As a Newark business, having a well put together yet inexpensive group health insurance and employee benefit plan available to all employees of the company is extremely important. The options to carry insurance and take advantage of benefits offered through a multiemployer are especially important for those with families at home that they must care for.Taylor Benefits Insurance Agency can help your business find insurance and benefits at lower costs. We have been working with leading insurance carriers all over the state for over a quarter of a century at least.
A company owner’s number one priority should be finding the right plans and insurance for their employees if they wish for them to stick around. Our insurance brokers will go over your options while keeping your financial constraintsat the forefront of their mind. Due to our longstanding history in the industry, we’re able to tailor plans and negotiate all costs.
The ACA (Affordable Care Act) requires big companies to provide health insurance. The law contains a standard for affordability, so the employee’s premium cost must not exceed 9.61 percent of their income. For example, if an employee earns $50,000, the maximum is approximately $4,805 for that individual.
The coverage must also meet the ACA rules for adequacy concerning comprehensiveness and costs. Finally, every plan must cover the ten designated “essential benefits” outlined by the ACA:
Small businesses may hesitate to commit to health insurance because of the high cost, which seems to increase annually.
One option for these companies is establishing a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). These accounts enable small businesses to assist workers by facilitating their use of pre-tax funds for healthcare while avoiding the burden of administering a healthcare program. Of course, the company can also contribute to the accounts, but that's optional. Talk to your Taylor Benefits Insurance specialist about how QSEHRAs work.
In addition to health insurance and paid time off, employees value retirement savings plans. New Jersey’s Secure Choice program requires many employers to offer access to retirement accounts. Other benefits that can help to attract high-quality workers include:
PPO- A flexible plan allowing employees to choose their physicians and healthcare providers.Choosing providers within the network will cut the costs of healthcare.
HMO- All healthcare services needed must be decided within a strict network of providers and facilities linked to the relevant health maintenance organization.
FSA- A flex spending account that keeps the employees earned income tax-free for use towards unpaid healthcare expenses uncovered by the insurance carrier.
HSA- A savings account for employees to keep tax-free money. Services not cared for by the insurance company can be covered with the money in this account.
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