- Providing world class service and value for employee benefit group plans since 1987
In New Mexico, offering employee benefits and group health insurance is more important than ever. According to the U.S. Bureau of Labor Statistics, nearly 70% of private-sector workers have access to employer-sponsored health insurance, and employees are increasingly expecting benefits as a part of their job. In a competitive hiring market like New Mexico, businesses that offer group health insurance plans and employee benefits often attract and retain top talent more effectively than those that do not. Whether you run a small business in Albuquerque or a larger organization in Santa Fe, providing quality benefits helps you stand out.
At Taylor Benefits Insurance, we have been helping businesses across New Mexico build custom employee benefits packages for years. From group health insurance to dental, vision, and retirement plans, we help organizations offer meaningful benefits that meet the needs of both employers and employees. Our goal is simple — to make sure businesses have access to affordable and comprehensive options that improve employee satisfaction and loyalty.
Group health insurance is one of the most valued benefits by employees in New Mexico and beyond. It helps workers and their families access essential healthcare services without the burden of overwhelming out-of-pocket costs. For employers, offering health insurance is more than just a way to meet employee expectations — it’s a strategic investment.
In New Mexico, businesses providing group health plans often see lower turnover rates and higher job satisfaction levels. Employees who feel secure about their health coverage tend to be more productive and committed to their work. Additionally, offering employee benefits can give you tax advantages, such as deductions for premiums and other contributions.
Companies of all sizes — from small family-owned shops to larger corporations — are realizing that group health plans are not a luxury but a necessity in today’s business environment. Here’s everything that can be part of your employee benefits plan:-
Understanding health insurance regulations is essential for businesses operating in New Mexico. While New Mexico does not mandate private-sector employers to offer health insurance, federal laws like the Affordable Care Act (ACA) require businesses with 50 or more full-time employees to provide qualifying coverage or face penalties.
Small businesses with fewer than 50 employees are not required to offer insurance, but many still do to remain competitive. For small businesses, New Mexico’s health insurance marketplace and private group health insurance plans offer flexible options to fit different budgets.
Taylor Benefits Insurance helps employers understand these requirements and find the right solutions, whether you are a small business or a larger employer subject to ACA guidelines. We ensure that your plans meet both state and federal regulations, protecting your business from unexpected penalties.
Employee benefits go beyond just health insurance. In New Mexico, businesses are increasingly offering a variety of perks to attract and retain the best workers. Below are some of the most common benefits employers in the state provide:
Group Health Insurance Plans: Medical coverage is often the cornerstone of any benefits package. Employers can choose between PPOs, HMOs, HSAs, and more depending on budget and employee needs.
Dental and Vision Insurance: Supplemental coverage like dental and vision plans are popular in New Mexico, especially among businesses aiming to offer full-service benefits.
Life and Disability Insurance: Many companies are including life insurance and both short-term and long-term disability options to offer peace of mind to employees.
Retirement Plans: 401(k) plans and other retirement options help employees save for the future while offering tax benefits to employers.
Paid Time Off (PTO) and Leave Policies: Offering generous PTO, sick leave, parental leave, and other time-off policies is a big plus for New Mexico workers.
Wellness Programs: From gym memberships to mental health support, wellness programs are growing in popularity as more employers focus on holistic well-being.
Taylor Benefits Insurance works with New Mexico businesses to design custom employee benefit packages that combine these elements into affordable and valuable offerings.
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.
Taylor Benefits Insurance specializes in helping New Mexico employers design and manage employee benefit programs that are both comprehensive and budget-friendly. Our team works closely with businesses of all sizes, providing:
Customizable Group Health Insurance Plans: We help you choose the right combination of coverage options including medical, dental, vision, life, and disability insurance.
Compliance Support: We make sure your benefits comply with all New Mexico and federal laws, including ACA mandates.
Employee Communication: We assist with educating your employees so they fully understand and appreciate their benefits.
Benefits Administration: From enrollment to renewals, we simplify the management of your employee benefits.
By partnering with Taylor Benefits Insurance, New Mexico businesses gain access to a wide range of group health insurance solutions and employee benefits tailored to their needs.
There are several advantages for New Mexico businesses that choose to offer employee benefits and group health insurance:
Attract and Keep Employees: Competitive benefits make your business more attractive to job seekers and help retain current employees.
Boost Productivity: Healthier employees tend to be more focused and productive.
Improve Employee Satisfaction: Workers who feel valued and supported are more engaged and loyal.
Tax Benefits: Many employer contributions to health insurance and retirement plans are tax-deductible.
Stronger Company Reputation: Being known as a company that takes care of its employees can improve your reputation in the community and your industry.
Choosing the right partner to set up your group health insurance and employee benefits is a big decision. Taylor Benefits Insurance has a long history of helping businesses in New Mexico create affordable and effective benefits packages.
We work independently, which means we are not tied to any one insurance carrier. This allows us to shop across multiple providers to find the best group health insurance options for your business. Whether you are located in Albuquerque, Las Cruces, Santa Fe, or anywhere in between, our team is ready to help you build a plan that meets your goals.
If you are ready to improve your employee benefits and offer competitive group health insurance in New Mexico, we are here to help. At Taylor Benefits Insurance, we make the process simple and stress-free. Our team will listen to your needs, explore all available options, and tailor a plan that works for your budget and your employees. Whether you are updating your existing benefits or starting from scratch, we will guide you every step of the way.
Reach out to us today at 800-903-6066 to learn more about how Taylor Benefits Insurance can make a real difference for your business and your employees.
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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