- 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, the state healthcare exchange. 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 Affordable Care Act, which stipulates that employees 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.
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 2023, HSA contribution limits are $3,850 for an individual or $7,750 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 eligible employees—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 Insurance consultant can help you navigate through small business health 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 employee, your specialist to see if your company qualifies to offer health insurance for small businesses.
One of the most-wished-for benefits after health insurance is 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 identify and obtain the group healthcare insurance they need at the price they want. We write our insurance plans ourselves without being constrained by other insurance carriers or plans on the market, including the state and federal exchanges. As a result, our plans are broad, comprehensive, and, most importantly, affordable.
We offer the following services to groups seeking group options:
The following are answers to some frequently asked questions regarding Tennessee health insurance coverage in Tennessee.
Taylor Benefits Insurance can connect you with some of the major Tennessee 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 choose various options to assist their workers with health insurance.
The most common choice is for the employer to purchase a small group health insurance plan 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.
Group Coverage Health Reimbursement plans combine insurance with an additional monthly allowance to cover deductibles, copays, and other costs.
Some businesses choose self-funded health insurance 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 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 coverage options:
Employees can contribute any amount to group health insurance 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.
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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