Tampa Group Health Insurance & Employee Benefit Plans

Tampa group health insurance plans

Tampa FL Large Group Health Insurance Plans

With inflation on the rise, it isn’t surprising that health insurance costs are also increasing rapidly. In recent surveys, human resource professionals for sizeable corporations often cited holding down insurance expenses as a major concern. For example, HR consultant WTW recently reported that their clients don’t want to increase the employee’s share of the health insurance premium because of the effect on competition for talent. Instead, to manage costs, group insurers are implementing some of these options:

  • Contracting directly with service providers for in-network coverage
  • Adding pre-approval requirements for inpatient hospital services
  • Adding telehealth options for minor issues
  • Providing incentives for subscribers to use providers that are more cost-effective
  • Offering free or discounted wellness activities like screenings, classes, and clubs
  • Charging variable premiums based on the employees’ compensation

Your Taylor Benefits Insurance representative can share information about the cost-effectiveness of various coverage choices.

Tampa FL Small Business Health Insurance Plans

Small companies may find it challenging to provide affordable insurance to their employees without exceeding their budget. Expenses for insurance typically increase faster than inflation, and it’s difficult for businesses to absorb those rate hikes. One option to consider is a High Deductible Health Plan (HDHP) which can be effectively combined with a Health Savings Account (HSA). For the plan to be eligible for an HSA, the deductible must match the IRS minimum of $1,400 for an individual or $2,800 for a family. However, the deductible amount is much higher in many cases, reaching the out-of-pocket maximum. That maximum is $7,050 for an individual subscriber or $14,100 for the family.

Health Savings Accounts can help with the burden of expenses because the subscriber can use pre-tax income to pay for their medical costs. Sometimes, the employer also adds funds to the HSA. Also, if the worker has money in the account and they don’t use it in that calendar year, they can accrue it indefinitely and keep it in reserve for future needs, even into retirement.

Tampa FL Employee Benefit Plans and Employee Benefit Packages

The Society for Human Resource Management (SHRM) estimates that some companies spend forty percent of their compensation budget on benefits. Workers expect to get benefits, including these typical choices:

  • Medical insurance
  • Paid time off
  • Life insurance
  • Disability insurance
  • Retirement savings assistance

Other benefits that employees consider desirable include:

  • Flexible schedules
  • Remote work
  • Childcare subsidies
  • Dental insurance
  • Vision insurance
  • Tuition reimbursement

Each company can develop a package that should include the basics and then add more, depending on the budget and the target workforce.

Table of Contents

  1. Tampa Group Health Insurance & Employee Benefit Plans
  2. How Clients of Independent Agencies Benefit More
  3. Typical Problems with Group Insurance in Tampa
  4. Why Independent Agencies are Better
  5. The Taylor Benefits Promise
  6. Tampa large group health insurance

Tampa Group Health Insurance & Employee Benefit Plans

For the best in health insurance, you should consult an independent agency. Independent agencies like Taylor Benefits Insurance are able to provide you with group healthcare insurance plans that are more comprehensive, more customizable, and more affordable, than other plans available to you locally. If you are not satisfied with insurance plans from established insurance providers, or plans available through the federal exchange, you should consider contacting an independent agency today. Taylor Benefits Insurance can provide you with a better insurance plan because it is not in competition with the federal exchange or insurance providers. Therefore, Taylor Benefits can focus on you, the client, to provide you with the best group healthcare insurance plan for your budget. With over 25 years of experience writing custom plans for clients, Taylor Benefits Insurance can lower your rates, lower your premiums, and raise the amount of benefits you receive for your money.

Dial 800-903-6066 and get free consultation on Tampa Group Health Insurance & Employee Benefit Plans

How Clients of Independent Agencies Benefit More

The following essential health benefits are offered to all our group clients when they request a group healthcare insurance plan. If there is a health benefit you need that is not listed below, it can be added to your plan.

