Welcome to Taylor Online Benefits! We’re a leading provider of employee healthcare and benefits packages to South Dakota businesses just like yours. Our goal is to help you provide competitive, compliant, and affordable employee insurance options – by creating a plan that’s custom-built to your requirements.
Your business is unique, and the odds are strong that no pre-packaged insurance plan is going to be 100% optimal for it. That’s why Taylor Online Benefits works with you to create a custom offering.
Taylor Online Benefits is an independent group insurance agent. That means we are not limited to any one insurance carrier’s packages or to any particular type of insurance and benefits plan. Working with us will offer your business and employees a broader array of options than if you were to settle for a single provider.
For more information about the specific benefits that employers must offer in company healthcare plans, especially under provisions of the Affordable Care Act (sometimes referred to as Obamacare), see this webpage maintained by the South Dakota Department of Labor & Regulation.
Taylor Online Benefits is here to help you discover the best path forward for your unique needs. Call us for more info at 800-903-6066, or use the online request form to the right for your free estimate. There’s absolutely no obligation, so get started today!
Large employers in South Dakota have options to choose from when deciding the best way to satisfy their obligation to provide health insurance to their workers. Because of cost considerations, many opt for preferred provider organizations, health maintenance organizations, and point-of-service structures. In addition, some allow a choice between two or more delivery structures to accommodate individual preferences. As a result, the employee might pay a higher premium depending on their choice. Still, at least one available option must meet the affordability standard (less than 9.12 percent of gross income for individual coverage.) Taylor Benefits Insurance advises you on the best plans for your team.
Coverage must include at least the ten essential benefits the ACA specified:
Plus, South Dakota has added these three:
Small companies don’t have to provide insurance coverage for their workers. But for those South Dakota companies that want to, there are helpful resources. For example, suppose you want to provide coverage through SHOP (Small Business Health Options Program) and have fifty or fewer employees. In that case, you can access qualifying plans through the marketplace or by talking to your representative at Taylor Benefits Insurance.
If you provide a SHOP plan, you must offer it to all eligible employees (those working at least thirty hours per week). Also, at least seventy percent of your eligible employees must enroll through your program or have insurance through another channel.
For small companies with fewer than 25 workers, tax credits may be available to support your administrative costs.
Companies must find creative ways to attract the workers they want to hire and retain in a competitive job market. Studies across the U.S., including in South Dakota, show that workers care significantly about their benefits. As a result, businesses offering above-average benefits can stand out from the crowd.
If you want to boost your program, start with the basics: health insurance, paid time off, and retirement assistance are crucial for a benefits package. After that, look for some specific additions to appeal to your workforce. For example, suppose you have many recent college graduates who need help with student loan debt. Matching those loan payments is one increasingly popular way to support workers concerned about all the debt they must pay off. Or, if your employees are parents with young children, consider a childcare subsidy or flexible spending account contribution.
Think creatively about how to add to employee satisfaction without spending heavily. For example, many employees want flexible hours and remote work options. Depending on your company’s needs, allowing workers to shift their schedules or work from a different location might not have a financial cost. But in return, you could reap the reward of an engaged, dedicated team.
With the passage of the Affordable Care Act in 2010, the federal rules and regulations around group benefits changed considerably. The current healthcare field can be complex, and if you want to optimize the money you spend on healthcare, you’ll need to understand how the environment has changed. That’s where Taylor Online Benefits comes in.
Our company has been helping South Dakota businesses just like yours find group benefit plans since well before the Affordable Care Act – plans that meet or exceed employee expectations without breaking the bank. Our expertise in the insurance industry has been a key part of helping our clients adjust to a changing marketplace.
If this sounds complicated, don’t worry. We’ll work closely with you to determine:
Are you looking for South Dakota Group Health Insurance & Employee Benefits Plans? Click the quote button to get an instant quote.
Our custom-built health and benefits plans satisfy all legal requirements, meet your employees’ expectations, and allow your business to focus on future growth and excellence.
South Dakota’s Department of Labor & Regulation provides health insurance info to residents regarding their rights and reasonable expectations. These pages can also help you to understand what your employees are seeking in a healthcare package. If you’re looking for the perfect group health package for your South Dakota-based business, look no further than a custom-built plan from Taylor Online Benefits. Call us today to learn how you can offer your employees a cost-effective and legally compliant plan that meets their needs – without hobbling your business. Get started now with a FREE cost estimate!
The following are some answers to frequently asked questions about South Dakota health insurance coverage:
A large group health insurance program is the best option for large organizations with more than 50 employees in South Dakota. You can have affordable health insurance with a large group coverage plan by taking full advantage of the big discount that comes with it.
Another ideal application of a large group health insurance plan is the provision of student health insurance. This health insurance is an excellent alternative for large groups of people who do not have the financial capacity to obtain individual health care. Other advantages of large group insurance include:
Small business owners in South Dakota can choose between different types of health coverage.
Small businesses can begin with a standard group health insurance plan. Employers pay a fixed health plan premium (often shared with the employee) to cover health insurance for their employees and their families.
Another option is for small businesses to provide a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Through this account, employers can pay a set amount monthly toward the cost of a qualified insurance policy that the worker obtains on their own.
A Group Coverage Health Reimbursement Plan is a variation that some companies adopt. In this case, the employer provides group health insurance plus a monthly allowance for deductibles, copays, and other charges.
While it’s considered risky, some small businesses choose self-funded health insurance. With a self-funded program, the employer opts out of buying a policy with regular premiums and instead directly pays employees’ medical bills.
Some small companies decide to join with other employers to form an Associate Health Plan (AHP). The AHP is a group health plan in which numerous small businesses in a particular industry or location pool their resources to purchase larger group health coverage.
Most South Dakota companies provide insurance for their workers. On average, employers pay 79 percent of the premium cost for individual coverage (often, they contribute less for dependent coverage), which is approximately $5,562 annually.
We’re ready to help! Call today: 800-903-6066