- Providing world class service and value for employee benefit group plans since 1987
For the past 25 years, Taylor Benefits Insurance has been a leader in providing affordable and comprehensive group benefit plans for companies all across the state of Utah. Taylor Benefits is able to customize packages that meet your company’s specific needs while staying within the budget. We are adept in handling businesses in all industries and of all different sizes, located in large cities like Salt Lake all the way down to smaller suburbs like St. George. We specialize in the following:
Taylor Benefits is unlike traditional insurance providers because we operate as an independent agent, allowing us to truly tailor-make policies and packages by utilizing insurance products from a large variety of different companies. No two businesses are the same and we get that, so we customize options based specifically on your company’s requirements and budgetary constraints.
Taylor Benefits has worked directly with Utah-based companies for as many years as we have been in business, so we are uniquely qualified to meet your insurance needs. Our expertise in all things insurance-related makes us the perfect partner to team up with in order to reap the best benefits possible.
Call us today at the number on the top of the page for a FREE estimate and available group benefit options in Utah or complete the simple form on the right for a no obligation, customized proposal for your Utah-based business.
The ACA mandates that employers with fifty or more employees offer their workers affordable large group health insurance. To meet the definition of “affordable,” the employer’s plan must cost the worker less than 9.61 percent of the employee’s household income. So, if an employee earns $50,000, the affordability threshold is approximately $4,805 for that individual to participate in the workforce plan. However, the rule only applies to employee coverage without considering what it costs for dependents to be included. Even if the dependent coverage costs twice as much, the family would not be eligible for marketplace participation because only the worker’s premium counts for the affordable definition. In Utah, over eighty percent of employees are offered insurance by their company. Even better, the average employee contribution to the premium cost is 5.2 percent of the median income.
The coverage must also meet specific coverage standards to demonstrate comprehensive protection. The two indicators are:
Finally, every plan must cover the ten designated “essential benefits” outlined by the ACA:
There are unique additions to this list of required items in many states. Utah added three:
Small businesses may feel constrained by the high cost of offering health insurance. Many large companies self-fund the programs, which allows them to save money in many cases and manage cash flow better. But for smaller organizations, the exposure may cause reluctance to take that approach.
One option for smaller companies is to contribute to their workers’ healthcare costs by establishing a Qualified Small Employer Health Reimbursement Arrangement. These accounts can give small businesses a means to assist workers by facilitating their use of pre-tax funds for healthcare while avoiding the burden of administering a healthcare program. Talk to your Taylor Benefits Insurance specialist about how these QSEHRAs work.
Utah doesn’t mandate paid or unpaid time off for workers. However, employers understand the need to compete for talent by providing the benefits that workers want and need. Almost half of Utah employees have dental care, and 59 percent work for a company with an EAP. Forty-six percent report that they have wellness offerings, including exercise programs, health screenings, stress management support, and other components.
Utah health insurance coverage frequently asked questions are summarized below:
Utah large group health insurance plans are the best choice for employers with more than 50 employees. The biggest advantage of large group health insurance plans is their low costs, as they offer significant discounts when it comes to obtaining coverage.
Students may be covered by large group health insurance plans. People who cannot afford individual health insurance benefits will benefit from this plan. There are other benefits as well, including:
Utah small business group health insurance plans are arranged in five ways.
By purchasing a basic group health insurance plan, small businesses can protect themselves. To provide health benefits to their employees and, in some cases, their families, employers pay specified health plan premiums, while employees may be responsible for covering a portion of such costs.
Small business health insurance with self-funding is the riskiest option. Instead of paying premiums on the employee’s behalf, employers reimburse the employee based on the cost of their medical bills.
Alternatively, you can invest in a health reimbursement plan like Group Coverage Health. A group health insurance plan would be offered along with a monthly allowance to cover copays, deductibles, and other costs.
There is also the Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Each month (at the discretion of the employer), employers may offer benefits to their employees.
Last but not least, Associate Health Plans (AHPs) are high-risk investments for small businesses. AHPs are created when several smaller businesses within the same industry or region join forces to get coverage from an insurance company for a larger group health plan.
Some of the best Utah companies provide health insurance which covers various medical treatments and equipment, such as prescription drugs, doctors’ visits, and surgeries.
But this doesn’t apply for all services. For instance, most companies do not cover plastic surgery since it is considered unnecessary for employees. Due to the fact that most healthcare plans do not cover dental and vision, these services must be purchased separately.
No matter how much or how little an employee pays into company-sponsored health insurance, they all can contribute. Employees can expect to pay $3240 per year, or $270 per month, on average, which is three times cheaper than the US average cost of healthcare.
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