The Affordable Care Act has implemented comprehensive reforms designed to improve the accessibility, affordability, and quality of health care. Health care costs affect every American family’s financial well-being. It is still fragmented with gaps in insured costs, and a division in both private and public players.
The city of Sioux Falls is the fastest growing metro area and most populous city in the U.S State of South Dakota.
Offering health insurance is required for companies that employ more than fifty workers. The Affordable Care Act allows each business to choose the method of compliance. Many larger companies are choosing self-funding over traditional insurance. This approach can save money and streamline the administration. With self-funding, the company retains the risks of high claims but also may reap the benefit of cost savings.
Whether fully insured or self-funded, the program must comply with the ACA requirements for affordability and coverage. For example, the company can’t charge the subscriber more than 9.12 percent of their income toward the cost (for 2023 coverage). In addition, each plan must absorb at least sixty percent of the anticipated expenses for a participant while covering these essential benefit areas:
In cities like Sioux Falls, small companies have plenty of choices for providing health insurance – although they are not obligated to do so. Since the Affordable Care Act mandate for coverage doesn’t apply to businesses with fewer than fifty workers, it’s up to each one to decide. Companies seeking resources and information about insurance can find help from SHOP (Small Business Health Options Program), created by the ACA, which provides incentives for offering compliant coverage.
Some businesses can qualify for a tax credit if they are eligible using these criteria:
Talk to your consultant about options for your small business.
Benefits plans can help attract potential workers to a company and increase the satisfaction of those working there. Health insurance and paid time off are among the most sought benefits. Still, workers also appreciate dental and vision coverage, retirement savings support, childcare options, tuition reimbursement, wellness programs, and remote or flexible scheduling.
Group health insurance is insurance offered to a group of people, as employees of a company or members of a society.
Employee benefits, are non-wage benefits given to employees in addition to their salaries. They include benefits like insurance, overtime, paid time off among others. These benefits attract and keep hardworking employees. Productivity in your business is boosted due to improved health amongst your workers.
Taylor Benefits insurance agency is an insurance brokerage offering group health insurance and employee benefits in Sioux Falls, and across the country. We have been providing insurance cover for over 25 Years. We work with all competitive insurance carriers in the market to make sure that you get the best prices.
We strive to offer high levels of value and service and our clients are treated like family. We shop your benefits plan to ensure that your company is maintaining a competitive position,at each renewal. Compliance issues and new reforms are well communicated and implemented.
Sioux Falls city will receive complementary use of our integrated online HR management system to assist in HR and benefits plan administration.
Dial 800-903-6066 and get free consultation on Sioux Falls Group Health Insurance & Employee Benefit Plans
At Taylor benefits, we craft group health insurance and employee benefits plans according to your needs and requirements. These products include:
Are you looking for a Sioux Falls Group Health Insurance & Employee Benefit Plans? Click the quote button to get an instant quote.
A couple of reasons makes our insurance agency the best suited agency to offer you group health insurance.
First, we are an independent insurance brokerage firm which enables us to focus solely on the client’s needs. We work with all competitive carriers across the country for group health insurance and employee benefits plans. In addition, we ensure that our clients’ carriers maintain competitive positions in the market by annually shopping our clients’ benefits plans.
We offer complementary COBRA administration if your company requests for it, through a 3rd party. We have an integrated online HR management system for HR and Benefits plans administration.
Health insurance and benefits plans can help you stay competitive. We will craft a plan that best suits you. Call us today on 800-903-6066 (toll-free) or 408-358-7502 (local) and get professional help. 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.
We’re ready to help! Call today: 800-903-6066