To comply with the Affordable Care Act mandates, large employers must provide health insurance for their workers that meets the ACA standards. The law has specific requirements for coverage, including affordability. To meet that requirement, the employee cost for the premium must be less than 9.61 percent of their household income. For example, if an employee’s annual pay is $50,000, the affordability threshold limits their contribution to $4,805. Coverage for dependents doesn’t have to meet that standard. Every plan must meet the requirement that it cover sixty percent of the anticipated costs for a typical subscriber and include these designated essential benefits:
Companies that employ fewer than fifty workers are exempt from the health insurance mandate, but some want to help their workers anyway. These businesses may realize it’s an excellent recruiting tool or feel obligated to help their workers meet this need. Small companies can offer help by administering a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). This account allows employees to pay for medical expenses with pre-tax dollars deducted from payroll. Employers can also contribute to the account, but that’s optional. If a company creates a QSEHRA, it must be open to all workers. In addition, employees can only use it in coordination with an ACA-compliant insurance plan.
Employees and companies often view benefits as the non-monetary part of employee compensation. Benefits include tangible items like health insurance, life insurance, paid time off, and contributions to a retirement savings plan. However, benefits can involve nontangible perks like flexible scheduling, remote work options, dress code, and office culture. In addition, benefits may be things workers take for granted, like free lunch and snacks or a dog-friendly environment.
While workers may emphasize the tangible benefits like health insurance, paid time off, and retirement plans, they also want their company to be flexible, particularly about scheduling and family obligations. Workers adapted to less-than-ideal working conditions during the pandemic. Now they expect some accommodation from their employers as they juggle return-to-office requests with the renewed demands of school schedules and other commitments.
Although Tallahassee has positioned itself as a business-ready city in Florida, the cost of health insurance has continued to soar. This has given rise to a new dilemma for most employers, as they have to juggle between maintaining a healthy bottom line and keeping the best professionals. Both are important to any company. While offering group health insurance and employee benefits may seem costly at face value, it may actually be more beneficial to your company when worked out well.
Offering your staff a good group health insurance and employee benefits package presents a number of benefits key among them tax credits. That is, the expenses that you will incur especially relating to health insurance for your employees as well as their dependents is usually tax deductible on both federal and state income taxes. If you are a small business owner, the Affordable Care Act also offers you healthcare tax credits that are handy when it comes to offsetting the cost of insurance. All you need to do is ensure compliance. This will definitely help you save money, increase your employees’ paycheck while lowering the amount of their taxable income.
Dial 800-903-6066 and get free consultation on Tallahassee Group Health Insurance & Employee Benefit Plans
Taylor Benefits is a leading group health insurance and employee benefits broker. We have been providing unmatched employee benefit plans and service to businesses in Tallahassee. We guarantee you a well-written employee benefit package that takes into account your company’s bottom line and the needs of your employees. Our licensed agents leverage their expertise and experience to deliver plans that will work for you. Every plan is customized to fit the unique needs of each client.
We offer the following services that you can choose from:
Are you looking for a Tallahassee Group Health Insurance & Employee Benefit Plans? Click the quote button to get an instant quote.
As an independent insurance broker in Tallahassee, we offer you unbiased advice for a plan that will suit your needs. Our position also means that we are not bound to offer you plans from a specific carrier rather; we are at liberty to pick from different carriers. This allows us to give you a custom benefits package that fits into your budget. We also endeavor to ensure that your carrier retains a competitive position at the time of renewing your policy by conducting a market analysis. If you need Cobra administration, we can offer you the service through a third party agent.
Our insurance agents are ready to speak to you and offer you a free customized proposal. Call us on our toll free number 800-903-6066 today and we will help you find the best group plan for your Tallahassee business.
Written by Todd Taylor
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