- Providing world class service and value for employee benefit group plans since 1987
Taylor Benefits Insurance Agency is the leading insurance and employee benefits provider for business owners in Vermont. As an independent broker, we have been providing businesses with comprehensive yet inexpensive health and benefit plans for nearly three decades. We give you an overview of the healthcare insurance marketplace (Vermont Health Connect) and flexibility in your group medical insurance and employee provisions to help you satisfy the needs of your employees and their families.
Great health insurance coverage and employee perks will help your business thrive by attracting and retaining qualified, hardworking individuals.
Preferred Provider Organization (PPO). With a PPO plan, subscribers can choose to obtain their health insurance plan from in-network providers for better coverage and cost savings. However, they can also seek services from outside the network. Doing so will typically mean that they pay a higher charge unless the need is an emergency.
Health Maintenance Organizations (HMO). With this structure, subscribers choose a Primary Care Physician (PCP) and use an in-network provider to receive coverage for all health care, with the exception of emergency services.
Our licensed insurance brokers will discuss all your options with you and then recommend a group plan your business qualifies. We will not only create the right package, but we’ll negotiate the costs to find you the lowest possible rates and premiums.
Taylor Benefits will conduct an annual audit to make sure your plan is always up-to-date and remains in compliance with the Affordable Care Act, as well as local, state, and federal laws. Ensuring that your program is compliant helps you qualify for potential tax credits and avoid penalties.
To learn more about Taylor Benefits and how we can best serve your business, give us a call today! Once you’ve discussed all our options with one of our insurance agents, you’ll be offered a FREE quote for your company’s future team health and benefits package.
For many employers, health insurance is a significant expense. However, large companies recognize that to compete for skilled team members, they need to provide benefits that include a high-quality insurance plan.
Also, the Affordable Care Act requires that employers provide policies that meet the affordability and coverage standards. The ACA rules stipulate that an employee’s share of the premium can’t exceed 9.12 percent of their gross income. That limit only applies to coverage for the worker, leaving dependent coverage out of the equation.
The ACA also requires that coverage be demonstrably comprehensive by meeting these two criteria:
Finally, the act specifies ten services that any insurance program must provide:
In Vermont, the state added more required services for insurers. It’s important to remember that any self-funded plan is exempt from the state requirements, but not those in the ACA. Vermont has a slightly higher percentage of self-funded programs than the national average, at 63 percent. The requirements are as follows:
Small employers in Vermont aren’t required to provide group health insurance for their workers. For many, the cost seems prohibitive. One reason is that per capita costs may be higher for small businesses since insurers evaluate the risks in the employee pool to determine subscriber rates. However, small businesses may find affordable plans through the SHOP (Small Business Health Options) program developed as part of the ACA.
Your Taylor Benefits Insurance consultant can help you explore potential options. Since 85 percent of workers have access to employer-sponsored coverage, that’s an indication that small businesses are finding a way to provide the coverage. In Vermont, employers overall are paying 77 percent of the cost of workers’ healthcare insurance premiums.
Vermont’s legislature passed the Green Mountain Secure Retirement Plan legislation to create a statewide multi-employer retirement package to benefit residents. However, the implementation has been delayed, and the current status is unavailable, according to the state Treasurer’s office.
Vermont workers are eligible for paid sick leave, which they must accrue at a minimum rate of one hour per 52 hours worked. They must be allowed to use at least 40 accrued hours annually. Employees are entitled to family healthcare plan for pregnancy and birth or severe illness of a family member, with eligibility depending on the employer’s size.
Learn more about employment benefit program in Vermont.
Here are some concise answers to some of VT’s most common health insurance questions.
Large team health insurance is ideal for companies with more than 50 employees. One advantage is the lower cost that a sponsor can obtain. The employer can decide what benefits to offer and how much of the premium to pass along to the subscriber as long as they comply with the ACA requirements.
