- Providing world class service and value for employee benefit group plans since 1987
Health care in the United States is very expensive, with individuals required to pay monthly premiums to insurance companies so as to get medical cover. Most health care players are in the private sector, there is no universal government cover. Group health insurance is a less expensive option for employers taking up this facility.
Providence city is the capital city of the U.S state of Rhode Island, and one of the oldest cities in the United States. It was among the first cities to industrialize. As an employer you will attract and keep top talent, because group insurance makes job seekers view your company favorably.
The ACA (Affordable Care Act) created a shared responsibility for employers and employees regarding health care coverage. Large companies employing more than fifty workers should provide health insurance, but they can choose not to. However, employers are penalized if any employee obtains coverage through marketplace exchanges.
In addition to ACA requirements, group health plans must follow the ERISA rules. ERISA is an acronym for Employee Retirement Income Security Act. Still, it has implications for health plans, including plan description and reporting requirements. The Summary Plan Description is critical, as it includes vital information about the coverage, such as:
Employers and plan administrators must communicate any substantial changes in the plan to subscribers at least 60 days before the effective date of the change.
More small companies are investigating QSEHRA programs for their employees. These healthcare reimbursement accounts offer small businesses a method of providing their employees with tax-free reimbursement of insurance expenses. According to the HRA Council, most of the firms using QSEHRA funds have fewer than 20 employees. Also, depending on the company’s pay levels, it may be eligible for a tax credit under the ACA.
QSEHRA programs limit how much the employer can reimburse each year, but if the worker doesn’t use it, the funds can roll over for future needs. This defined contribution approach helps small companies control their overall commitment to healthcare. Also, employees may be able to qualify for ACA subsidies when obtaining their insurance policy through an exchange.
Crafting a great benefits plan is essential for employers that want to compete for talented workers. With inflation continuing to tighten labor markets, standout benefits programs may give an employer the edge.
Potential workers want health insurance and prefer a choice between plans. Employees also place a high value on paid time off for illness, vacation, and holidays. Some companies add vision and dental insurance coverage to support their workers’ overall wellness and may add perks like fitness discounts and employee assistance programs.
Several states require private employers to offer retirement plans or to participate in state-run programs, but Rhode Island is not yet among them. However, the State legislature has been trying to pass this legislation. It will likely continue the effort, hoping to increase access to retirement savings for state workers. In the interim, retirement savings assistance remains on the list of benefits that employees would like to have.
Group health insurance covers a group of people either as employees of a company or members of society. Employers providing employee benefits benefit from tax relief because premiums are tax deductible. The employer enjoys an improved relationship with their employees. Productivity among the employees is increased as the workforce becomes healthier, due to the wellness cover provided to them and their families.
Group health insurance is less costly compared to an individual cover the employer also enjoys the flexibility of paying the premiums monthly, quarterly, or yearly.
With over 25 years of experience, Taylor Benefits is a group health insurance brokerage agency, which focuses on writing employee benefits plans. We offer our services throughout the country to both large and small companies. Being an independent insurance broker, we have access to all competitive health insurance and employee benefits carriers in the country. We confirm that our clients’ current carriers maintain a competitive position by analyzing the client’s benefits plan at each year’s renewal.
We provide administration for all your benefits plans so you do not have to deal directly with them. We offer complementary COBRA administration through a 3rd party administrator. Our clients are updated on all compliance issues and new health care reforms as they come into effect.
At Taylor Benefits we offer products that will meet your business requirements. Our products include:
These are some explanations for frequently asked questions about Providence, Rhode Island, health insurance plans, and employee benefits.
A large group health insurance plan offers protection to many people, at least 50 employees in Providence, Rhode Island. As a result, this plan’s main benefit is dispersing risk among several people. Participants gain from this because it keeps premiums low and enables insurers to manage risk better when they know to whom they are providing coverage. The cost of providing insurance to employees is reduced for employers thanks to large group health insurance. Employees who offer health insurance to their staff members and cover some of their premium costs may also be eligible for tax breaks.
Companies buy these insurance plans to offer to their employees, and for them to be valid, they typically require at least seventy percent employee participation. The organizations purchase the plans and then make them available to their employees with the option of involvement. Following that, the cost of these plan premiums was divided between the employer and the participating employees. On payment of an additional price, these plans may also cover group members’ families. However, these health insurance packages are more affordable than standalone plans.
In Providence, the benefits that employers provide to their employees typically depend on the business and what it decides to offer. However, some benefits must be provided by employers by law. Health insurance, Medicare, social security contributions, workers’ compensation insurance, unemployment insurance, and family and medical leave are a few examples. Employees should anticipate receiving benefits like these as part of their benefits package. However, some employers might provide extra benefits like gym membership and pet insurance.
What is offered as part of employee benefits determines its value. If an employer only provides the required benefits, its package would be less expensive than one including optional benefits. Employee benefits are typically worth about $11.82 per hour, on top of the average wage of $25 per hour. That results in total compensation of about $37.73 per hour, or more than 30% of an employee’s salary.
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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