needed.
Pre-existing conditions, cosmetic procedures, and alternative therapies are typically not eligible for coverage in a group health policy. These exclusions are common in group health plans as they aim to provide coverage for essential medical services rather than elective or pre-existing conditions.
An employee is typically accepted into a group insurance plan during the company’s open enrollment period or upon meeting eligibility requirements such as completing a probationary period. Employers may also allow for special enrollment periods for new hires or qualifying life events.
In New Mexico, the main difference between a PPO and an HMO lies in network flexibility. PPO plans offer more provider choices but come with higher out-of-pocket costs, while HMO plans have a more limited network but typically lower costs and require a primary care physician referral for specialist care.
For New Mexico residents, the choice between HMO and PPO coverage depends on individual needs. HMO plans offer lower costs and require referrals for specialists, while PPO plans offer more flexibility but come with higher premiums. Evaluate your healthcare needs to determine which type of coverage is better for you.
Group health insurance premiums in New Mexico are typically calculated based on factors such as the number of employees, their age, location, and the level of coverage selected. Insurance carriers also consider the group’s claims history and industry when determining the final premium amount.
The average monthly cost of health insurance in New Mexico varies depending on factors such as age, coverage type, and provider. On average, individuals can expect to pay between $300 to $600 per month for health insurance in New Mexico. It is recommended to compare quotes from different insurers to find the best rates.
Small businesses in New Mexico can offer group health insurance through private health insurance companies, joining a professional or trade association, or utilizing the Small Business Health Options Program (SHOP) on the state’s health insurance exchange. These options provide affordable coverage for employees and their families.
New Mexico state employees are eligible for a range of benefits including health insurance, retirement plans, paid time off, and professional development opportunities. These benefits help attract and retain top talent in state government positions. Explore what benefits are available for New Mexico state employees to maximize your employment package.
In New Mexico, residents have various options for dental and vision insurance. Some popular providers include Taylor Benefits Insurance, Delta Dental, UnitedHealthcare, and VSP Vision Care. Individuals can explore different plans to find coverage that meets their specific needs and budgets.
Offering group health insurance in New Mexico can provide tax benefits for businesses, including tax deductions for premiums paid, potential tax credits, and the ability to deduct contributions made on behalf of employees. These tax advantages can help offset the cost of providing healthcare benefits to employees.
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.
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