- Providing world class service and value for employee benefit group plans since 1987
Large businesses must offer health insurance to their employees to comply with the Affordable Care Act, but they have options for compliance. For many companies, the cost is a significant determinant of their selection. According to the Kaiser Family Foundation report on benefits, insurance costs continue to increase. Yet, companies must hold the subscriber share below 9.6 percent of gross income, or they won’t meet the ACA affordability standard.
Companies can use cost-saving methods like increasing the deductible and changing delivery structures. For example, a business may save money with a high deductible plan, which can be supported by a health savings account (HSA) if it qualifies. However, the IRS requires a very high minimum deductible to be eligible for an HSA. Also, many workers now have responsibility for a copayment when they visit a provider. The payment is usually either a flat fee or a percentage of the charge. The copayment might be more for a specialist than for a general practitioner.
Also, some large companies now choose to self-fund their health care costs. That means the business pays directly for employees’ claims for health services instead of buying an insurance policy. However, these companies usually hire a third-party administrator to manage the programs, evaluate the claims, and assure employee confidentiality. For some, it’s an excellent way to save money.
Small companies are not included in the ACA mandate if they employ fewer than fifty workers. The employers that want to offer health insurance may find that their per-capita costs are higher than large businesses because they don’t have a large enough population to spread out the risks. Self-funding is also riskier for these firms since even a few large claims could be catastrophic. Instead, they might consider level funding, which has some benefits of self-funding but limits the exposure to high claims. Your Taylor Benefits Insurance specialist can guide you through the evaluation.
Employees want great perks, and companies want great employees. Still, they may not be able to afford the high cost of some attractive benefits. Nonetheless, most companies provide health insurance and paid time off—with the percentage participating higher in bigger firms.
That’s a great start since many workers prioritize those benefits. To add to the appeal, consider some of these sought-after options:
Whether your business is small or large, it will benefit from the right group health plan. One of the biggest secrets successful businesses use to attract and retain quality employees is the ability to provide workers with a flexible and affordable group health insurance plan. When you offer attractive health insurance options, your business will experience a lot of positive changes. For instance, when recruiting new employees; there will be an increase in the number of applications and you will spend less time in finding quality candidates worth hiring.
Work with providers that are offering the best plans at affordable prices before buying an insurance plan. Below are important tips to help you when choosing an insurance provider:
Experienced insurance brokers have a lot to offer. The following are their advantages:
Taylor Benefits is a top ranking insurance broker that operates in Charlotte. We have been providing small and large businesses across this city with a wide range of group health insurance and employee benefits for more than 30 years. Our team of experts is dedicated to walking you through the entire process of crafting effective plans while providing you with the best recommendations to protect your interests. We have a solution for you regardless of your health insurance and employee benefits needs. Our dedication to offering exceptional service while conducting unbiased carrier evaluations is unwavering. We take time to understand your business needs in order to align them with your employees’ needs before creating a tailor-made benefits package that is affordable and also comprehensive.
At Taylor Benefits, we provide the following group health insurance and employee benefit plans to employers in Charlotte:
Health benefits are defined as the non-cash compensation that an employer provides in addition to the regular pay to safeguard the employee’s health and wellbeing. In addition, it’s an effective way to keep employees satisfied and reduce employee turnover in the company.
The term “small company health insurance” refers to comprehensive medical coverage provided by an employer to businesses with less than 50 staff members. Employees can take advantage of this perk by paying a portion of the associated fees out of their wallets, although doing so is entirely voluntary.
A type of health insurance policy known as a vast group health plan provides coverage for an entire workforce for a single employer. Large group health plans are, in general, those that are offered by companies that have more than 50 full-time employees enrolled in their programs.
Health care benefits are becoming increasingly expensive for employers, even as employees demand more from their plans. It’s critical to create a package that works for both your business and your employees. The following are just a few of the perks that Charlotte-area firms provide their employees:
If you are an employer, having the ability to offer health insurance to your workers can give your company an advantage over its competitors because it can lead to increased levels of contentment and productivity among your workforce as a whole. The average annual premium for single coverage through an employer-sponsored health insurance plan was $7,470 in 2020, while the average annual premium for family coverage was $21,342. When the expenditures that employees are responsible for are factored in, the average cost of group health insurance for an employer to cover a family is around $15,754, and the average cost of group health insurance for an employer to protect one person is approximately $6,227.
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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