Taylor Benefits Insurance has over 25 years of experience and knowledge developed by helping match clients to group insurance plans that work for them. Our insurance plans are unique in the healthcare marketplace since we write them ourselves, choosing not to rely on existing plans that limit our clients. Our plans are affordable and custom-designed to work best for you.
The following affordable health insurance coverage services are available to our clients when they purchase a custom-designed health insurance plan.
Taylor Benefits Insurance is an independent agency. We offer group coverage plans to clients. That means we are not regulated by the market to provide specific health plans, and we are not limited to designated insurance plan carriers. As a result, we can provide a wider range of health benefits to our clients. We are more nimble, and our plans are more customized than those offered by other insurance providers.
Contact us today to discuss our group health insurance plans for North Carolina residents and your goals for group insurance. The consultation is complimentary, there is no obligation, and we will provide free estimates for your group. Get the coverage you need at the price you want with an independent insurance agency today!
Large companies in North Carolina have choices when deciding how to satisfy the ACA requirements and provide health insurance for their workforce. Clearly, one important consideration is the cost. According to the well-respected Kaiser Family Foundation report on benefits, insurance costs continue to increase. Companies must keep the subscriber share below 9.12 percent of gross income to meet the ACA affordability standard, even as prices rise. On average, the cost of coverage has increased by 22 percent over the last ten years.
Some cost-saving methods include increasing the deductible and changing coverage options. Companies can choose a more economical delivery system, like a high deductible plan, which can be supported by a health savings account (HSA). In large firms, the percentage of workers with an annual deductible greater than $2,000 has grown from three percent to 22 percent since 2009. Also, many workers pay a portion of the service cost when they use it. This feature is called coinsurance. The coinsurance payment might be a flat fee or a percentage of the charge and may vary depending on the type of visit.
Many large companies now self-fund their health care costs. That means that the employer pays the cost of their employees’ health care services directly rather than buying an insurance policy. However, these companies usually use a health insurance company or third-party administrator to manage the programs and assure employee confidentiality. For some, it’s an excellent way to save money.
In North Carolina, which has mandated benefits in addition to those required by the ACA, self-funding allows individual and family plans.
Companies with fewer than fifty workers don’t have to provide health insurance plans under the ACA. However, companies that need to compete for talent in a tight job market find that one way they can stand out is by offering health insurance to their eligible employees.
It can be challenging since insurance coverage is expensive, and the costs frequently increase. Your Taylor Benefits Insurance consultant can provide some money-saving suggestions and help you identify and implement the best small business health insurance policy.
Depending on the company size and the employee demographics, consider alternative service delivery structures, including a PPO, HMO, and POS program. PPOs (preferred provider organizations) are the most common plans by enrollment figures. As employers and insurers have worked together to manage costs, one helpful tool is a high-deductible plan combined with health savings accounts. Ask your consultant if this might be a good approach for your firm.
North Carolina doesn’t require employers to offer any paid time off to workers. Of course, many employers grant time off as a benefit and recruiting tool. North Carolina insurance rules require that insurers cover several benefits in addition to those included in the ACA essential minimum:
North Carolina lacks state legislation regarding employer-supported retirement plans, but retirement savings assistance is among desired benefits for workers.
Learn more about North Carolina employee benefit packages.
The Affordable Care Act (ACA), enacted in 2010, has further regulated the healthcare insurance field. While regulation often brings limits, we can work around the restrictions. As an independent agency, we can cultivate custom plans that compare positively to other options and state-exchange plans.
Taylor Benefits Insurance, due to its ability to successfully navigate the health insurance field, is able to provide better plans at lower prices than the competition. We do this by examining your business and comparing your priorities to Shop health insurance plans selected by similar businesses in your field. We then research relevant health care law, as well as your wants and needs for group health care insurance. We take all this information and compile it into an affordable healthcare plan that works for your group.
To view the current group health care plans provided to North Carolina residents under the Affordable Care Act, please see this resource from the federal government’s HealthCare.gov.
Many corporations and organizations acquire group health insurance coverage for their employees or members. However, despite a wide range of choices in terms of plan types and prices and insurers, and group sizes, individuals cannot enroll in group coverage unless they belong to the indicated group.
There are two types of group health insurance plans: large groups and small groups. Large groups cover organizations with over 50 employees. For large group health plans, there is no maximum number of employees. The term large group health plan refers to coverage for a large group of people, typically employees of a business. A large group health plan spreads the risk of an insurer over a large group of people. Both insurers and policyholders benefit from this.
Large businesses that do not offer minimum essential coverage may face penalties if any of their employees use a premium tax credit.
The features vary according to the insurance provider and the needs of the company or organization purchasing the program. To make the project successful, a high level of employee participation is usually required. In many cases, employees can decline coverage or accept it, and they can also choose what level of coverage they want.
Companies with fewer than 100 full-time employees can acquire small-group health insurance in North Carolina.
Small business owners that offer health insurance to their employees pay the policy’s monthly premiums and decide how much to pass along to the subscriber. While small businesses can opt not to offer insurance, they must follow the ACA rules if they do provide coverage. That means adhering to the affordability standard, which limits the subscriber’s premium for individual health insurance to no more than 9.12 percent of their gross income.
Many organizations go above and above what is needed by law to be socially responsible to their employees and provide additional advantages. Health insurance, life insurance, legal insurance, vision care, dental insurance, paid time off for you and your family, and paid vacation and sick leave are just a few of the many perks potentially available to employees of large corporations.
The Bureau of Labor Statistics reports that the average cost of employee benefits equates to thirty percent of the employees’ premiums. So, if your company pays an average wage of $50,000, you can expect to spend an additional amount of nearly $17,000 on benefits.
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