Following the passage of the ACA (Affordable Care Act), all large companies—meaning those with more than fifty workers –must offer health insurance to their employees. Many already have insurance in their benefits packages. Still, they must now demonstrate compliance with the regulations, including coverage and affordability. Health insurance is expensive, but employers must limit how much employees pay as a percent of their pay.
One way to hold down the premium cost is to offer a High Deductible Health Plan (HDHP), which can be affordable when combined with a Health Savings Account. The primary advantage of a Health Savings Account is that the subscriber pays for their medical expenses with pre-tax income. The employee can direct funds through payroll to the account, and the employer can also contribute. Any money in the fund that the owner doesn’t need in the year they saved it rolls over for future use.
The plan must meet the IRS threshold for high deductible eligibility. In 2022, the IRS minimum deductible for these plans is $1,400 for an individual or $2,800 for a family. If the policy’s deductible is lower, or if it pays for services outside the deductible (except preventive care), the plan won’t qualify. However, these policies often have higher deductibles, which helps lower the cost for both employer and employee. For example, some deductibles equal the out-of-pocket maximum of $7,050 per individual.
Small companies in Massachusetts concerned about paying for health insurance must comply with state laws and any applicable ACA regulations.
Unlike the ACA exemption for employers with less than fifty workers, Massachusetts imposes a penalty on small companies if any of their employees enroll in Medicaid (MassHealth) or Connector Care, the state-subsidized program available on the Massachusetts marketplace. The penalty can be imposed because workers at companies with compliant policies don’t qualify for coverage in the subsidized programs. The fine imposed is the lesser of five percent of the individual’s pay or $750.
Small companies in Massachusetts may want to consult a broker like Taylor Benefits Insurance to evaluate their options. Small businesses have access to SHOP plans through the federal platform but also through a dedicated enrollment option partnership between Massachusetts Health Connector and DC Health Link.
Benefits are significant to employees and to those who are considering new opportunities. Companies that want to attract and retain great workers must create attractive benefits packages. A good package often starts with health insurance, and large companies must include it per ACA requirements. Also, at the top of the wish list for many employees is paid time off for illness, vacation, and holidays.
Other benefits that workers want include:
Worcester is a progressive and vibrant city within England, with a diverse culture, multi-billion-dollar investment and robust health care industry. It is located in Massachusetts in New England. The health system is well-structured with the government offering public health infrastructure. Companies here are progressive which calls for a good health insurance plan. Many employees will consider a good employee benefits plan before deciding to join a particular company. Group health insurance and employee benefits make a company attractive to employees enabling the employers to maintain a hardworking, skilled workforce. Business owners are encouraged to offer their employees group insurance and employee benefits for their own long-term benefit.
An employer stands to gain a lot by offering his employees health insurance and employee benefits. Group health insurance provides a great bargaining power to the employer hence commanding cheaper group rates. Employee benefits are different plans that employers offer to their employees. They are offered at a lower cost, promote employer/employee relations, enhance productivity and offer tax deductions to the employer.
Taylor Benefits Insurance is an insurance broker that specializes in group health insurance and employees’ benefits plans. We have been offering group health insurance and benefits plans for over 25 years. We offer a wide variety of choice and flexibility, with an annual renewal policy in place. We offer group plans for both small and large companies. We work with different insurance carriers to find a plan that will fit your company’s needs and budget. We are widely recognized for our high-quality services and affordable plans.
Dial 800-903-6066 and get free consultation on Worcester Group Health Insurance & Employee Benefit Plans
At Taylor Benefits we offer a variety of products to suit different needs for every employer. As a result of our extensive experience, we have developed different products to suit a variety of needs exhibited by companies over the years.
Some of the products offered include:
Are you looking for a Worcester Group Health Insurance & Employee Benefit Plans? Click the quote button to get an instant quote.
Taylor Benefits is the group insurance broker of choice. We are independent and therefore not attached to any particular company hence, our main focus is the client. We work with a variety of insurance carriers to find the best option and price for your company’s needs and budget. Your privacy is assured so you do not have to worry about the information you share with us.
Let us help you keep and maintain your most valued workers by crafting a suitable group health insurance and employee benefits plan. Call us now on our toll-free number 800-903-6066 for a free consultation from our agents. You can also request for a quote here.
Written by Todd Taylor
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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