- Providing world class service and value for employee benefit group plans since 1987
As an independent agency with over 25 years’ experience, that writes our own group healthcare insurance plans, Taylor Benefits Insurance is not required to compete with any insurance carrier or insurance plan offered on the federal exchange. Groups seeking group healthcare insurance receive custom plans that are not limited by municipal, state, or national competition.
Simply put, we provide custom insurance plans, based on the wants and needs of your group. You don’t have to choose between price and features, you can have both.
Also, the plan must pay at least 60 percent of the anticipated expense for medical services for a subscriber. And finally, every health insurance plan must cover these ten essential benefit areas:
Small companies are exempt from the mandate if they employ fewer than fifty people. Often these businesses don’t provide health insurance because of the high cost. One option for them to consider is a High Deductible Health Plan (HDHP), combined with a Health Savings Account (HSA). The HSA is an integral part of this duo, but deductibles must be high enough for the IRS to allow the add-on. The deductible must match the IRS minimum of $1,400 for an individual or $2,800 for a family. However, the deductible amount is much higher in many cases and can equal the out-of-pocket maximum. That maximum is $7,050 for an individual subscriber or $14,100 for the family.
Health Savings Accounts can make healthcare expenses more manageable because the subscriber can use pre-tax income to pay for their medical costs. Sometimes, the employer adds funds to the HAS, but they don’t have to. Also, the funds can roll over if the worker has money in the account and they don’t use it in that calendar year. In that case, they can keep it in reserve for future needs, even into retirement.
New York City has a Paid Safe and Sick Leave law that requires companies to offer various amounts of paid and unpaid leave depending on company size and revenue. Companies are also subject to the New York state leave requirements and state provisions requiring workers’ compensation, disability, and paid family leave. NYC also mandates that employers with twenty or more workers offer commuter benefits, allowing employees to use pre-tax income to pay for transit.
New York City is typically a competitive labor market, so employers will likely need to go beyond the mandated benefits to attract the employees they want. Some popular benefits include:
Our group healthcare insurance plans typically include the following benefits. We have the ability to offer a broad range of services due to our independent status. Group insurance plans provide you with the ability to receive these benefits and more:
20% of New Yorkers receive health insurance through the federal exchange, but premiums are rising. With rates rising out of control, and the possibility of losing insurance and coverage looming over many Americans, especially in an expensive city like New York, the answer is clear: Americans need better, more affordable healthcare insurance plans.
Group insurance plans are more affordable and provide more coverage. New Yorkers should band together with at least 50 other people, whether through work or other social gatherings, and get group insurance. In a city where $1000 gets you a small bedroom in a shared apartment outside of the city center, most individuals simply do not have enough money to spare at the end of the month, even for essentials like healthcare and insurance.
This isn’t right and that’s where Taylor Benefits Insurance steps in.
Group insurance plans provide better coverage than individual insurance plans. One of the best benefits of group insurance, especially with a plan custom-designed by Taylor Benefits Insurance, is the ability to cover your healthcare expenses with more-affordable premiums. Obamacare is a one-size-fits-all solution, but you and your group need a custom one.
The following are some frequently asked questions about health insurance coverage in New York City, New York.
In New York City, New York, a Large Group Health Insurance Plan is the best alternative for large firms with more than 50 employees. You may get affordable health insurance with a large group coverage plan if you take advantage of the substantial discount that comes with it.
Student health insurance is another great use for a large group health insurance plan. This health insurance is a fantastic option for large groups of people who cannot afford individual health care. Additional benefits of large group insurance include:
In New York City, small business owners can choose five distinct health insurance types.
Small firms can get started with a basic group health insurance plan. In exchange for providing health benefits to their employees and their families, employers pay a fixed health plan premium (which may include a fee from the employee).
The Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) is the second most popular plan. Employers can, in essence, pay a set sum of money (at their discretion) to their employees as monthly benefits.
It is also possible to obtain a Group Coverage Health Reimbursement Plan. The business would provide group health insurance in addition to a monthly allowance for deductibles, copays, and other expenditures.
On the other hand, Self-Funded health insurance is the riskiest insurance plan for small enterprises. Employers pay their employees’ medical expenditures rather than monthly premiums.
Associate Health Plans (AHPs) are the last healthcare insurance choice. However, they are relatively risky for smaller businesses. The AHP is a type of group health plan in which a group of small firms in a specific industry or location pools their resources to obtain larger group health coverage.
Most New York City employers provide health insurance that covers most medical equipment and treatments, including prescribed medications, surgical procedures, and doctor’s appointments.
Plastic surgery, for example, is not covered since the company believes it is unnecessary. Dental and vision insurance must be purchased separately because many healthcare plans do not cover these two areas of health.
Employees of all income levels are eligible to participate in group health insurance plans. Employee healthcare insurance can range from as low as $3240 per year, which is more than three times less than the average annual healthcare expense in the United States.
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