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.
We are not regulated by the markets. While we have to include essential health benefit mandates as instructed by Obamacare, we are not in direct competition with insurance carriers who offer Obamacare plans. Our plans are unique and custom-designed to best fit the groups we write plans for. This is great for Tennessee residents because, if Obamacare is repealed and replaced, they will not be affected.
Most Tennessee residents will be under Obamacare come 2018. However, if Obamacare fails in 2018, it could fail in Tennessee . Your group needs a plan they can trust to provide insurance for them. That is the whole point of purchasing healthcare insurance.
Contact Taylor Benefits Insurance today for free estimates regarding your group’s healthcare needs. We can provide a thorough estimate for you, based on the services you need, and the depth of the coverage required. There is no obligation to sign up for a plan or for payment. This estimate is free.
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At Taylor Benefits Insurance, we can offer you better, more comprehensive group healthcare plans than those on the state and federal exchanges. We can do this because of the advantages that group insurance provides. The more individuals who join a group insurance plan, the more coverage we can provide for your money. Even better, our plans are custom-designed for each group to provide you with the best benefits possible for your healthcare insurance needs.
This , from the Centers for Medicare & Medicaid Services, outlines the state required benefits that all Tennessee residents must receive as part of their health insurance coverage. Ensure that you receive the coverage you need, at a price point you want today and contact Taylor Benefits Insurance today.
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.
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