The ACA mandated that large companies offer health insurance to their employees, but most had already. Still, the law standardizes the coverage that many workers get. Companies offering health insurance must meet the ACA requirements for comprehensive benefits and can’t require workers to pay too much for the plan. Every large employer must provide at least one option that meets the affordability standard with a premium charge to the worker of less than 9.61 percent of their gross income. For example, if an employee's salary is $50,000 yearly, their maximum contribution to the insurance cost is $4805. However, the dependent cost can have a higher premium.
Employers sometimes offer one plan that meets the cost requirement and one or more that has a different cost and structure. To help employees differentiate, the ACA created metal-coded tier names for plans. The most affordable are bronze, then silver, gold, and finally platinum. Companies can give the workers a choice between a bronze plan with a low cost, like an HMO or a high deductible plan, and one with a higher price that might be silver or gold. The employee can choose to contribute more for the alternative if they prefer it.
While small companies (those with less than fifty workers) don't need to provide health insurance to their employees, many want to. One reason is that health insurance is at the top of the wish list for employees and recruits. That may be why, according to the U.S. Bureau of Labor Statistics, almost half of small businesses offer insurance to their workforce. However, some small companies find their enrollment low because the workers get coverage from somewhere else, or they can’t afford the policy. The ACA has resources for small businesses that want to offer insurance, and some companies are eligible for tax credits to reduce the administrative burden. Your Taylor Benefits Insurance consultant can help you determine the best course of action.
Oakland, CA, based workers have paid sick and family leave benefits. Paid vacation and holidays aren't required, but many companies also offer these perks. Besides health insurance and paid time off, employees often ask for vision and dental coverage, retirement savings contributions, flexible scheduling, and childcare assistance.
Some Oakland employers also offer commuting subsidies, tuition reimbursement, and office-based perks like food, fitness options, and paid volunteer time.
The future will usher in many changes for health insurance and group benefit providers and subscribers. The implementation of the Affordable Care Act–also referred to as Obamacare–means that the rules which govern the group benefit landscape will be changing. So too will the rates, coverage and plan options in California, which is leaving employees and business owners searching for answers about how to manage their shifting roles in the process while keeping the overall cost of insurance, retirement and disability benefits reasonable.
Managing costs and employee benefits is becoming an emerging focal point of running a successful business, especially with the uncertainty of the looming healthcare changes that will kick in during the coming years.
There is plenty of confusion around how these changes will affect businesses (especially small businesses) and the way in which health care costs and benefits will be regulated and administered.
As many people are just now finding out, the advantages of having an experienced professional in your corner are tremendous, especially given the harsh penalties that will accompany noncompliance starting from 2014 going forward. It is essential that businesses understand the potential savings and costs of the new healthcare law, as well as how their overall benefits package can impact the quality of their employees they are able to retain.
Taylor Benefits is an independent broker with over 25 years experience in the industry. We represent all major insurance companies in Oakland and throughout the state of California, which allows us to negotiate with them on your behalf to get your the most affordable rate available that provides the coverage and benefits you need. Here are some of the group and employee benefits services we provide:
Dial 800 -903-6066 and get free consultation on Oakland Group Health Insurance & Employee Benefit Plans
Traditionally, when you purchase health insurance, you deal with an agent that operates on the insurance company’s behalf to sell you a product. Insurance agents tied to the companies whose policies they sell are typically less objective due to the simple fact that their job is to sell you a plan that works best for them, not what works for you.
When you use an independent agent like Taylor Benefits, you get the advantage of working with a professional that has the knowledge of an industry insider, but also one that is not motivated by pressure to up sell and recommend policies that do not fit your group benefit needs. Employer provided benefits are becoming an increasingly important factor when it comes to attracting the most qualified employees and we make it our mission to provide you the best plan at the best price, based on the best information and current industry trends.
Our interest and expertise are in coming up with a comprehensive benefits packages and group insurance plans that fit with the goals of your company, while meeting the needs and expectations of employees. We explain and help you evaluate your options every step of the way to ensure that your employees have access to the best group insurance, retirement, disability and life insurance available on the market.
All of our proposals for group plans (including small and large businesses) come standard with the following services provided:
Enrollment assistance These are the core services we provide to manage and administer your group benefits and employee health insurance plans. We are also happy to address specific questions or concerns you may have regarding group benefits.
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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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