- Providing world class service and value for employee benefit group plans since 1987
At Taylor Benefits Insurance we take pride in being able to deliver group health and employee benefits plans that make financial sense for your company.Aside from being affordable, we’ll still offerdependable insurance and wellness coverage for employees. We offer comprehensive group and employee insurance plans to any California business in need. Fortunately, we work with some the most renowned insurance providers.
Most large companies offer health insurance on a calendar year basis. Employees can sign up when hired, after a short waiting period, or during a yearly open enrollment. That's when they decide on the coverage they want. Typically, workers can’t make any changes until the next open enrollment, which is usually effective at the start of the following calendar year.
But sometimes, people have changes in their lives that necessitate changing their coverage. For example, someone might have a child, adopt a child, or get married. These circumstances are “qualifying events” that usually allow the employee to add or remove coverage outside the annual enrollment window. These exceptional events include losing or gaining insurance from another source. For example, suppose an employee was covered by a spouse but now is divorced. That life event allows the worker to add insurance through their work program. Similarly, perhaps a young adult covered by a parental plan turns 26 and is no longer eligible. Again, that qualifying event enables them to sign up if their employer offers coverage.
There are many examples of qualifying events that enable an employee to add or remove insurance plan participation. However, in most cases, they must inform the employer of the qualifying change within a specific amount of time after the event to be able to make the desired changes.
Small companies don't have to provide health insurance. Still, if they recognize the value of the benefit, they may want to anyway, even though it's expensive. One way a business can hold down insurance costs is by offering employees a set amount to spend but giving them a choice of plan. For example, suppose the employer provides the same subsidy for each program. In that case, workers can determine how much they want to spend and decide between options based on cost and coverage. Some workers may prefer to pay more out-of-pocket to get more comprehensive coverage. In contrast, others may want to lower their premium cost by choosing a bare-bones option. However, for this approach to succeed, the company must ensure that the employees understand their selections and expenses completely.
For example, many employees still don't fully understand how a high deductible health plan with an HSA works. The deductible amount may seem too high to be realistic, and the employee may not consider the benefit of the lower premium. Also, workers may not understand that an HSA is not the same as the older FSA accounts, which have unpopular “use it or lose it” provisions. Your Taylor Benefits Insurance can help you ensure that you communicate with employees. Hence, they understand and appreciate the differences between the plans available.
One way that companies compete to attract and retain talented employees is with a comprehensive benefits plan. The package often starts with health insurance, especially if the ACA requires the company to provide that coverage. In addition to health insurance, employees’ wish lists usually include paid time off for vacation, holidays, and illness. California companies must grant all workers three days of paid sick time, and many allow more. California employees also have paid and unpaid family leaves guaranteed.
Other benefits that can offer a competitive advantage include:
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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