- Providing world class service and value for employee benefit group plans since 1987
Large companies in Portland must offer their employees health insurance that meets the Affordable Care Act standards for affordability and comprehensive coverage. Affordability in 2023 means that the subscriber share can’t be more than 9.1 percent of the worker’s gross income. To be comprehensive, policies must include coverage for services that the ACA considers essential. Businesses must also make insurance available for dependents, but the cost doesn’t have to meet affordability standards. Also, insurers can’t deny coverage based on pre-existing conditions, and dependents can stay on a parent’s plan until they turn 26 years old.
Some companies allow workers to choose between plans to obtain coverage that meets their needs. At least one must meet the affordability standard, but all must cover the essential benefit areas. The ACA uses a system of metal tiers (bronze, silver, gold, and platinum) to designate the value, helping potential subscribers identify how much the plan will cover. For example, a bronze plan will typically have the lowest premium cost and cover the smallest portion of service costs. Conversely, silver, gold, and platinum will have a higher premium cost but will cost less to use.
Small companies aren’t required to offer health insurance if they employ fewer than fifty people. As a result, many businesses don’t because it costs so much, and the expense goes up regularly. Larger companies may choose to self-fund their programs, allowing them to save money and manage cash flow better. Unfortunately, for smaller organizations, the financial risks of self-funding may preclude them from choosing this option.
One option for small companies is to establish a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). These accounts help small businesses support workers by administering pre-tax funds that the employees contribute to and use for healthcare. As a result, employees save money by diverting the funds they need for medical premiums and out-of-pocket costs to the account before the income is taxed. 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.
Businesses of any size usually try to offer some benefits, especially in a competitive labor market. Employees and candidates evaluate the benefits when considering whether to accept an offer. A good package often starts with health insurance, which is for large companies under the ACA mandate, but optional for small businesses. In addition to insurance, workers usually prioritize paid time off for illness, vacation, and holidays.
In Oregon, all employers must provide paid sick leave for their workers, which the employee accrues based on their work hours. Oregon also requires employers to facilitate workers’ access to the state retirement program (OregonSaves) if they don’t have a company plan.
Other benefits that workers want include:
At Taylor Benefits Insurance, we provide custom group healthcare insurance plans for our clients. Each plan is designed with our clients in mind, as we do not believe in cookie-cutter healthcare. Instead, we research all the laws, policies, mandates, and requirements that you need for your healthcare insurance before writing your plan. As an independent agency with more than 25 years of experience writing plans, we are capable of doing this. We do not compete on the state or federal exchanges. We do not compete with insurance providers. We do not compete because we do not have to, and we want to provide the most suitable healthcare insurance plans possible for our clients. If you are not satisfied with the healthcare plan you are on, contact Taylor Benefits Insurance today and see the difference a well-crafted group healthcare insurance plan can make for you.
The following benefits are offered to our clients. You can, however, add more benefits to your plan if you choose.
One of the most troubling issues facing families in Portland, Oregon, today is the rate of vaccination exemptions being provided to children, with 6%-7% of kindergarten children not receiving their shots. If you have healthcare, it is presumable that your children have had their shots. However, the last thing you want is to have to pay a deductible and face rising premiums because an unvaccinated kid made your child sick.
Your health, and the health of your children, is in your hands. When it comes to understanding the necessity for healthcare, it pays to purchase more comprehensive insurance, especially when comprehensive insurance can be had for affordable rates. The number of people enrolled in group healthcare insurance plans together are larger than any family. The larger the number of people enrolled in a plan together, the more coverage they can receive. When it comes to your family, you need the most comprehensive insurance you can afford. Group healthcare insurance is a step in the right direction to ensure your children remain as healthy as possible.
The following are the most frequently asked health insurance questions in Portland, Oregon:
Depending on whether you desire individual or group coverage, there are various types of health plans available. Typical health insurance plans include the following:
The most common type of plan is the PPO (Preferred Provider Organization). An insurance company’s preferred provider list must be used by employees covered by a PPO plan in order for claims to be reimbursed at maximum levels.
Health Maintenance Organizations (HMOs) provide a wide range of health care services through a network of providers that either contract directly with the HMO or agree to do so. In most cases, your HMO plan would ask that employees use a PCP (primary care physician) connected to the organization to handle the majority of their medical needs and only send them to specialists when necessary.
A Health Savings Account (HSA) can be used with most PPO plans. HSAs allow individuals to set aside money for future medical expenses before taxes. Health Reimbursement Plans (HRPs) are often substitutes for Health Savings Accounts (HSAs) because of the benefits they provide to businesses.
Indemnity insurance members are able to choose any doctor or hospital they wish. A percentage of the overall cost will be paid by the insurance company. For certain treatments, employees may be required to pay in advance and then seek reimbursement from their insurance company.
At most Portland, Oregon jobs, health insurance will cover doctor appointments, prescription medication, and surgeries, among other benefits.
However some health procedures, such as plastic surgery for example, are not covered since it is deemed unnecessary. Dental and vision care are not typically covered by most health insurance plans, so these two procedures need to be obtained independently.
Companies with over 50 employees benefit from large group health insurance. You may find that the health insurance plan offers coverage at an affordable price with significant savings as you utilize it. It offers numerous advantages including:
A group health insurance program allows employees to contribute regardless of their income. The average employee pays about $3240 for healthcare a year, which is roughly three times less than the average cost in the United States.
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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