- Providing world class service and value for employee benefit group plans since 1987
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:
Your Taylor Benefits Insurance representative can share information about the cost-effectiveness of various coverage choices.
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.
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:
Other benefits that employees consider desirable include:
Each company can develop a package that should include the basics and then add more, depending on the budget and the target workforce.
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.
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.
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.
Here are some answers to common questions about health insurance plans and employee benefits 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.
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.
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.
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.
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.
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