Taylor Benefits has provided satisfied clients with group health care insurance plans for over 25 years. Operating as an independent health care plan agency, and not restricted by state-sanctioned plans or insurance providers, Taylor Benefits has the ability to provide custom plans to clients.
Every group insurance plan is tailored to the client so you can get the exact coverage that you need. Each plan is different as each client is different. However, there are common health insurance options which many groups find attractive.
Taylor Benefits provides the following health care insurance options for clients. Create your custom plan today!
There is a perception among Americans that the Obamacare marketplace runs better in Democrat-led states than Republican-led states because it was enacted under a Democrat president. Although this just a stereotype, it is true in New Mexico, which actually has one of the best-run healthcare exchanges. Premiums are low, health care insurance options are numerous, and residents have the ability to choose from a diverse set of health care options.
The Affordable Care Act (ACA) mandates that companies with fifty or more workers provide affordable health insurance to their employees. The subscriber premium can’t exceed 9.6 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 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 a choice to the workers, with at least one offering a cost lower than the affordable standard requires. For example, a plan designed to pay sixty percent of the cost for a typical subscriber is designated as bronze. If a plan is expected to cover seventy percent, it receives a silver rating. Gold plans are designed to cover eighty percent, and rare platinum plans (which would have much higher premiums) should absorb ninety percent of services.
In New Mexico, insurance must also cover these services:
Small companies aren’t required to provide health insurance coverage to their employees. However, if they do, it must meet the ACA and New Mexico plans standards as indicated for large group plans. In addition, the ACA supports small businesses through SHOP (Small Business Health Options Program), which provides an accessible platform for smaller businesses. Small companies may also be eligible for tax credits to absorb some of the administrative cost of developing and managing the plans.
The credit is available for small businesses (with fewer than 25 full-time or full-time equivalent workers) if the employees 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 to qualify for the credit. Talk to your Taylor Benefits Insurance consultant for more information about small business insurance programs and tax credits.
In New Mexico, private-sector retirement plans are rare. In fact, only thirty-eight percent of private company employees work for a business that offers one. In response to the low savings rate, New Mexico’s legislature passed the New Mexico Work and Save Act, which contains incentives and support for employers to create retirement savings plans for their workers. However, there are currently no mandatory components to the law.
Taylor Benefits, an independent health insurance provider, can take advantage of this freedom of choice to provide custom plans, as we are not limited by insurance company policies or state insurance mandates. We have greater license to provide the healthcare services that your group needs. In addition, with low health care premiums, you can get more for your money.
We offer free consultations with no obligation to purchase one of our group plans. Our mandate is to provide your group with the best, most appropriate health care insurance coverage possible for your needs. Learn which plan is most appropriate with a free consultation today.
New Mexico residents benefit from Obamacare, 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 New Mexico, Taylor Benefits can provide greater group insurance coverage.
Most medical costs are covered by health insurance. No one in your company will have to stress over how they will pay for necessary medical care if they have the right health insurance coverage in place. Paying for your employee’s medical expenses through a group health insurance plan is the most cost-effective option, particularly given recent increases in healthcare expenditures, such as those linked with COVID 19.
The premiums for a large group of health insurance policies are significantly lower than those for individual coverage. A company’s overall costs can be reduced by tailoring benefit programs to the specific needs of each employee. In addition, the corporation may be qualified for particular tax incentives accorded to businesses.
Coverage for students’ out-of-pocket medical costs is one more perk of large group health insurance, which is another reason why universities and colleges should participate. A group substantially assists financially strapped large groups of people unable to purchase individual health insurance. The most effective way to pay the costs of medical treatment for employees is to give them membership in a group health insurance plan.
Under the Affordable Care Act, small-business owners are excused from providing their employees with group health insurance (ACA). According to federal laws, a “small business” is classified as employing less than 50 employees. As a small business, you can choose whether or not to offer employee health insurance.
More than half of small business owners (56 percent) provide group health insurance for their employees, according to a study by the Kaiser Family Foundation in 2020. A strong case can be made for small business owners to provide their employees with health insurance, even when it is not mandated. Providing health insurance to your employees is a win-win situation for you and them.
It’s possible to incorporate many perks into a benefits package. It’s not necessary to provide all of them or e of them, but it’s a good idea to consider how these matches with the company’s beliefs. When it comes to employee benefits, there usually are two main categories: financial and health and wellness.
Employees may be eligible for a variety of financial advantages, including but not limited to:
Health and wellness perks, including but not limited to:
As a new company, you must allocate funds to pay for health benefits to retain and attract current and potential employees.
Employer-sponsored health insurance in 2021 is anticipated to cost $16,253 per year, or 73% of the premium, for a family plan and $6,440 per year, or 83% of the bonus, for a single project. Families’ and individuals’ premiums have increased by 22% in the last five years and by 47% in the preceding ten years, respectively.
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