- Providing world class service and value for employee benefit group plans since 1987
Employee benefits and group health insurance plans play a crucial role in attracting and retaining a talented workforce in Tennessee. Today’s employees seek comprehensive and affordable benefits that protect their health, financial security, and overall well-being. According to recent surveys, nearly 72% of employees prioritize group health insurance when considering employment opportunities. With healthcare costs continuously rising, Tennessee businesses must offer robust yet cost-effective health benefits. Taylor Benefits Insurance, a trusted provider in Tennessee, specializes in customizing employee benefits and group health plans tailored specifically for businesses of all sizes. Our commitment is to help Tennessee companies meet their employees’ evolving needs while ensuring compliance and cost management.
Group health insurance is a health coverage plan that businesses purchase to cover their employees and often their dependents. More Tennesseans get their health insurance from their employer than from any other source. In Tennessee, businesses opt for group health insurance because it generally offers lower premiums and better coverage than individual plans. Tennessee employers typically pay a significant portion of the premium, making it affordable and appealing for employees.
Still, the share of the premium that employers pay has been dropping. However, large companies must comply with the affordability provisions of the Affordable Care Act, which stipulates that staff members can’t be required to pay more than 9.12 percent of their gross income toward the cost of their coverage. In addition to premium increases, employees pay higher deductibles in Tennessee than they did ten years ago, reflecting the national trend.
Key features of Tennessee group health insurance:
Coverage for essential health benefits, including doctor visits, hospitalization, preventive care, and prescriptions.
Affordable premiums due to the shared cost model.
Tax benefits for both employers and employees, as premiums are typically deductible expenses.
Taylor Benefits Insurance guides businesses through selecting the most beneficial and affordable group health insurance plans, ensuring Tennessee employers provide excellent coverage without excessive costs.
Small companies don’t have to provide healthcare assurance for their eligible workers—as long as the company has fewer than fifty full-time employees. Still, those businesses that want to can find help through the ACA SHOP (Small Business Health Options Program), which offers resources, plans, and support. Your Taylor Benefits consultant can help you navigate through small business medical insurance 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 to qualify for tax credit), so whether you’re a full-time or part-time crew member, your specialist to see if your company qualifies to offer health protection for small businesses.
Businesses in Tennessee can choose from a variety of employee benefits and group health insurance options. Taylor Benefits Insurance provides expert assistance in selecting the right mix of benefits:
Group Health Insurance Plans: Including PPOs, HMOs, and High Deductible Health Plans (HDHP) with Health Savings Accounts (HSAs).
Dental and Vision Coverage: Supplemental insurance that covers dental visits, eye exams, glasses, and contacts.
Disability Insurance: Short-term and long-term disability plans to protect employees’ income in case of illness or injury.
Life Insurance: Group life insurance plans offering financial security for employees’ families.
Retirement Plans: 401(k) and pension plans helping employees secure their financial futures.
The following are answers to some frequently asked questions regarding Tennessee health protection coverage:
Taylor Benefits can connect you with some of the major Tennessee health protection 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 companies:
Small business owners in Tennessee can choose various options to assist their workers with medical coverage.
The most common choice is for the employer to purchase a small group healthcare package to cover the medical services the workers need. In many cases, the employer pays a portion of employees premiums.
The Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) is another option for your business. Employers contribute a set amount of money to assist workers in obtaining individual, qualified plans.
Corporate Coverage Health Reimbursement programs combine insurance with an additional monthly allowance to cover deductibles, copays, and other costs.
Some businesses choose self-funded health protection as a means of lowering costs and improving cash flow. In this scenario, the company pays directly for medical expenses the workers incur. Employees present medical bills or prescriptions to their employer, which pays them. The risk of a few large claims makes this a less-popular choice for small companies than for large ones.
Finally, Associate Health Plans (AHPs) are also considered risky for small businesses, but with less exposure than self-funding. An AHP is formed when a team of smaller firms within an industry or location band together to purchase a larger group health plan.
Taylor Benefits Agency provides Tennessee businesses and employees with the following coverage options:
Employees can contribute any amount to group medical benefits programs. Of course, large companies must ensure that the premium share the employees pay is not more than 9.12 percent of their gross income. Insurance costs are low in Tennessee compared to many states, and employers pay an average of 76 percent of the cost for workers.
Group health insurance is a type of health coverage that is provided to a group of people, typically through an employer. It offers benefits such as medical, dental, and vision coverage to employees and their dependents. Group health insurance plans are often more affordable and comprehensive compared to individual health insurance policies.
Group health insurance in Tennessee works by employers purchasing coverage for their employees. The employer selects a plan from insurance providers and contributes a portion of the premium cost. Employees may also contribute a portion of the premium, and the insurance typically covers medical expenses for the entire group.
In Tennessee, businesses can choose from a variety of group health insurance plans, including HMOs, PPOs, EPOs, and POS plans. These options offer different levels of coverage, provider networks, and costs to meet the needs of employers and employees.
The average cost of group health insurance in Tennessee varies depending on factors such as the size of the group, coverage options, and location. On average, small businesses can expect to pay around $300 to $500 per employee per month for group health insurance in Tennessee.
Offering group health insurance for employers in Tennessee can provide various benefits, including attracting top talent, improving employee retention, and potentially lowering overall healthcare costs. Additionally, it can enhance employee satisfaction, promote a healthier workforce, and demonstrate a commitment to employee well-being.
Group health insurance plans support rural businesses in Tennessee by providing affordable healthcare options for employees, attracting and retaining top talent, and promoting a healthier workforce. These plans can help small businesses in rural areas compete with larger companies and ensure their employees have access to quality healthcare benefits.
To reduce group health insurance costs in Tennessee, consider implementing wellness programs, shopping around for competitive rates, raising deductibles, and encouraging employees to utilize preventive care services. These strategies can help lower premiums and overall healthcare expenses for businesses in Tennessee.
In Tennessee, the main difference between PPO and HMO health insurance plans lies in provider flexibility and cost. PPO plans offer more choice in healthcare providers but come with higher out-of-pocket costs, while HMO plans require members to select a primary care physician and obtain referrals for specialist care.
For small businesses in Tennessee, a fully insured small group health insurance plan may be the best option. This type of plan provides predictable costs and coverage for employees, offering financial stability and peace of mind for employers. Consider consulting with a local insurance provider to find the best fit for your business needs.
The main factors driving health insurance costs in Tennessee include the rising costs of healthcare services, an aging population requiring more care, increased chronic conditions, and utilization of expensive medical technologies. These factors contribute to the overall increase in health insurance premiums in the state.
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