Taylor Benefits is a full service group benefit and employee health insurance provider, serving businesses and employee groups in Roseville and Placer County. With more than 25 years in business in Northern California, we have the expertise, experience and understanding to help businesses attract and retain the top employees available through comprehensive health and benefit offerings. Here’s what we offer and how we help:
Large companies must offer health insurance for employees if the business has fifty or more full-time. The ACA requirements include coverage and affordability. To be “affordable,” the worker’s contribution to the monthly premium can’t be more than 9.61 percent of their income. Remember that limit only applies to individual employee coverage, without considering the cost for dependents. For example, suppose the worker’s pay is $50,000 annually. In that case, the affordability limit is $4,805 annually, so the premium is limited to a maximum of $400 a month.
The plan may also have a deductible and copayment (a fee each time the subscriber uses a service). Overall, it must be intended to pay 60 percent of the costs anticipated for services a typical subscriber would need. Finally, every insurance plan must include ten essential benefit areas:
Small companies (with less than fifty workers) don’t have to offer health insurance to their employees. However, the ACA created some options to help those companies that want to. First, they must comply with rules for small businesses. One requirement is minimum essential coverage, which is the same as the large companies must provide. The insurance must also be available for everyone in the company (not just managers or key staff). The ACA has tax credits for the smallest firms–with 25 or fewer workers. Still, the employer must subsidize half the premium cost for employees to receive those. Also, the employees must be at lower-than-average pay levels for the company to qualify for the credit.
Small business owners can find information and help from a broker like Taylor Benefits Insurance. Small business options are organized by tiers and identified by metal names to help indicate the value. For example, bronze plans have a lower monthly premium but higher costs for service. In contrast, a platinum level plan has the highest premium, but using it costs less. Silver and gold are in between.
While some workers may only consider the pay when comparing job offers, most also evaluate the value of the benefits package. MetLife’s 2022 Benefits Survey reported that 73 percent of employees say that a better choice of benefits would encourage them to remain at their current employer. Also, employees state that benefits choices reduce stress and improve their financial wellness. The survey also notes that employees who are happy with their benefits are more likely to say they are loyal to their company.
Medical, Dental & Vision – The core of any quality group health offering, medical, dental and vision insurance are increasingly becoming one of the primary elements that draw employees to one company over another. We work with business in Roseville and Placer County to determine the best value for their employees while still fitting with the overall budget of the company. Each business is unique and our experience allows us to find an appropriate fit for businesses of all types and sizes.
Retirement – Offering an excellent retirement savings plan is another great way to provide employees a way to leverage their pretax earnings into a long term investment option. We have a variety of options for retirement plans including 401(k), 401(b) and pension plans. See this resource from the IRS for more information about the type of retirement benefits typically offered to employees.
Health Savings Accounts – Health savings and flex spending accounts are another great way to offer employees a way to maximize the benefit they receive from a quality health care plan. Both FSA’s and HSA’s provide an excellent way to use pretax wages to contribute to the cost of health care in a way that allows employees to get the most of what they contribute to paying for services and care.
Ability Matters (PDF) – A helpful guide for employers with information about hiring qualified employees with disabilities. 1 in 5 Americans have a disability and make up a proportionally small part of the workforce. In California, people with disabilities are the largest and most diverse minority in the state.
Small Businesses & the Affordable Care Act (PDF) – A fact sheet from the Small Business Development Center for the greater Sacramento Area. Included are basic elements of the ACA, as well as a list of resources for businesses to help understand new health care laws.
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