- Providing world class service and value for employee benefit group plans since 1987
Large companies choosing how to provide mandated health insurance for their workforce can choose one of several approaches, depending on the target group’s needs, the budget, and how the company intends to share the costs. Premiums for health insurance seem to rise annually, and employers may not want to pass those increases to workers. Still, one positive point is that both employers and subscribers have choices that enable them to choose the coverage that meets their needs while accommodating their budget.
One popular option is a High Deductible Health Plan (HDHP), often paired with a Health Savings Account. In 2022, the IRS requires that an HDHP have a minimum deductible of $1,400 for an individual ($2,800 for a family). However, many of these policies have much higher deductibles. Some have a deductible that reaches the out-of-pocket maximum of $7,050 per individual. In addition, any expenses that the subscriber incurs outside their PPO or HMO network don’t count toward the deductible.
Using a Health Savings Account, the subscriber can set aside pre-tax income to pay for qualified medical expenses. Any funds leftover in one calendar year can roll over indefinitely (even into retirement) for future needs.
Small companies—defined as having less than fifty employees– aren’t obligated by the ACA to provide health insurance to their workers. Still, some want to, recognizing it as a competitive advantage in recruiting and hiring. Almost thirty percent of small companies pay the full cost of insurance coverage for their employees, and another ten percent also pay the premium for family members. Most workers (forty-five percent) are enrolled in PPO plans, and HMO plans are the next most often selected.
Small companies may benefit from investigating plans available through SHOP (the Small Business Health Options Program). It offers opportunities for small companies to provide affordable coverage to their workforce. Taylor Benefits Insurance can help a business evaluate the options. Small companies may decide to offer one plan for all workers or potentially a choice between more than one.
Benefits beyond the health insurance the ACA mandates are not typically required; in Florida, even paid sick time isn’t necessary. Still, many companies recognize the value of providing benefits both as a recruiting tool and for the well-being of their employees. The cost of benefits like health insurance is significant, while adding others may be negligible. For example, depending on the company’s needs, allowing flexible scheduling may save money while providing a perk for workers. Similarly, employees value the ability to work remotely, which may not cost the company anything.
Of course, administering benefits like retirement savings, dental insurance, and other programs can cost money. Still, it pays off with a thriving, more loyal workforce.
At Taylor Benefits, we’re committed to helping employers and businesses provide sound group health insurance and employee benefit packages. We care about your company’s success. Therefore, we craft competitive and comprehensive benefit plans that cover your employees’ needs and take care of your bottom line.
With 30 years of experience of offering group benefit plans, we’ve worked through the healthcare reforms and built excellent working relations with different leading carriers in Orlando. We work towards creating a human resource that is healthier, happier, and more productive.
Our focus is on creating for you a system that is affordable, responsive, and one that delivers high-quality care. The result is employee satisfaction, longevity of current employees, and great savings.
We have a variety of group coverage options from which we carefully devise a plan that will address your company’s needs. They include:
Here are some answers to frequently asked questions about health insurance in Orlando, Florida.
Some of the most recognized group health insurance companies in the country may be found through Taylor Benefits Insurance. We’ve proven over many years of good service that you can always rely on us to find you a great deal on large group insurance plans.
We work with the following insurance companies:
In Orlando, Florida, small business health insurance can benefit business owners in five ways.
The first is a general-purpose small business group health insurance plan. Employers pay a premium for health insurance in order to provide health benefits to their workers and, in some cases, the workers’ families. However, the employee might only be required to pay a small portion of it.
The second type of insurance to take into account is a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Employees receive a fixed sum of benefits from their employers each month.
Group Coverage Health Reimbursement Plans make up the third category of insurance. This suggests that the employer would give its employees access to group health insurance. They will, however, also provide them with a monthly stipend to cover other costs.
Smaller firms should avoid self-funded health insurance options because of their higher risk. Employers pay medical costs and prescriptions for their employees when they come, as opposed to making monthly premium payments.
This last type of insurance is referred to as Associate Health Plans (AHPs), and it is a risky financial choice for small businesses. This occurs when several smaller companies in a certain sector or geographic area work together to negotiate a favorable rate on a large group health insurance plan from an insurance provider.
