Tennessee Group Health Insurance for Small Business Employers

Tennessee Employee Benefits & Group Health Insurance Solutions

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 in Tennessee

Diverse hands holding word insurance

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.

Tennessee Small Business Medical Insurance Plans

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.

Staff Provisions Plans and Employee Benefits Packages

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.

How Taylor Benefits Insurance Helps Businesses

Choosing the right group health insurance and employee benefits can be challenging for Tennessee businesses. Taylor Benefits Insurance simplifies this process by:

  • Customized Solutions: Tailoring employee benefit plans to each company’s unique needs.

  • Cost Control: Negotiating competitive rates with top insurance carriers to help businesses manage budgets effectively.

  • Regulatory Compliance: Ensuring businesses meet Tennessee and federal regulations, including ACA compliance.

  • Dedicated Support: Providing ongoing support and updates to employers and employees, ensuring smooth administration and satisfaction.

Tennessee employers partnering with Taylor Benefits Insurance benefit from dedicated expertise and guidance, making employee benefit management effortless and efficient.

Staying Compliant with Tennessee Insurance Regulations

Compliance with Tennessee state laws and federal regulations, such as the Affordable Care Act (ACA), is essential for businesses offering employee benefits. Non-compliance can result in significant financial penalties and legal issues. Taylor Benefits Insurance assists Tennessee employers by:

  • Regularly reviewing and updating benefits plans to maintain compliance.
  • Keeping employers informed of changes in state and federal insurance regulations.
  • Offering solutions that meet ACA standards, including minimum essential coverage and reporting requirements.

By proactively managing compliance requirements, Taylor Benefits Insurance helps Tennessee businesses avoid penalties and ensures seamless benefit management

Partner with Taylor Benefits Insurance

When Tennessee businesses choose Taylor Benefits Insurance as their employee benefits partner, they gain a competitive advantage:

  • Expert Guidance: Access to a knowledgeable team familiar with Tennessee’s unique business and healthcare environment.

  • Enhanced Employee Satisfaction: Comprehensive, affordable benefit packages designed to meet employees’ expectations and improve retention.

  • Cost Savings: Strategic management of healthcare costs, ensuring budget-friendly and valuable benefit plans.

  • Streamlined Administration: Simplified management processes and reliable support, freeing employers to focus on their core business.

Taylor Benefits Insurance stands as Tennessee’s trusted partner in employee benefits and group health insurance, committed to supporting local businesses and enhancing workforce health and satisfaction.

Reach Out to Us Today

Ready to optimize your Tennessee business’s employee benefits and group health insurance strategy? Taylor Benefits Insurance offers tailored, cost-effective solutions to protect your workforce and your bottom line. Contact us today at 800-903-6066 for a personalized consultation and discover how we can help your Tennessee business thrive with strategic employee benefits and group health insurance solutions.


Relevant Statistics

  • Over 93% of businesses in Tennessee offer team healthcare insurance to their employees.
  • The average monthly premium for a group medical benefits plan is $345.
  • Approximately 80% of Tennesseans with employer-sponsored health packages are satisfied with their coverage.
  • Tennessee has seen a 12% decrease in the number of uninsured individuals since the implementation of collective health protection policies.
  • Corporate healthcare insurance plans cover an average of 85% of medical expenses, providing substantial financial protection for policyholders.

Frequently Asked Questions About Healthcare Protection and Employee Advantages Packages

The following are answers to some frequently asked questions regarding Tennessee health protection coverage:

Which Large Business Health Insurance Providers Are there?

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:

  • Blue Cross
  • Blue Shield
  • eHealthInsurance
  • Humana Group
  • Kaiser Foundation
  • Unitedhealth Group
  • State Farm
  • Coventry Corp.
  • HIP Insurance
  • Carefirst Inc.
  • UHC of California
  • Metropolitan Group
  • HCSC Group

How Do Small Business Group Health Insurance Plans Work?

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.

What Are the Different Types of Health Benefits Offered?

Taylor Benefits Agency provides Tennessee businesses and employees with the following coverage options:

  • health coverage
  • dental coverage
  • vision insurance
  • disability insurance, both short and long term
  • 401k
  • retirement & pension
  • section 125 cafeteria
  • HSA
  • life insurance
  • long-term care
  • ACA (Affordable Care Act) compliance

How Much Do Employers Pay for Health Insurance?

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.

What is Group Health Insurance?

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.

How does group health insurance work in Tennessee?

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.

What types of group health insurance plans are available in Tennessee?

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.

What is the average cost of group health insurance in Tennessee?

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.

What are the benefits of offering group health insurance for employers 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.

How do group health insurance plans support rural businesses in Tennessee?

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.

What are the best strategies to reduce group health insurance costs in Tennessee?

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.

What is the difference between PPO and HMO plans 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.

Which type of group health insurance plan is best for small businesses in Tennessee?

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.

What are the main factors driving health insurance costs in Tennessee?

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.

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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