- Providing world class service and value for employee benefit group plans since 1987
For the past 25 years, Taylor Benefits has been a leader in providing affordable and comprehensive collective healthcare insurance 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 as you offer group plans.
We are adept in handling businesses in all industries and of 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 in accordance with the affordable care act.
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 thing’s insurance-related makes us the perfect partner to team up with to reap the best healthcare protection products possible.
Call us today at the number on the top of the page for a FREE estimate and available group health insurance options 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 staff affordable large-business health protection. To meet the definition of “affordable,” the employer’s plan must cost the worker less than 9.12 percent of the staff member’s gross household income.
So, if an employee earns $50,000, the affordability threshold is approximately $4,560 for that individual’s premium share. However, the rule only applies to crew member 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 full-time employees are offered insurance by their company. Even better, the average wokrer 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 “minimum essential coverage benefits” outlined by the Affordable Care Act:
Note that employers of any size can offer collective coverage. Also, any employee who does not offer minimum essential coverage may face penalties if at least one employee uses premium tax credit to obtain health care insurance.
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 they will incur to offer healthcare 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 employer contribution to healthcare costs by establishing a qualified Small Employer Health Reimbursement Arrangement. Eligible small businesses may assist employees by facilitating their use of pre-tax funds for healthcare while avoiding the burden of administering a healthcare program.
Talk to your Taylor Benefits specialist to know how Utah small business health protection work and how many employees you need to qualify.
Utah doesn’t mandate paid or unpaid time off for employees. However, employers understand the need to compete for talent by providing the health benefits that employees want and need. Almost half of 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.
UT health protection plan frequently asked questions are summarized below:
Utah large group health protection policies are the best choice for employers with more than 50 eligible employees. The biggest advantage of large-team health insurance plans is their low cost, as they offer significant discounts for coverage.
UT small business staff health protection solutions are available in various forms.
Some small businesses take a traditional approach, offering a standard medical insurance policy and sharing the expense with the employees.
Self-funding is an option that is not as widespread in small businesses (compared to large organizations) because of the financial risk. With self-funding, the company bypasses an insurer and simply pays employee medical claims directly. The approach can save money and improve cash flow but also exposes the employer to potential losses if employees have high claims.
Group Health Reimbursement plans to combine the features of an insurance policy with an additional allowance the employee can use for non-reimbursed expenses.
Another option is to fund a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). The employer decides how much to contribute to the account, and the employees use the funds to pay for qualified protection coverage and related expenses. Plus, employees may qualify for a tax credit of up to 35% of the insurance cost.
Last but not least, Associate Health Plans (AHPs) are also considered risky 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 healthcare program.
Large companies covered by the ACA requirements must ensure that the employees’ premium cost is less than 9.12 percent of their gross income, not including dependent coverage. The average cost of coverage in Utah is reasonable, with the employer paying an average of $5,132 for individual coverage.
What is group health insurance?
Group health insurance is a type of health coverage that employers offer to their employees. It provides medical benefits to a group of people, typically at a lower cost than individual plans. Group health insurance can include a variety of coverage options, such as medical, dental, and vision.
How does group insurance differ from individual insurance?
Group insurance is coverage provided to a group of people, typically through an employer, while individual insurance is purchased by a single person. Group insurance offers lower premiums, broader coverage, and does not require medical underwriting. Individual insurance is tailored to the specific needs of the policyholder.
What are the largest health insurance companies in Utah?
The largest health insurance companies in Taylor Benefits Insurance, Utah include SelectHealth, University of Utah Health Plans, and Regence BlueCross BlueShield of Utah. These companies offer a wide range of health insurance plans and services to residents in the state.
What is considered a large group for health insurance in Utah?
In Utah, a large group for health insurance is typically defined as a business with 51 or more full-time employees. Large groups have different insurance options and regulations compared to small groups, providing more flexibility and customization in coverage.
How does large group insurance differ from small group insurance in Utah?
Large group insurance in Utah typically covers businesses with 51 or more employees, offering more comprehensive coverage options and lower premiums. Small group insurance is for businesses with 2-50 employees, providing fewer choices and potentially higher costs. Regulations and benefits also vary between the two.
What are the eligibility requirements for large group health insurance in Utah?
In Utah, eligibility requirements for large group health insurance typically include having a certain number of employees, with some insurers requiring a minimum of 50 employees. Employers must offer coverage to all eligible employees, work at least 30 hours per week, and meet other criteria set by insurers.
What is the average cost of health insurance in Utah for large groups?
The average cost of health insurance in Utah for large groups typically ranges from $500 to $700 per employee per month. Factors such as the level of coverage, number of employees, and type of plan chosen can impact the overall cost. It is advisable to compare quotes from different providers to find the best rates.
What are the compliance requirements for offering large group health insurance in Utah?
In Utah, offering large group health insurance requires compliance with state regulations such as providing coverage for essential health benefits, adhering to contribution requirements, and ensuring compliance with federal laws like the Affordable Care Act. Employers must also meet eligibility criteria for offering group health insurance in Utah.
Why are health insurance benefits crucial for attracting and retaining talent in Utah?
Health insurance benefits are crucial for attracting and retaining talent in Utah because they provide employees with essential healthcare coverage, promoting their well-being and job satisfaction. Offering competitive health insurance packages can help businesses stand out in the competitive job market of Utah, attracting and retaining top talent.
What are the best wellness programs for large groups in Utah?
The best wellness programs for large groups in Utah often include activities such as yoga, hiking, meditation, and nutrition workshops. Some popular options in the state include corporate wellness retreats, team-building exercises, and fitness challenges tailored to the needs of each group.
What are the tax benefits of offering wellness programs to employees?
Offering wellness programs to employees can lead to tax benefits for businesses. These benefits include tax deductions for the costs of providing wellness programs, potentially reducing taxable income. Additionally, businesses may qualify for tax credits for certain wellness initiatives, further incentivizing investment in employee well-being.
How can wellness programs help reduce health insurance costs for large groups?
Wellness programs can help reduce health insurance costs for large groups by promoting healthy lifestyles, preventing chronic diseases, and lowering healthcare expenses. These programs encourage employees to adopt healthy habits, leading to fewer medical claims and overall improved health, resulting in lower insurance premiums for organizations.
What are the best dental and vision coverage options for large groups in Utah?
The best dental and vision coverage options for large groups in Utah include comprehensive plans from major insurance providers like Taylor Benefits Insurance, Delta Dental and VSP Vision Care. These plans offer a range of benefits tailored to meet the needs of large groups in Utah, ensuring quality care for employees.
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.
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