New York City Group Health Insurance & Employee Benefit Plans

New York City group health insurance plans

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.

Dial 800-903-6066 and get free consultation on New York City Group Health Insurance & Employee Benefit Plans

New York City NY Large Group Health Insurance Plans

The Affordable Care Act requires that large employers provide health insurance for their workers. The law included standards for coverage, including affordability. To meet that threshold, the employee’s share of the monthly charge must be less than 9.61 percent of their income. For example, if an employee’s pay is $50,000, the maximum subscriber premium is approximately $4,805. Employers also must offer coverage for dependents but don’t have to satisfy an affordability level.

New York City NY Large Group Health Insurance Plans

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:

  • Ambulatory patient services (outpatient care)
  • Emergency services
  • Hospitalization, including surgical and medical
  • Maternity and newborn care, including delivery
  • Mental health and substance use disorder services
  • Prescription drugs
  • Rehabilitative services and devices
  • Laboratory services
  • Preventative and wellness services, including chronic disease management
  • Pediatric services, including dental and vision care for children under the age of 19
  • New York City large group health insurance

New York City NY Small Business Health Insurance Plans

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 NY Employee Benefit Plans and Employee Benefit Packages

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:

  • Paid time off (vacation, holiday, and sick leave)
  • Contribution to a retirement plan
  • Health Insurance
  • Dental and vision insurance
  • Flexible working schedules
  • Childcare support (and elder care assistance)
  • Wellness programs and fitness center discounts

How Taylor Benefits Can Help You

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:

New York City group health benefits and employee insurance plans

Typical Problems with Group Insurance in New York City

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.

The Benefits of Taylor Benefits Insurance

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.

Are you looking for a New York City Group Health Insurance & Employee Benefit Plans? Click the quote button to get an instant quote.

Taylor Benefits Insurance provides free estimates to groups seeking healthcare insurance plans. Our estimates are provided without the need for payment. No obligation necessary! Group healthcare insurance plans allow you to gain more coverage for less money. If you do not have insurance, or you are seeking a better insurance plan, consider switching to a group plan.

Relevant Statistics

  • Over 75% of companies in New York City offer group health insurance coverage to their employees.
  • The average annual premium for group health insurance in New York City is $8,600 per employee.
  • Approximately 90% of individuals covered by group health insurance in New York City have access to preventive care services.
  • Companies with group health insurance in New York City experience an average employee absenteeism rate that is 20% lower than those without coverage.
  • Group health insurance plans in New York City provide coverage for an average of 80% of medical expenses, reducing out-of-pocket costs for employees and their families.

General Facts

  • Group health insurance in New York City provides coverage for a group of people, such as employees of a company or members of an organization.
  • The coverage typically includes medical services, prescription drugs, and preventive care.
  • Employers in New York City are required to offer group health insurance to eligible employees under the Affordable Care Act.
  • Group health insurance plans can help reduce the financial burden of healthcare expenses for individuals by spreading the costs across the group.
  • In New York City, there are various insurers and plan options available for employers to choose from to provide group health insurance coverage to their employees.

The Taylor Benefits Promise

Taylor Benefits Insurance can provide custom healthcare insurance plans for groups. Group insurance can help a lot of people, especially those who may lose their Obamacare insurance or who need an affordable alternative for healthcare. If Obamacare premiums rise too much, or the law is repealed and replaced, 20% of New York residents may need to re-think their insurance. Luckily, getting group insurance is a simple and affordable decision.

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in New York City, New York

The following are some frequently asked questions about health insurance coverage in New York City, New York.

New York City NY Employee Benefit Plans and Employee Benefit Packages

What Are the Benefits of Large Group Health Insurance Plans 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:

  • Pre-existing conditions
  • Deductibles
  • Coinsurance
  • Employer-sponsored (funded) Medicare/Medicaid enrollment
  • Employee dental programs and coverage
  • Health Savings Accounts (HSAs)
  • Employee vision insurance and care
  • Employees’ drug coverage
  • Comprehensive healthcare strategy
  • Employees’ major medical expenses
  • Out-of-pocket expenses
  • Employee wellness initiatives

How Do Small Business Group Health Insurance Plans Work in New York City, New York?

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.

What Benefits Can Employers Offer in New York City, New York?

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. 

How Much Do Employers Pay for Health Insurance?

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.

Written by Todd Taylor

Todd Taylor

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.

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