For nearly 30 years, Taylor Benefits Insurance Agency has been servicing the nation’s businesses by providing them with low cost health insurance and employee benefit options. Offering a flexible, low cost group plan will help your Washington company attract and maintain experienced employees. To receive the best options and the lowest premiums and rates, give us a call and we will even provide you with a FREE quote.
Our experienced and licensed insurance brokers will discuss all your health insurance and employee benefit options before giving you an estimate. During the creation of your plan, we will make sure that it remains in compliance with the requirements of the Affordable Care Act as well as all local, state and federal laws. This will keep your company from facing government penalties. It also qualifies your business for tax breaks. Throughout the duration of your plans term, we conduct yearly audits to make any necessary adjustments while assuring you continue to meet the standards of the healthcare act.
Our insurance agents are able to modify your plan and make adjustments whenever you find it necessary. They’ll even negotiate the costs of your plan as well as your premiums with the insurance carriers to find you the lowest possible prices. We want to make sure that our clients and their employees remain happy with their policies. This will only help your business grow and rise above your competition in Washington.
While most large employers provided health insurance to their workforce even before the ACA, the legislation created certain entitlements that standardized insurance plans’ coverage. It also defines an affordable plan (currently, workers can’t be required to pay more than 9.61 percent of their gross income toward the cost of their premium for individual coverage). In addition, employers’ plans must pay sixty percent of typical expenses for patient care.
In Washington, on average, employers pay 85 percent of the cost of coverage for their employees, and workers are paying a low amount (compared to other states) as a percent of median income. In addition, Washington has a detailed list of services that insurers must provide in addition to the ACA essential benefits. The requirements vary according to plan size but include chemotherapy medications, chemical dependency treatment, colorectal exams, contraceptive services, diabetes management, congenital abnormalities, and more.
Small businesses which choose to provide health insurance for their employees must also provide a plan that includes the ten essential components, but keep in mind that offering insurance is not required for companies with fewer than fifty full-time workers (or full-time equivalent employees.) Small businesses that offer coverage may be eligible for tax credits and assistance in accessing qualified plans. Taylor Benefits Insurance can help you evaluate your choices and look at options to provide coverage while holding down costs.
In Washington, employees may be eligible for paid family and medical leave of up to eighteen weeks per year. The payment amount depends on the employee’s pay relative to state averages. Workers are also eligible for paid sick leave, with a minimum accrual of one hour for every forty hours worked. The law does not cover some exempt professional employees.
More than half of workers in the state have employer-provided dental care coverage, and over 40 percent receive vision insurance. In addition, just over half have access to an Employee Assistance Program.
Here are some answers to common concerns regarding health insurance plans in Washington:
A large group health insurance plan is an insurance plan for businesses with more than 50 employees in most states. There is no legal maximum threshold for companies to be eligible for large group insurance; as long as a company has more than 50 employees, it can qualify for large group insurance. While group plans are easy to work with, they provide the same benefits for all employees. However, employers need not worry about subsidized coverage if one of their employees has unique requirements.
When an employer purchases a small group health insurance, eligible employees can enroll if they choose to participate. As long as a business has 50 or fewer employees, they qualify for small group health insurance. Small group health insurance works by providing all participating members with the same insurance benefits. The health care coverage would depend on the employer’s plan and insurer and the rates and premiums. Whether small or large, most group insurance requires at least a 70% participation rate from group members.
What an employee gets in their employee benefits package largely depends on their company. However, some standard benefits are commonly offered to employees in their benefits packages, such as medical insurance, paid time off, life insurance, dental insurance, retirement, flexible savings account, paid vacations, and sick leave. Others may include paid holidays, gym membership, and even educational assistance. While these benefits are the more common, some companies may provide more additional benefits.
The cost of employee benefits packages generally depends on what is included and what the company offers. For example, a company offering additional benefits like pet insurance and gym membership asides from the standard benefits like health insurance would have to pay more than one that offers only the common benefits. However, on average, it is estimated that employee benefits could amount to 31% of an employee’s total compensation, while the remaining 69% comprises the wages. To arrive at the cost of an employee benefits package, you’ll need to calculate the cost of each benefit you want to include.
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