- Providing world class service and value for employee benefit group plans since 1987
Businesses that meet the ACA (Affordable Care Act) definition of Applicable Large Employer, which means they have more than fifty workers, must offer health insurance policies to their workers. These plans must meet the ACA standards for coverage and affordability. Many companies already offered insurance before the ACA but didn’t have to meet specific requirements. One rule, the affordability standard, limits the amount of the premium a worker can be required to pay. The limit is 9.61 percent of their gross income. As a worker’s pay increases, the amount they pay for coverage may increase since some companies charge higher-paid employees more.
Also, the company can offer its workers more than one plan choice if at least one has a premium cost below the threshold. Other choices can cost more if they provide more coverage. Health insurance plans are identified by a metal tier (bronze, silver, gold, or platinum) that categorizes the value. For example, bronze plans are the least expensive. They must cover at least sixty percent of the anticipated costs for a subscriber while including the ACA’s ten essential benefit categories.
Companies employing fewer than fifty workers can offer health insurance, but it’s optional. If they do have health insurance policies, the plans must meet the ACA requirements. Some small businesses take a safer approach to health care costs by sponsoring a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). However, if the company has health insurance or a flexible spending account (FSA), it can’t also provide a QSEHRA.
With a QSEHRA, the company decides how much to contribute to the employee’s accounts each year. If a company has a QSEHRA, it must offer it to every employee. Workers who incur health care costs submit their expenses to the QSEHRA for payment. Suppose a company contributes to an account, and an employee doesn’t use the entire amount. In that case, the business can either keep the money or roll it over for use in the future.
Creating a robust benefits program is crucial for companies seeking to attract and retain key talent. A great package may start with health insurance, especially for large companies under the ACA mandate. After health insurance, employees’ wish lists usually include some of these options:
One increasingly popular benefit is a wellness program to help workers identify and manage health issues. These programs may include health screenings, risk assessments, and health enhancement incentives. Wellness benefits help workers stay healthy and may improve employee morale.
The following health benefits are included in all our group healthcare insurance plans. We make sure that you receive the coverage you need. We can always add more coverage, depending on the needs of your group.
In 2015, the average New Orleans (LA) resident paid $4,264 for healthcare. Although this might seem like a low price to pay for most Americans, it is actually quite a considerable amount when you realize that approximately half of all Americans are living paycheck to paycheck. Americans cannot afford the healthcare they are receiving.
There is a solution, however, that will lower healthcare costs for most Americans, yet still keep healthcare as a viable necessary expenditure: group healthcare insurance plans.
Group healthcare insurance is more affordable since you are signing up to join a pool of other people. Whereas with an individual plan you would be paying all the healthcare costs for yourself, you are pooling your money with others in a group plan. By pooling your money with others, you are able to gain better leverage to gain the healthcare benefits you want at a lower price.
The following are some frequently asked questions about health insurance coverage in New Orleans, Louisiana.
In 2020 it was found that, in average, health insurance policies provided by companies cost $7,470 per year for a single policy. On the other hand, employers covered 83% of the cost, or $6,200 per year. The remaining 17% was paid by employees, or $1,270 annually.
An average family insurance policy cost $21,342 per year, and employers contributed an average of $15,579 per year. Seventy-seven% of the bill was paid by employees, or $5,763 per year.
Small company entrepreneurs in New Orleans have a number of health insurance options.
One of the most popular options is group health insurance. Employers pay a health plan cost to provide health benefits to their employees and, in some situations, their families, a portion of which may be funded by employees.
Your organization may also benefit from a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Employees may get a fixed sum of money in the form of incentives from their employers each month (at their discretion).
Health Reimbursement for Group Coverage is also offered. Employees would be provided with health insurance as well as monthly allowances to cover other health-related expenses.
Self-funded health insurance poses concerns to small enterprises. Employees under this plan pay their medical costs or medicines to their employers. Companies pay their staff on a bill-by-bill basis rather than monthly premiums.
AHPs are the final choice on the list, and most small enterprises regard them as dangerous. When smaller businesses within an industry or area elect to contribute to and acquire a big group health plan, an AHP is implemented.
Taylor Benefits Insurance can connect you with some of the major health insurance carriers in the country. You can always count on us to get you a fantastic deal on large group coverage.
We work with the following insurance companies:
Taylor Benefits Insurance Agency provides the following benefit plans to employers and employees in New Orleans, Louisiana:
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