- Providing world class service and value for employee benefit group plans since 1987
Welcome to Taylor Online Benefits – a leading provider of employee benefits and healthcare plans in South Carolina. Backed by in-depth industry knowledge and skills, our team of assurance experts is here to help you provide competitive and affordable employment insurance options customized to your needs.
Your business is unique, and rubber-stamping an insurance package is simply not an optimal solution. The health care plans we offer are custom-tailored to your unique requirements.
As an independent group insurance agent, Taylor Online Benefits is not limited by the options available from any particular carrier or any particular type of program. You will have access to a wider variety of healthcare choices through our agency than if you were to settle for a single provider.
SC’s healthcare insurance marketplace is complex, and finding the best solution for your business requires expert help. For more information about the health benefits that local employers must offer under regulations set by the Affordable Care Act, see this webpage maintained by the South Carolina Department of Insurance.
Call Taylor Online Benefits at 800-903-6066 to discover the healthcare and benefits plan choices available to your business. We offer free estimates through our online request form, located on the right side of this webpage. There’s no obligation, so get started today!
One of the significant components of the Affordable Care Act (ACA) is the requirement that insurers include coverage for the following ten minimum essential coverage benefits in all plans:
In addition to the required inclusion of these group plans, health care services must be affordable, defined as charging premiums that do not cost more than 9.12 percent of the subscriber’s gross income. The coverage must absorb sixty percent of the cost for a typical patient.
In some states, insurance must cover more services. SC has added to the requirements, mandating these benefits:
It’s also important to note that lifetime limits on coverage are prohibited. However, employers can choose the delivery structure for the program they want to offer their workers, allowing them to provide one option or more than one that meets the other requirements. For example, the company can choose a traditional indemnity program.
More commonly, businesses offer coverage through HMOs, PPOs, or Point of Service programs. Further, employers of any size can offer team coverage.
Small businesses with fewer than fifty full-time employees don’t have to offer healthcare insurance coverage per the provisions of the ACA, although many do. Since many workers want the benefit, businesses competing for talent make an effort. They also qualify for a tax credit of up to 50% of the staff members’ monthly premiums.
Small Business Health Options (SHOP) is a resource that the ACA created to assist. Your firm can learn more about the discounts and support available by consulting with your Taylor Benefits representative. However, to qualify for small business medical assurance options, the number of crew members should not exceed 50.
South Carolina doesn’t require employers to provide healthcare coverage and any specific benefits to workers. The perks that employees prioritize are typically headed by medical protection coverage and paid time off, followed by these:
SC residents must obtain health protection per the rules of the Affordable Care Act, popularly known as Obamacare. While state law does not require businesses to offer team health programs to their employees, the ACA stipulates that every company with more than 50 workers must.
Below are some of the most frequently asked questions regarding health insurance coverage.
The basic idea behind a large team health plan is that it covers an organization with more than 50 employees, which means they may face penalties if they fail to offer health benefits. There is no maximum number for coverage, so whatever the size or sector of your business, you can purchase medical coverage to protect your workers.
Because the health company can spread the risks among a larger group, coverage policies are often less costly than those for small groups or individuals.
In South Carolina, the following businesses provide Small Business Group Health Insurance:
Employees are becoming better informed about the potential for employer-sponsored benefits packages. As a result, more companies provide reasonable health and retirement programs for their staff members. Small and big organizations can make use of the following benefits:
Large businesses must ensure that the premium share that the worker pays is not more than 9.12 percent of their gross income.
Overall, most companies share the cost with their workers, and the average employer contribution in South Carolina is 75 percent of the cost for individual coverage. If the employee adds dependents to the plan, they can expect to pay a greater share.
What is group health insurance?
Group health insurance is a type of health coverage provided by an employer to its employees. It typically offers better coverage and lower premiums compared to individual plans. This benefits employees by spreading risk among the group, resulting in more affordable healthcare options.
How does group insurance differ from individual insurance in South Carolina?
In South Carolina, group insurance is typically offered through an employer and covers a group of people, while individual insurance is purchased by individuals to cover themselves. Group insurance often has lower premiums and broader coverage options, while individual insurance offers more customization but can be more expensive.
What is the main advantage of group health insurance for South Carolina businesses?
The main advantage of group health insurance for South Carolina businesses is cost-effectiveness. By pooling employees together, businesses can access more affordable rates and comprehensive coverage options, making it easier to attract and retain top talent while providing essential healthcare benefits.
What type of insurance is most commonly used for group health plans in South Carolina?
Group health insurance is the most commonly used type of insurance for group health plans in South Carolina. It provides coverage for a group of individuals, typically employees of a company, and offers benefits such as medical, dental, and vision coverage. Group health insurance is popular due to its cost-effectiveness and comprehensive coverage options.
What is the difference between group and private health insurance plans?
Group health insurance plans are typically provided by employers to cover a group of employees, while private health insurance plans are purchased individually. Group plans often offer lower premiums and broader coverage, while private plans offer more customization options but can be more expensive.
What is the difference between a PPO and an HMO in South Carolina?
In South Carolina, the main difference between a PPO and an HMO lies in the provider network. PPO plans offer more flexibility in choosing healthcare providers, while HMO plans require members to use only in-network providers. PPOs typically have higher premiums and out-of-pocket costs but offer more extensive coverage.
How are group health insurance premiums calculated in South Carolina?
In South Carolina, group health insurance premiums are calculated based on factors such as the number of employees covered, their age, location, and the level of coverage selected. Insurance providers also consider the company’s claims history and overall health risk profile. Understanding how are group health insurance premiums calculated in South Carolina can help businesses make informed decisions when selecting a plan.
What is the average cost of health insurance in South Carolina?
The average cost of health insurance in South Carolina varies depending on factors such as age, coverage level, and provider. On average, individuals in South Carolina can expect to pay around $400 to $600 per month for health insurance. Shopping around and comparing quotes can help find the best rates.
What insurance is required by law in South Carolina?
In South Carolina, drivers are required by law to have liability insurance coverage, which includes bodily injury and property damage. The minimum limits are $25,000 for bodily injury per person, $50,000 for bodily injury per accident, and $25,000 for property damage. Additional coverage options are available for extra protection.
What are the minimum requirements for employers to offer health insurance in South Carolina?
In South Carolina, employers with at least 50 full-time employees are required to offer health insurance coverage that meets certain affordability and minimum value standards. Employers must also ensure that their plans comply with the Affordable Care Act regulations.
Do South Carolina employers have to offer health insurance to employees?
Yes, South Carolina employers are not required by law to offer health insurance to employees. However, many employers do provide health insurance as part of their benefits package to attract and retain top talent. It is ultimately up to each individual employer to decide whether or not to offer health insurance.
Is healthcare in South Carolina considered good compared to other states?
Healthcare in South Carolina is considered good compared to other states, with a strong network of hospitals, healthcare providers, and medical facilities. The state has made significant investments in healthcare infrastructure and services, leading to positive outcomes for residents.
What are the penalties for not offering health insurance to eligible employees in South Carolina?
Employers in South Carolina may face penalties for not offering health insurance to eligible employees. The penalties can include fines, legal repercussions, and potential loss of tax benefits. It is crucial for businesses to comply with state regulations to avoid these consequences.
What are the benefits of offering group health insurance for small businesses in South Carolina?
Offering group health insurance for small businesses in South Carolina can attract and retain top talent, improve employee satisfaction and productivity, and provide cost-effective healthcare options. By pooling resources, businesses can access affordable coverage, comply with state regulations, and enhance overall company wellness.
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