Some key attributes of large group packages include these:
In Vermont, small businesses can choose from several viable plan structures to sponsor health insurance for their employees:
First, traditional group health insurance packages are an option. The employer offers one or more coverage choices while typically sharing the cost with the subscriber. This option might include an indemnity, Point-of-Service, HMO, or PPO plan.
If a small business is reluctant to administer and pay for traditional health insurance, it may consider a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). With this option, the employer contributes funds to each worker’s account. The employee can use the money to pay for expenses related to a qualified health program.
Another choice is a Group Coverage Health Reimbursement plan. With this approach, the company offers both health insurance and a monthly stipend to cover deductibles, copays, and other expenses.
Some small companies opt for self-funded programs, but these are riskier for small businesses. With self-funding, the company directly pays for crews’ medical costs instead of buying an insurance policy. While self-funding may offer an opportunity for both reduced expenses and better cash flow, the exposure to catastrophic claims precludes many companies from adopting this method.
Finally, Associate Health Plans (AHPs) are also slightly risky but may offer an opportunity for savings. With this approach, several smaller businesses from the same industry or region band together to purchase large health insurance from an insurance provider.
Employers in Vermont contribute an average of 77 percent of the cost of health insurance for each worker. That equals an annual payment of over $6000 per employee..
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 helps ensure that employees have access to medical care when needed.
Group insurance is typically provided by an employer or organization to a group of individuals, offering coverage to all members under a single policy. Individual insurance, on the other hand, is purchased by an individual directly from an insurance provider. Group insurance often has lower premiums and broader coverage compared to individual plans.
The largest health insurance companies in Vermont include Blue Cross Blue Shield of Vermont, MVP Health Care, and Cigna. These companies offer a variety of health insurance plans to residents of the state, providing coverage for medical expenses and healthcare services.
In Vermont, a large group for health insurance typically consists of 51 or more employees. Large groups are subject to different regulations and benefits compared to small groups or individual plans. Understanding what is considered a large group for health insurance in Vermont is crucial for employers seeking coverage options.
Large group insurance in Vermont typically covers companies with 51 or more employees, offering more comprehensive benefits at lower costs due to economies of scale. Small group insurance is for businesses with 1-50 employees, with fewer options and higher premiums. Regulations and coverage requirements may also vary between the two.
To qualify for large group health insurance in Vermont, businesses typically need to have a minimum number of employees, often ranging from 51 to 100 depending on the insurer. Additionally, the majority of eligible employees must enroll in the plan. Meeting these criteria is essential to securing coverage.
The average cost of health insurance in Vermont for large groups can vary depending on factors such as the size of the group, coverage options, and provider. On average, premiums for large group health insurance in Vermont can range from $400 to $800 per employee per month.
In Vermont, offering large group health insurance requires compliance with state regulations, including providing coverage to eligible employees, meeting minimum participation and contribution requirements, and adhering to state insurance laws. Employers must also follow federal guidelines outlined in the Affordable Care Act.
Health insurance benefits are crucial for attracting and retaining talent in Vermont as they provide employees with access to quality healthcare, enhancing job satisfaction and loyalty. In a competitive job market, offering comprehensive health coverage can be a key factor in attracting and retaining top talent in the state.
The best wellness programs for large groups in Vermont include corporate wellness retreats, team building activities, and fitness classes tailored to accommodate group sizes. These programs offer a holistic approach to well-being, promoting physical fitness, mental health, and overall wellness.
Offering wellness programs to employees can provide tax benefits for businesses. Expenses related to these programs may be tax-deductible as a business expense, potentially lowering taxable income. Additionally, promoting employee health can lead to reduced healthcare costs and increased productivity, further benefiting the bottom line.
Wellness programs can help reduce health insurance costs for large groups by promoting healthy behaviors and preventing chronic diseases. By offering incentives for participation and improving overall employee health, wellness programs can lead to lower healthcare utilization and decreased insurance claims, ultimately resulting in cost savings for employers.
The best dental and vision coverage options for large groups in Vermont typically include comprehensive plans offered by major insurance providers such as Delta Dental and VSP. These plans often provide a wide range of benefits and services tailored to the needs of large groups 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.
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