- Providing world class service and value for employee benefit group plans since 1987
Large companies choosing how to provide mandated health insurance for their workforce can choose one of several approaches, depending on the target group’s needs, the budget, and how the company intends to share the costs. Premiums for health insurance seem to rise annually, and employers may not want to pass those increases to workers. Still, one positive point is that both employers and subscribers have choices that enable them to choose the coverage that meets their needs while accommodating their budget.
One popular option is a High Deductible Health Plan (HDHP), often paired with a Health Savings Account. In 2022, the IRS requires that an HDHP have a minimum deductible of $1,400 for an individual ($2,800 for a family). However, many of these policies have much higher deductibles. Some have a deductible that reaches the out-of-pocket maximum of $7,050 per individual. In addition, any expenses that the subscriber incurs outside their PPO or HMO network don’t count toward the deductible.
Using a Health Savings Account, the subscriber can set aside pre-tax income to pay for qualified medical expenses. Any funds leftover in one calendar year can roll over indefinitely (even into retirement) for future needs.
Small companies—defined as having less than fifty employees– aren’t obligated by the ACA to provide health insurance to their workers. Still, some want to, recognizing it as a competitive advantage in recruiting and hiring. Almost thirty percent of small companies pay the full cost of insurance coverage for their employees, and another ten percent also pay the premium for family members. Most workers (forty-five percent) are enrolled in PPO plans, and HMO plans are the next most often selected.
Small companies may benefit from investigating plans available through SHOP (the Small Business Health Options Program). It offers opportunities for small companies to provide affordable coverage to their workforce. Taylor Benefits Insurance can help a business evaluate the options. Small companies may decide to offer one plan for all workers or potentially a choice between more than one.
Benefits beyond the health insurance the ACA mandates are not typically required; in Florida, even paid sick time isn’t necessary. Still, many companies recognize the value of providing benefits both as a recruiting tool and for the well-being of their employees. The cost of benefits like health insurance is significant, while adding others may be negligible. For example, depending on the company’s needs, allowing flexible scheduling may save money while providing a perk for workers. Similarly, employees value the ability to work remotely, which may not cost the company anything.
Of course, administering benefits like retirement savings, dental insurance, and other programs can cost money. Still, it pays off with a thriving, more loyal workforce.
At Taylor Benefits, we’re committed to helping employers and businesses provide sound group health insurance and employee benefit packages. We care about your company’s success. Therefore, we craft competitive and comprehensive benefit plans that cover your employees’ needs and take care of your bottom line.
With 30 years of experience of offering group benefit plans, we’ve worked through the healthcare reforms and built excellent working relations with different leading carriers in Orlando. We work towards creating a human resource that is healthier, happier, and more productive.
Our focus is on creating for you a system that is affordable, responsive, and one that delivers high-quality care. The result is employee satisfaction, longevity of current employees, and great savings.
We have a variety of group coverage options from which we carefully devise a plan that will address your company’s needs. They include:
Here are some answers to frequently asked questions about health insurance in Orlando, Florida.
Some of the most recognized group health insurance companies in the country may be found through Taylor Benefits Insurance. We’ve proven over many years of good service that you can always rely on us to find you a great deal on large group insurance plans.
We work with the following insurance companies:
In Orlando, Florida, small business health insurance can benefit business owners in five ways.
The first is a general-purpose small business group health insurance plan. Employers pay a premium for health insurance in order to provide health benefits to their workers and, in some cases, the workers’ families. However, the employee might only be required to pay a small portion of it.
The second type of insurance to take into account is a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). Employees receive a fixed sum of benefits from their employers each month.
Group Coverage Health Reimbursement Plans make up the third category of insurance. This suggests that the employer would give its employees access to group health insurance. They will, however, also provide them with a monthly stipend to cover other costs.
Smaller firms should avoid self-funded health insurance options because of their higher risk. Employers pay medical costs and prescriptions for their employees when they come, as opposed to making monthly premium payments.
This last type of insurance is referred to as Associate Health Plans (AHPs), and it is a risky financial choice for small businesses. This occurs when several smaller companies in a certain sector or geographic area work together to negotiate a favorable rate on a large group health insurance plan from an insurance provider.
The following benefit packages are offered to employers and employees in Orlando, Florida, by Taylor Benefits Insurance Agency:
Employee contributions to group health insurance plans are permitted. Monthly expenses for employees start at $270, or $3240 annually. Compared to the annual healthcare costs for the ordinary American, employee payments are more than three times lower.
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.
We’re ready to help! Call today: 800-903-6066