The city of Round Rock has maintained a high quality life while becoming a major center for economic growth in Central Texas. This city is one of the fastest growing cities in the nations and the best managed cities in Texas. If you are an employer in this city, you definitely want to attract and keep top talent. There is no better way to do this than to offer your employees a comprehensive group health insurance and employee benefits plan.
Although most employers consider group health insurance and employee benefits plans as being costly for the company’s bottom line, not providing health coverage could be a major misstep for your company. While it is true that health care reforms have resulted in an increase in the cost of providing health insurance that is a major component of an employee benefits plan, employers can still offer a comprehensive plan. In view of the Affordable Care Act, purchasing group health insurance is now more affordable than when your workers purchase it individually.
The Affordable Care Act (ACA) sets the threshold for large employers at fifty or more workers. It requires that those companies offer their employees and dependents a healthcare policy that meets the designated minimum affordability and coverage standards. The affordability provision applies only to the company’s employees, not their dependents. However, the coverage standards apply to every plan. To be affordable, the subscriber portion of the cost can’t exceed 9.12 percent of gross income for 2023.
Employers not offering qualifying health insurance may have to pay a shared responsibility penalty. The IRS can impose the penalty if the company doesn’t provide adequate insurance to at least 95 percent of its workers and dependents. Children up to age 26 are counted as dependents, but spouses and foster or stepchildren are not. Also, companies won’t need to pay the fine unless at least one of their employees receives a premium tax credit for buying insurance through a health insurance marketplace. Employees aren’t eligible for marketplace credits if the employer plan meets affordability and coverage standards, so it follows that employees in companies with satisfactory plans won’t need to obtain insurance elsewhere.
The Affordable Care Act exempts small companies (with fewer than fifty workers) from compliance. Fortunately for those companies that want to offer insurance policies anyway, the Act added resources to provide help. SHOP is the acronym for Small Business Health Options Program, which the ACA created for this function. Businesses can go directly to the SHOP website or get information from a broker like Taylor Benefits Insurance.
The ACA clarifies coverage for plans by assigning a metal tier designation. Metal names identify all qualified insurance plans to indicate their value. For example, bronze plans have a lower monthly premium but higher costs for service. Silver, gold, and platinum will require a higher premium but should cover more usage costs.
Companies seeking to attract and retain employees using an excellent benefits package as an attraction may want to consider low-cost ways to stand out. One option is to add “voluntary benefits.” This term means providing programs that can offer access to discounts and money-saving offers. The employer often contributes little or nothing toward these perks but facilitates their availability for employees. The employee gets value due to the size of the potential pool of participants.
Voluntary benefits may include vision coverage, legal plans, pet insurance, long-term disability, long-term care, and discounts for other services like communications, recreation, and fitness centers. Sometimes employees can pay for these with pre-tax income.
Usually, companies will create a package of more traditional perks like health insurance, paid time off, and retirement savings and supplement those offerings with these extra options.
Dial 800-903-6066 and get free consultation on Round Rock Group Health Insurance & Employee Benefit Plans
Taylor Benefits is a reputable group health insurance and employee benefits provider serving the city of Round Rock. We specialize in offering a range of cutting edge group benefits plans for companies of different sizes. Our insurance agents leverage their expertise to craft custom benefits plans that address the needs of your companies and employees. We guarantee you a unique, comprehensive and affordable plan. We achieve this by understanding the needs of your company as well as your employees needs.
At Taylor Benefits, we offer the following group health insurance and employee benefit options:
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At Taylor Benefits, we are an independent insurance agency therefore we do not operate like traditional insurance providers. This gives us the flexibility to tailor custom plans that have your employees’ best interest. We have the liberty to draw different components from different insurance carriers. We also emphasize on adherence to the standards of the Affordable Care Act (ACA) as well as local, state and federal laws so that you avoid penalties and earn tax credits. We also negotiate for the best rates and premiums so that your plan is in line with your budget.
Are you ready to give your employees an affordable benefits package? Our insurance agents are ready to help you craft an attractive group health insurance and employee benefits package. Get in touch us today for free consultation. We can also give you a free estimate. Dial 800-903-6066 today.
Written by Todd Taylor
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.
We’re ready to help! Call today: 800-903-6066