- Providing world class service and value for employee benefit group plans since 1987
Employee group health insurance and group benefits can be confusing for employers, especially with recent changes in California law regarding health care administration. It’s more important now than ever before for employers to fully understand their insurance responsibilities and use that information to help formulate a group health insurance and employee benefits plan that makes sense.
Taylor Benefits is an independent health insurance specialists broker, which means our interest is in finding you the right benefit programs that work for you, not simply selling you a product. We are not only here to help you find the best group health insurance options for your Sacramento business, but also to answer your questions and provide guidance along the way.
Taylor Benefits provides a broad selection of employee benefits and group health insurance plans. We work to design a custom benefits package that’s specifically geared toward your business’s health insurance needs and employee expectations, both from a benefits perspective and a financial one.
If you provide health insurance to your employees as per his or her expectations, it can help your business lower turnover and leave them in a positive state of mind. After all, the employee is the most valuable asset for any organization. Among Sacramento group and employee benefits, we provide you with the following options.
The Affordable Care Act (ACA) requires that large employers offer health insurance to their workforce. The plan must meet affordability and coverage standards for the business to comply with the mandate. Affordability means the premium the subscriber pays can’t exceed 9.61 percent of their gross income for individual coverage. Also, companies must design the plan to cover sixty percent of the expenses anticipated for a typical subscriber. That sixty percent coverage qualifies the plan as a bronze tier plan. The employer can offer multiple plans with different costs and scopes, but at least one must meet the standard.
Plans that charge a higher premium should cover more expenses so that the employee can pick the one that best suits their needs. For example, someone who expects to be a high-demand user of services could choose a silver tier plan that has a higher premium but pays a more significant percentage of the costs.
Large companies are looking for ways to continue offering this high-quality insurance while keeping the costs down for their employees. Some companies are providing high deductible plans, which may come with an option for a health savings account (HSA) if the deductible is in line with the IRS requirements. These plans are a good way for subscribers to pay for medical costs using pre-tax dollars.
Small companies (which the ACA defines as having under fifty workers) can offer health insurance, but it’s optional. However, if they do, the plan must meet the ACA requirements. Some small businesses take a more straightforward approach to health care costs by offering a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). However, it’s important to note that if the company has health insurance or a flexible spending account (FSA), it can’t also provide a QSEHRA.
With a QSEHRA, each business decides how much it can contribute to the employee’s accounts. But if a company has a QSEHRA, it must offer it to every employee. When the workers pay for their health care costs, they submit their expenses to the QSEHRA for payment. If a company contributes to an account and an employee doesn’t use the entire amount, the business can either keep the money or roll them over for future usage.
In addition to health insurance and paid time off, companies want to include other benefits their workers want in the benefits program. Talk to your Taylor Benefits Insurance representative to get the most out of your benefits expenditures. We can help you evaluate the elements of a package that will resonate with your workforce without blowing the budget.
The following sections answer some common questions about Sacramento, California’s health insurance plan.
You may get in touch with some of the biggest health insurance companies in the United States through Taylor Benefits Insurance. You can depend on us to always find you a fantastic deal on large group coverage.
We work with the following insurance companies:
Sacramento, California, has a variety of health insurance options available to small businesses.
This first type of group health insurance plan is very common. Health benefits are provided to employees and, in certain cases, their families by employers through the payment of a specified health plan cost, which may or may not include contributions from the employees.
QSEHRA is another insurance plan you can utilize for your firm. Every month, employers may give their staff a specified amount of money in incentives (at their discretion).
You can also go with the option of Health Reimbursement Arrangements (HRAs) for your company. In this plan, the employer would provide its workers with health insurance and a monthly stipend to cover additional medical costs.
Most small businesses view self-funded health insurance as a risky option. Under this scheme, employers receive prescriptions or medical costs from employees. However, they pay their employees on a bill-by-bill basis as opposed to paying premiums on a monthly basis.
The final option on the list is Associate Health Plans (AHPs), which are seen as risky by most small businesses. AHPs are put into place when smaller enterprises in a certain sector or area agree to finance and buy a large group health plan.
Employers and employees in Sacramento, California, can choose from the following benefit plans provided by Taylor Benefits Insurance Agency:
Employees may contribute any amount to group health insurance plans. The average employee spends $3240 per year on healthcare, which is more than three times less than what the average American pays.
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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