Durham Group Health Insurance & Employee Benefit Plans

Durham Group Health Insurance and Employee Benefits

Durham is a creative and innovative community occupying a prime location at the heart of North Carolina. This city boasts of a billion dollar healthcare industry, that is also a major employer.

Although employers are often seeking to recruit skilled professionals, the majority of job seekers in Durham are not focusing on a decent paycheck alone. Their emphasis also lies on a lucrative employee benefits package.

Durham NC Large Group Health Insurance Plans

The Affordable Care Act (ACA) mandate is not the only reason that big companies provide and subsidize health insurance for their employees. Many recognize the value that insurance provides in recruiting and retention. Still, as expenses rise, more companies look for ways to control the costs. The ACA limits how much companies can charge employees for their health insurance premiums as part of its affordability requirement.

One way that companies can try to manage costs is by self-funding their programs. Self-funding means the business directly pays the claims workers submit for medical care instead of buying insurance from a provider. The risk of this approach can be significant if several workers incur huge expenses. However, the company usually benefits from cash flow management and overall savings. Often, the employer will employ a third-party administrator to manage claims. The company can also limit risk with a stop-loss policy, although that will mitigate the savings as well. In most cases, employees won’t know that the program is funded by the employer rather than a traditional insurance policy.

Durham NC Small Business Health Insurance Plans

Small businesses that employ less than fifty employees don’t have to offer health insurance. However, many of these smaller companies want to, so they can compete for top-quality workers. The Bureau of Labor Statistics reports that almost half of small companies provide medical insurance through the company and often pay part of the subscriber’s cost. Small firms can find assistance in creating and managing insurance plans by looking for resources and support with SHOP (Small Business Healthcare Options Program), which the Affordable Care Act created. Ask your Taylor Benefits Insurance consultant for more information.

Durham NC Employee Benefit Plans and Employee Benefit Packages

Benefits may be considered the non-monetary part of employee compensation. When a potential employee considers an offer, they likely put more emphasis on the pay, but they will also assess the benefits package. A good benefits program can add thirty percent to the overall cost of each employee.

Good benefits usually incorporate health insurance, paid time off for illness and vacation, and contributions to a retirement savings plan. These are the expensive parts of the package. However, some great benefits are free or low-cost perks like flexible scheduling, remote work options, casual dress code, and the office culture.

Group Health Insurance and Employee Benefits

A quality group health insurance and employee benefits package is a major determiner of your ability to recruit and retain top candidates. This is what will set you apart from your peers as an employer of choice.

The 2016 Aflac WorkForces Report that looked into benefits trends and attitudes found that 82% of employees believe that a quality benefits package is extremely important to job satisfaction.

Job seekers are on the lookout for more than just healthcare coverage. They are looking at other valued benefits like Flexible Spending Accounts (FSAs), dental coverage, retirement plans and vision coverage.