- 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 providers. Thus, our agents can provide custom plans crafted to meet your needs.
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 coverage options that many groups find attractive.
Taylor Benefits offers the following health insurance options for clients.
Don’t hesitate to create your custom plan today!
The Affordable Care Act allows each state to implement some aspects of the legislation according to their state preferences, which has resulted in some disparities between state coverage. New Mexico 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. That is good news for employers and employees in the Land of Enchantment.
The Affordable Care Act (ACA) mandates that companies with fifty or more workers provide affordable health insurance for employees 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 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 available for 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:
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 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 costs 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 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 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.
As an independent health insurance provider, Talor Benefits Insurance can take advantage of the many available choices to provide custom plans, as we are not limited by insurance company policies or state insurance mandates. We can provide the healthcare services that your group needs, and with low healthcare 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 purchase group health insurance with the best, most appropriate healthcare insurance coverage possible for your needs. Learn which health plan is most appropriate with a free consultation today.
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 New Mexico, Taylor Benefits can 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.
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. In addition, the corporation may be qualified for tax credit incentives in some cases.
While company plans are more common, other groups may also benefit from purchasing group health insurance. 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 a group health insurance plan.
Under the Affordable Care Act (ACA), small-business owners are excused from providing their employees 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 employee health insurance. More than half of small business owners (56 percent) offer group 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 the employees 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.
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