- Providing world class service and value for employee benefit group plans since 1987
In Washington’s dynamic business environment, offering comprehensive group health insurance and employee benefits is essential for attracting and retaining top talent. With the state’s robust economy and diverse industries, employers face increasing competition to provide benefits that meet the evolving needs of their workforce.
According to the 2024 Washington State Employee Compensation Survey, health care benefits are considered a valuable component of a worker’s total compensation, providing important context to Washington’s compensation practices, especially when compared to other employers (Office of Financial Management). Furthermore, the 2024 SHRM Employee Benefits Survey highlights that 97% of employers nationwide provide some form of health plan coverage, underscoring the importance of health benefits in employee satisfaction and retention (SHRM). At Taylor Benefits Insurance, we specialize in delivering customized group health insurance solutions and employee benefit packages tailored to the unique needs of Washington businesses.
Group health insurance in Washington involves employer-sponsored plans that provide health coverage to employees and their dependents. These plans leverage the collective bargaining power of groups to offer more affordable premiums and comprehensive coverage compared to individual policies. Under the Affordable Care Act (ACA), Washington employers with 50 or more full-time employees are required to offer ACA-compliant health insurance options. Common group health insurance plans available in Washington include Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), and High Deductible Health Plans (HDHPs) paired with Health Savings Accounts (HSAs). Taylor Benefits Insurance assists Washington businesses in selecting the most suitable plans that align with their financial objectives and employee needs
While most large employers provided medical protection to their workforce even before the ACA, the legislation created certain entitlements that standardized insurance programs’ coverage. It also defines an affordable health program (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 WA, 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, WA state has a detailed list of services that insurers must provide in addition to the ACA essential benefits. The requirements vary according to size but include chemotherapy medications, chemical dependency treatment, colorectal exams, contraceptive services, diabetes management, congenital abnormalities, and more.
Small businesses which choose to provide collective health insurance for their crews must also provide a plan that includes the ten essential components, but keep in mind that offering assurance is not required for companies with fewer than fifty full-time workers (or full-time equivalent employees.)
Small businesses that offer healthcare protection coverage may be eligible for tax credits and assistance in accessing qualified programs. Taylor Benefits can help you evaluate your choices and look at small business health benefits to provide coverage while holding down costs.
Implementing comprehensive group health insurance and employee benefits offers numerous advantages for Washington businesses:
Enhanced Employee Retention: Competitive benefit packages foster employee loyalty, reducing turnover rates in Washington’s competitive labor market.
Increased Productivity: Access to quality health coverage ensures employees are healthier and more productive, leading to improved company performance.
Cost Savings: Group health plans typically offer lower premiums than individual plans, resulting in significant savings for both employers and employees.
Attracting Top Talent: Robust health and benefit plans make Washington businesses more appealing to high-caliber candidates, essential for organizational growth.
Washington employers can choose from various group health insurance plans, each offering distinct features:
Health Maintenance Organization (HMO): Offers lower premiums with structured care through designated primary care providers and required referrals for specialists. Ideal for businesses seeking cost-effective, coordinated healthcare.
Preferred Provider Organization (PPO): Provides greater flexibility, allowing employees to see specialists without referrals and access out-of-network care at higher costs. Suitable for companies prioritizing flexibility.
High Deductible Health Plan (HDHP) with HSA: Features lower premiums and higher deductibles, combined with tax-advantaged Health Savings Accounts. Beneficial for businesses aiming to control healthcare expenses while offering savings opportunities to employees.
Taylor Benefits Insurance offers expert guidance to Washington businesses in selecting the most appropriate plans that meet their specific requirements and budget constraints.
Taylor Benefits Insurance is dedicated to providing personalized group health insurance solutions and comprehensive employee benefits tailored to the unique needs of Washington businesses. With extensive experience and strong relationships with leading insurance carriers, we negotiate competitive rates and terms to ensure maximum value and coverage for our clients. Whether your business operates in Seattle, Spokane, Tacoma, or any other part of Washington, Taylor Benefits Insurance delivers seamless service, simplified plan management, and exceptional customer support.
Navigating the regulatory landscape is crucial for Washington employers offering group health insurance and employee benefits. Taylor Benefits Insurance ensures that your business remains compliant with federal and state regulations, including the Affordable Care Act (ACA), COBRA, ERISA, and HIPAA. Our comprehensive compliance support includes assistance with annual reporting, employee notifications, and staying abreast of regulatory changes, providing peace of mind and allowing you to focus on your business operations.
Selecting Taylor Benefits Insurance for your employee benefits and group health insurance needs ensures:
Expertise and Experience: Decades of experience in Washington’s health insurance market.
