- Providing world class service and value for employee benefit group plans since 1987
During periods of rising inflation, the majority of expenses, including health insurance and even car insurance costs, escalate at an alarming rate. This issue is of significant concern to large companies and insurance carriers, being the organizations in a position to provide these essential protections like health and auto insurance for their team of employees, and even homeowners. Offering quality health insurance accounts as a critical ingredient in their package to attract talented individuals. The Affordable Care Act (ACA) administration, with its knowledge in compliance, ensures a copay cap on how much of the premium these companies can require the workers to pay. According to their insurance policy, it can’t exceed 9.6 percent of the worker’s gross income. This evokes decisions in different ways about deductible levels, potential discounts, and the spectrum of coverage, including consideration of mental health services in clinics and medicare eligibility.
Human resource executives and major company leaders express concern about holding down insurance costs, looking for creative solutions to this rising ordeal. Insurance companies and health plans need to consider aspects beyond mere enrollment, such as support services, specialist consultations, and pharmaceutical alternatives like prescription coverage. One recent report by HR consultant WTW also found that their clients don’t want to increase the employee’s portion of the cost for health insurance because of the potential effect on competition for talent. Therefore, group insurers, alongside specialists, are now exploring other cost-management methods, including better pharmacy networks and enhanced protection in group plans to create a balance.
Offering affordable insurance can be a bigger challenge for small companies since the cost per employee is often higher than for larger firms. Still, most small companies offer various health plans to their workers, and some extend this protection to dependents. Providing this benefit often secures their position to attract high-quality talent in better ways. The ACA, in its strategic language and understanding of compliance details, supports these companies through SHOP (Small Business Health Options Program), providing a platform featuring a wealth of resources for small businesses. Some companies may also be eligible for tax credits, creating additional savings and discounts to subsidize a portion of the administrative cost of implementing and managing the plans.
This credit is potentially available for businesses with fewer than 25 workers if the employees have average yearly wages of less than $53,000 and if the employer pays at least half the cost of the policy. Also, the company doesn’t have to offer a subsidy for dependents to qualify for the credit. For more information about small business insurance programs and tax credits, engage with a specialist at your Taylor Benefits Insurance consultant. They can provide essential knowledge and assistance with account setup and guide you through the eligibility processes.
Benefits are important to a company’s current employees and to those considering an offer. Companies that want to attract and retain talented workers must develop attractive benefits packages, where health insurance becomes a key ingredient. A good package usually starts with health coverage, especially for large companies that fall under the ACA mandate, including hospitals which are often the equivalent of clinics in their size and staff capacity. Also, many employees expect paid time off for illness, vacation, and holidays. In fact, health plans should be diverse and all-encompassing, offering not only primary care but also support for mental health.
Other benefits that workers want include:
When you enroll in a group healthcare insurance plan with us, you receive the base benefits listed below. We can add more coverage to your plan if you request it though. As an independent agency, our number one priority is our clients.
The average Saint Paul resident spent $5,672 on healthcare in 2015. This amount is quite a heavy portion to be spending on healthcare. While healthcare is a necessary expense, you can get more comprehensive healthcare insurance for less money with us. All you need to do is switch to a group healthcare plan. You can save even more money if your group plan is written by an independent agency.
Not many Saint Paul, Minnesota, residents are familiar with independent agencies because these organizations cater to private clients, providing insurance services, including auto insurance, parallel to established insurance companies. Independent agencies do not compete in the public insurance marketplace like larger providers or state or federal exchanges, and are not limited by over-reaching regulations or the market.
Group healthcare insurance is typically more affordable and comprehensive than individual or family insurance. With group insurance, your money pools with others to gain significant leverage for more competitive coverage at a more agreeable rate. The same applies for auto insurance coverages as well. The leverage you can wield as part of a group is greater than your individual leverage. This is why group healthcare insurance plans are objectively better than other plans. Ensure you never have to pay over $5000 for healthcare insurance or risk paying excessive premiums for vehicle insurance again, and safeguard your financial health.
All our plans are custom-written because each client and each group, including the staff, has distinct healthcare and auto insurance coverage needs. Residents in Saint Paul who are paying more than $5000 for their healthcare costs should consider switching to a group healthcare or auto insurance plan and start saving their hard-earned money.
If you are eligible and can receive the same employee benefits, or better, by shifting to a more affordable plan, there is no reason why you or someone on your staff should pay more and stick to your current plan.
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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