- Providing world class service and value for employee benefit group plans since 1987
More Tennesseans get their health insurance from their employer than from any other source. The next largest group gets coverage from TennCare (Medicaid). Many employers offer at least two options to their workers. Still, the share of the premium that employers pay has been dropping. However, large companies must comply with the affordability provisions of the ACA, which stipulates that workers can’t be required to pay more than 9.61 percent of their gross income toward the cost of their coverage. In addition to premium increases, workers pay higher deductibles in Tennessee than they were obligated to spend ten years ago.
High deductible health plans are one method that employers are using in Tennessee and elsewhere to hold down the cost of health insurance, both for the company and the subscribers. A high deductible plan must meet specific IRS guidelines to permit the subscriber to establish an HSA (health savings account). Other programs with high deductibles don’t qualify.
In 2022, HSA contribution limits are $3,650 for an individual or $7,300 for a family, with an additional allowance for individuals over 55. Participants contribute pre-tax dollars to their HSA, and many receive contributions from their employers. The funds can pay for qualified medical expenses, and funds not used in the year contributed can roll over indefinitely.
Small companies don’t have to provide health insurance for their employees—as long as the company has fewer than fifty full-time or full-time-equivalent workers. Still, those businesses that want to can find help through the ACA SHOP (Small Business Health Options Program), which offers companies resources, plans, and support. Your Taylor Benefits Insurance consultant can help you navigate through the options.
For organizations with fewer than 25 workers, tax credits are possible. However, there are other requirements (a lower-wage workforce and the company needs to pay a certain percentage of the premium cost) so check with your specialist to see if you may qualify for assistance.
One of the most-wished-for benefits after health insurance is typically paid time off. The U.S. Department of Labor estimates that paid days off work (sick time, vacation days, personal days, and holiday pay) equals almost seven percent of total compensation. Other benefits add the equivalent of 23 percent of wages. Paid time off is not required in the U.S, although ten states require paid sick days (not Tennessee.) Nonetheless, the Bureau of Labor Statistics estimates that three-quarters of private industry employees (and virtually all public sector workers) have some paid vacation time, and 79 percent receive some paid holidays.
Taylor Benefits Insurance has over 25 years of experience writing custom group healthcare insurance plans for Tennessee residents. At Taylor Benefits Insurance, we have helped countless groups seek out and receive the group healthcare insurance they need, at the price they want. We write our insurance plans ourselves without the need to be regulated by other insurance carriers or plans on the market. This includes the state and federal exchanges. As such, our plans are broad, comprehensive, and most importantly, affordable.
We offer the following services to groups seeking group healthcare insurance plans.
The following are answers to some frequently asked questions regarding health insurance coverage in Tennessee.
Taylor Benefits Insurance can connect you with some of the major health insurance companies in the country. You can always count on us to get you a fantastic deal when you require large group coverage.
We work with the following insurance companies:
Small business owners in Tennessee can benefit from a variety of insurance policies.
For health insurance, small businesses have various options to choose from. The first one is a group health insurance plan that is commonly available. In exchange for providing health benefits to their employees and, in certain cases, their families, employers pay a specified health plan fee, a portion of which may be paid by employees.
The Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) is another option for your business. Employers might provide a set amount of money in benefits to their employees each month (at their discretion).
Having a Group Coverage Health Reimbursement plan is also possible. The employer would provide group health insurance as well as a monthly allowance to cover deductibles, copays, and other expenditures in this situation.
Self-funded health insurance puts small businesses at higher risk. Employees present medical bills or prescriptions to their employer under this plan. In addition, rather than paying monthly premiums, employers pay their employees on a bill-by-bill basis.
Finally, Associate Health Plans (AHPs) are risky for smaller businesses. An AHP is implemented when a group of smaller firms within an industry or location band together to purchase a larger group health plan.
Taylor Benefits Insurance Agency provides Tennessee businesses and employees with the following benefit plans:
Employees can contribute any amount to group health insurance programs. The average employee spends roughly $3240 per year, which is more than three times less than the yearly healthcare expenditures of the average American.
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