Typical Problems with Group Insurance in Tampa

Tampa (Florida) residents paid an average of 8.2% for their healthcare in 2015. This is a staggering amount when you consider that the total expenses paid by the average resident was an average of $52,020. The median household income, by contrast, was $44,432. This means that the average resident made approximately $8,000 less than what they spent. Operating at a deficit may work for a business or for a government, but it is unrealistic for individual residents to adhere to. Tampa residents need to lower their expenses, and healthcare is no exception. Choosing group healthcare from an independent agency is a smart decision. Enrolling in a group healthcare insurance plan will save you money, and you can still receive the same healthcare benefits or better. Group insurance from independent agencies is an open secret within the insurance industry.

Tampa group health benefits and employee insurance plans

Why Independent Agencies are Better

Independent agencies are not in competition with insurance providers or the federal exchange. At Taylor Benefits Insurance, we write custom group healthcare insurance plans for clients. You control the rates and premiums you are contracted to pay because you control the healthcare benefits you receive in a group plan. If you think that group insurance may be for you, contact an independent agency today.

Are you looking for a Tampa Group Health Insurance & Employee Benefit Plans? Click the quote button to get an instant quote.

Relevant Statistics

  • Over 70% of businesses in Tampa offer group health insurance to their employees.
  • Tampa group health insurance plans cover an average of 90% of medical expenses.
  • Approximately 95% of individuals covered by group health insurance in Tampa have access to preventive care services.
  • The average annual premium for a family enrolled in a group health insurance plan in Tampa is $6,500.
  • More than 80% of employers in Tampa report that offering group health insurance helps attract and retain top talent.

General Facts

  • Tampa group health insurance offers coverage for medical expenses to a group of individuals, usually employees of a company.
  • It provides access to a network of healthcare providers and facilities in the Tampa area.
  • Group health insurance plans in Tampa often include benefits such as preventive care, prescription drugs, and hospitalization.
  • Employers typically contribute a portion of the premium cost for their employees’ group health insurance.
  • Group health insurance in Tampa helps protect employees and their families against high medical costs and ensures access to necessary healthcare services.

The Taylor Benefits Promise

For more information regarding the advantages of group healthcare insurance, contact Taylor Benefits Insurance today. We will provide you with a free estimate so you can see the difference for yourself. Lower your rates and premiums today! There is no obligation to enroll in a plan, and you are under no obligation to pay, in order to receive your estimate.

Frequently Asked Questions About Health Insurance And Employee Benefit Plans in Tampa, Florida

Here are some answers to common questions about health insurance plans and employee benefits in Tampa, Florida.

What Are the Benefits of Large Group Health Insurance plans in Tampa, Florida?

Large group insurance is beneficial to participants and employers. Because insurance payments are split between employer and employee, one significant benefit is that it allows employees to save money compared to an individual insurance plan. Large group insurance helps protect the workforce, increases employee turnover, and provides tax incentives to employers. For employees with pre-existing conditions, a large group health insurance can provide coverage for any needs you may need before enrolling.

What Is Considered a Small Business Group for Health Insurance Plans in Tampa, Florida?

For a business to be eligible for a small group health insurance plan in Tampa, it must have 50 employees and a minimum of one employee. If a company surpasses this number of employees, they’ll have to sign up for a large group health insurance plan. Small business owners can apply for this group insurance if they have at least one employee, which doesn’t include the employer and the employee’s family member.

What is Normally Included in the Benefits Package in Tampa, Florida?

Employee benefits are incentives a company offers to its employee’s asides from their basic salary. While some of these benefits are mandatory, some are voluntarily provided by the company. Therefore, the benefits included in a benefits package may differ between companies. However, some benefits an employer may generally include in a benefits package are health insurance, retirement plans, paid sick leave, and employee discounts. Some employers may offer benefits like gym memberships, flexible work schedules, unlimited vacation days, child care, and remote work. 

How Much Do Employers Pay for Health Insurance?

Business owners may need to provide health insurance for their employees and allocate a large portion of their budget to do so. The amount an employer pays for health insurance generally depends on the insurer, the plan’s coverage, and the percentage of the premium paid by the employer. However, on average, health insurance plans cost an employer more than $16000 annually per employee for a family plan. And an individual insurance plan costs more than $6000 annually per employee. The employers pay more than 70% of the premium for the family plan and more than 60% of health insurance premiums for individual plans. 

What is group health insurance?