The following benefit packages are offered to employers and employees in Orlando, Florida, by Taylor Benefits Insurance Agency:
Employee contributions to group health insurance plans are permitted. Monthly expenses for employees start at $270, or $3240 annually. Compared to the annual healthcare costs for the ordinary American, employee payments are more than three times lower.
What is group health insurance?
Group health insurance is a type of health coverage that employers offer to their employees. It provides medical benefits to a group of people, typically at a lower cost than individual plans. Group health insurance often includes a variety of coverage options such as medical, dental, and vision.
How does group insurance differ from individual insurance?
Group insurance is purchased by an organization to cover a group of individuals, typically employees, while individual insurance is bought by an individual to cover themselves and their family. Group insurance often offers lower premiums and broader coverage due to the collective risk pool, whereas individual insurance is tailored to the specific needs of the policyholder.
What are the largest health insurance companies in Orlando?
The largest health insurance companies in Orlando include Taylor Benefits Insurance, UnitedHealthcare, Florida Blue, and Cigna. These companies offer a wide range of health insurance plans and coverage options for individuals and families in the Orlando area.
What are the top 3 health insurance providers in Orlando?
The top 3 health insurance providers in Orlando are Taylor Benefits Insurance, Florida Blue, and Cigna. These companies offer a range of health insurance plans tailored to meet the diverse needs of individuals and families in the Orlando area. Compare their coverage, costs, and benefits to find the best option for your healthcare needs.
What is considered a large group for health insurance in Orlando?
In Orlando, a large group for health insurance is typically considered to be a company with 51 or more employees. This threshold may vary depending on the insurance provider, but generally, businesses with over 50 employees qualify for large group health insurance plans in Orlando.
How does large group insurance differ from small group insurance in Orlando?
Large group insurance in Orlando typically covers organizations with 50 or more employees, offering more comprehensive benefits at lower costs per individual. Small group insurance, on the other hand, caters to businesses with fewer than 50 employees, providing more limited coverage options and potentially higher premiums.
What are the eligibility requirements for large group health insurance in Orlando?
To qualify for large group health insurance in Orlando, companies typically need a minimum number of employees, often ranging from 50 to 100. Employers must offer coverage to all eligible full-time employees, and the majority must enroll in the plan. Additional criteria may vary by insurance provider.
What is the average cost of health insurance in Orlando for large groups?
The average cost of health insurance in Orlando for large groups typically ranges from $300 to $800 per employee per month. Factors such as coverage options, number of employees, and plan types can impact the final cost. Contact insurance providers for personalized quotes.
What are the compliance requirements for offering large group health insurance in Orlando?
The compliance requirements for offering large group health insurance in Orlando include adhering to federal regulations such as the Affordable Care Act, providing essential health benefits, and ensuring compliance with state insurance laws. Employers must also meet minimum participation and contribution requirements set by insurers.
Why are health insurance benefits crucial for attracting and retaining talent in Orlando?
Health insurance benefits are crucial for attracting and retaining talent in Orlando because they provide employees with access to quality healthcare, promoting overall well-being and job satisfaction. In a competitive job market like Orlando, offering comprehensive health insurance can differentiate employers and boost employee retention rates.
What are the best wellness programs for large groups in Orlando?
The best wellness programs for large groups in Orlando include corporate wellness retreats, team-building activities, fitness classes, and health seminars. These programs can be tailored to suit the specific needs and goals of your organization, promoting employee well-being and productivity.
What are the tax benefits of offering wellness programs to employees?
Offering wellness programs to employees can result in tax benefits for businesses. Expenses related to these programs may be tax-deductible as ordinary and necessary business expenses. Additionally, companies can take advantage of tax incentives, such as the Small Business Health Care Tax Credit, to further reduce costs.
How can wellness programs help reduce health insurance costs for large groups?
Wellness programs can help reduce health insurance costs for large groups by promoting healthy lifestyles, preventing chronic diseases, and improving overall well-being. By encouraging employees to engage in wellness activities, companies can lower healthcare expenses, decrease absenteeism, and boost productivity, leading to potential savings on insurance premiums.
What are the best dental and vision coverage options for large groups in Orlando?
The best dental and vision coverage options for large groups in Orlando include comprehensive plans offered by major insurance providers like Taylor Benefits Insurance, Aetna, UnitedHealthcare, and Cigna. These plans often include a range of services such as routine check-ups, cleanings, eye exams, and prescription coverage for glasses and contacts.
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.
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