Oceanside Group Health Insurance and Employee Benefit Plans

Making sure your employees have the absolute best and most affordable healthcare and benefit programs isn’t always simple. In fact, this is perhaps one of the most difficult things to manage at a company. That’s why Taylor Benefits Insurance Agency has been providing businesses throughout California and its neighboring states with the greatest, most dependable and affordable group health insurance plans and employee benefit plans for over 25 years.

Due to the large network of insurance carriers we have developed relationships with; we are able to offer low cost options to all businesses looking for the right insurance and benefit program or plan. We also offer consulting, strategic planning, and an HR tool that can assist management to learn the ins and outs of the plan you decided upon for your business.

Oceanside CA Large Group Health Insurance Plans

Since the Affordable Care Act (ACA) became law, group health insurance plans must comply with specific standards for essential benefits. If a program doesn’t provide all the required elements, the employer can be found non-compliant with ACA rules. The ten crucial minimum benefits that a large group health plan must cover are these:

1. Ambulatory patient services (outpatient care)
2. Emergency services
3. Hospitalization, including surgical and medical
4. Maternity and newborn care, including delivery
5. Mental health and substance use disorder services
6. Prescription drugs
7. Rehabilitative services and devices
8. Laboratory services
9. Preventative and wellness services, including chronic disease management
10. Pediatric services, including dental and vision care for children under the age of 19

One of the services that need to be included in every insurance plan is preventative care, plus wellness services and chronic disease management. There must be no copayment for these. Preventive care items include vaccines, screenings for cancer, and conditions like high blood pressure and cholesterol. In addition, some employers add incentives for health-conscious activities like exercise, smoking cessation, and stress reduction. Incentives may be as simple as providing employees with an exercise monitor or similar device when they sign up to participate. Some have more detailed programs that include competitive teams, rewards based on participation, and discounts for meeting specific goals.

Oceanside CA Small Business Health Insurance Plans

Small companies in Oceanside can stand out by offering health insurance to employees. Since not all smaller businesses provide it, those that do have a recruiting advantage. However, many small companies struggle with the cost, which seems to increase yearly.

Companies can look at alternate coverage options to maintain control over expenses, including a PPO, HMO, or POS program and possibly higher deductible and copayment options. PPOs (preferred provider organizations) are popular with workers because subscribers aren’t restricted to a network for services as they are with an HMO. A high deductible plan paired with a health savings account is one potential expense management tool. The deductible must be high enough to meet the IRS standards, or the HSA may be disqualified. Ask your consultant if this might be a good fit for your business.

Oceanside CA Employee Benefit Plans and Employee Benefit Packages

A retirement account with support from the employer is a benefit that workers often request. However, only about half of California companies have any retirement program. California has a new law requiring businesses that do not offer retirement savings for their workforce to provide access to the Calsavers plan, a state-sponsored IRA. Employers don’t have to contribute, but they do have to facilitate payroll deductions.

On the other hand, if a company decides to implement a plan for its workers, there are good choices for doing so. For example, a SEP-IRA (Simplified Employee Pension Individual Retirement Account) is a good choice for companies with fewer than twenty workers. It’s flexible for the owner and simple to establish.

A SIMPLE IRA may be a good fit for slightly larger companies because they have more options regarding contribution levels. One thing to remember is that with either plan, the business’s contribution automatically belongs to the account holder. There is no vesting period for the worker to qualify for ownership.