Group health insurance is a type of health coverage that employers offer to their employees. It provides medical benefits to a group of people, typically at a lower cost than individual plans. Group health insurance helps businesses attract and retain talent while ensuring employees have access to healthcare services.

How does group insurance differ from individual insurance?

Group insurance is purchased by an organization for its members, offering coverage to a group of individuals. Individual insurance, on the other hand, is bought by an individual for personal coverage. Group insurance typically has lower premiums, broader coverage, and no medical underwriting, making it a cost-effective option for many.

What are the largest health insurance companies in Tampa?

The largest health insurance companies in Tampa include Taylor Benefits Insurance, Florida Blue, United Healthcare, and Humana. These companies offer a wide range of health insurance plans to residents in the Tampa area, providing coverage for various medical needs and services.

What are the top 3 health insurance providers in Tampa?

The top 3 health insurance providers in Tampa are Taylor Benefits Insurance, Florida Blue,and Humana. These companies offer a range of health insurance plans to meet the diverse needs of Tampa residents, providing quality coverage and comprehensive benefits.

What is considered a large group for health insurance in Tampa?

In Tampa, a large group for health insurance typically consists of 50 or more employees. This threshold may vary depending on the insurance provider and specific plan. Large groups often have access to more comprehensive coverage options and cost savings compared to smaller businesses.

How does large group insurance differ from small group insurance in Tampa?

Large group insurance in Tampa typically covers organizations with 51 or more employees, offering more extensive coverage options and lower premiums due to economies of scale. Small group insurance, on the other hand, is designed for businesses with up to 50 employees, often providing fewer plan choices and higher costs per employee.

What are the eligibility requirements for large group health insurance in Tampa?

To qualify for large group health insurance in Tampa, typically a business must have a certain number of full-time employees, meet minimum participation requirements, and contribute a certain percentage towards employees’ premiums. Companies in Tampa seeking large group health insurance should consult with insurance providers for specific eligibility criteria.

What is the average cost of health insurance in Tampa for large groups?

The average cost of health insurance in Tampa for large groups varies based on factors like coverage, number of employees, and plan type. On average, large group health insurance in Tampa can range from $500 to $1,500 per employee per month. It is recommended to consult insurance providers for specific quotes.

What are the compliance requirements for offering large group health insurance in Tampa?

The compliance requirements for offering large group health insurance in Tampa include adhering to federal regulations under ERISA, providing essential health benefits, complying with the Affordable Care Act, and following state insurance laws. It is important to work with a knowledgeable insurance broker to ensure full compliance.

Why are health insurance benefits crucial for attracting and retaining talent in Tampa?

Health insurance benefits are crucial for attracting and retaining talent in Tampa because they provide employees with access to quality healthcare, promoting overall well-being and job satisfaction. In a competitive job market like Tampa, offering comprehensive health coverage can set employers apart and attract top talent looking for valuable benefits.

What are the best wellness programs for large groups in Tampa?

The best wellness programs for large groups in Tampa include corporate wellness packages, group fitness classes, nutrition workshops, and stress management seminars. These programs cater to the specific needs of organizations looking to promote employee health and well-being. Contact local wellness centers or gyms for more information on what are the best wellness programs for large groups in Tampa.

What are the tax benefits of offering wellness programs to employees?

Offering wellness programs to employees can result in tax benefits for employers. These benefits include tax deductions for program expenses, reduced payroll taxes, and potential savings on health insurance premiums. By investing in employee well-being, businesses can not only improve staff morale and productivity but also enjoy financial advantages through tax incentives.

How can wellness programs help reduce health insurance costs for large groups?

Wellness programs can help reduce health insurance costs for large groups by promoting preventive care, reducing the risk of chronic diseases, and improving overall employee health. This leads to lower medical claims, decreased absenteeism, and increased productivity, ultimately resulting in reduced health insurance premiums for the organization.

What are the best dental and vision coverage options for large groups in Tampa?

The best dental and vision coverage options for large groups in Tampa include employer-sponsored plans, group insurance policies, and PPO networks. These options offer comprehensive coverage for dental and vision care services, ensuring employees receive quality healthcare benefits. Contact local insurance providers for tailored solutions.

Written by Todd Taylor

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.



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