Customized Plans: Tailored solutions designed to meet your specific business needs.
Comprehensive Support: Assistance from selection through implementation and ongoing support.
Ready to offer benefits to your workforce?
Our insurance agents can help you modify your program and make adjustments whenever you find it necessary to provide your employees with appropriate group health covers. We’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. Contact us now and let us help your business grow and rise above your competition.
Here are some answers to common concerns regarding medical coverage programs:
A large business health insurance package is a solution for businesses with more than 50 employees in most states. There is no legal maximum threshold for companies to be eligible for large team insurance; as long as a company has more than 50 workers, it can qualify for large group assurance.
While collective programs are easy to work with, they provide the same health benefits for all crew members. However, employers need not worry about subsidized coverage if one of their staff has unique requirements.
When an employer purchases a small staff health insurance, eligible employees can enroll if they choose to participate. As long as a business has 50 or fewer staff members, they qualify for small-business medical protection. Small team health insurance works by providing all participating members with the same medical coverage benefits. The health care coverage would depend on the employer’s plan and health protection company and the rates and premiums. Whether small or large, most group assurance requires at least a 70% participation rate from team members.
What an employee gets in their staff benefits package largely depends on their company. However, some standard benefits are commonly offered to crew members in their benefits packages, such as medical assurance, 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 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 protection 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 staff benefits could amount to 31% of a staff member’s total compensation, while the remaining 69% comprises wages.
To arrive at the cost of staff advantages package, you’ll need to calculate the cost of each benefit you want to include.
Group health insurance is a type of insurance plan that provides coverage to a group of people, typically through their employer. It offers a range of benefits, including medical, dental, and vision coverage, at a lower cost than individual plans. Group health insurance helps protect employees and their families against high healthcare expenses.
Group insurance is typically offered through an employer or organization and covers a group of people under one policy. It often has lower premiums and broader coverage compared to individual insurance. Individual insurance, on the other hand, is purchased directly by an individual to cover themselves and their dependents.
The largest health insurance companies in Washington state include Taylor Benefits Insurance, Premera Blue Cross, Regence BlueShield, Kaiser Permanente, and Molina Healthcare. These companies offer a wide range of health insurance plans to individuals and families in the state.
The top 3 health insurance providers in Washington are Taylor Benefits Insurance, Premera Blue Cross, and Regence BlueShield. These companies offer a range of plans and coverage options to meet the diverse needs of Washington residents. Contact them for more information on their health insurance offerings.
In Washington state, a large group for health insurance is typically defined as a business with 51 or more employees. Large groups often have access to more comprehensive coverage options and better rates due to their size. Employers with fewer than 51 employees may be considered small groups.
Large group insurance in Washington typically covers organizations with 51 or more employees, offering more flexibility in plan options and potentially lower premiums per member. Small group insurance, on the other hand, is for organizations with 1-50 employees, providing fewer plan choices and potentially higher premiums due to smaller risk pools.
In Washington, large group health insurance eligibility requirements typically include having a certain number of full-time employees, meeting minimum participation guidelines, and contributing a specified percentage towards employee premiums. Employers must also adhere to state regulations regarding group health insurance coverage.
The average cost of health insurance in Washington state for large groups can vary depending on factors such as the size of the group, coverage options, and location. However, on average, large group health insurance premiums in Washington state range from $300 to $700 per employee per month.
In Washington, offering large group health insurance requires compliance with state regulations such as providing coverage to eligible employees, meeting minimum participation and contribution requirements, and adhering to premium rating rules. Employers must also follow federal laws like the Affordable Care Act.
Health insurance benefits are crucial for attracting and retaining talent in Washington because they provide employees with essential healthcare coverage. In a competitive job market, offering comprehensive health insurance can help companies stand out and retain top talent in the state.
The best wellness programs for large groups in Washington include corporate wellness workshops, team-building activities, fitness challenges, and nutrition seminars. These programs promote employee health and well-being while fostering a positive work environment. Contact local wellness providers for tailored options.
Offering wellness programs to employees can lead to tax benefits for employers, as these programs are often considered a tax-deductible business expense. Additionally, certain wellness initiatives may qualify for tax credits, further reducing the overall tax liability for the company. These tax benefits can help offset the costs associated with implementing and maintaining wellness programs.
Wellness programs can help reduce health insurance costs for large groups by promoting preventive care, reducing chronic disease risks, and improving overall employee health. This can lead to lower healthcare utilization and costs, ultimately saving money for both the employer and the insurance provider.
For large groups in Washington, the best dental and vision coverage options include group insurance plans offered by major providers like Taylor Benefits Insurance, Delta Dental and VSP. These plans typically offer comprehensive coverage for a range of services and are tailored to meet 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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