- Providing world class service and value for employee benefit group plans since 1987
Taylor Benefits has over 25 years of experience and knowledge developed by helping match clients to group protection plans that work for them. Our insurance packages are unique in the healthcare marketplace since we write them ourselves, choosing not to rely on existing plans that limit our clients. Our programs 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 healthcare protection package.
Taylor Benefits 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 carriers. As a result, we can provide a wider range of health benefits to our clients. We are nimbler, and our programs are more customized than those offered by other protection providers.
Contact us today to discuss our health protection plans for North Carolina residents and your goals for group protection. The consultation is complimentary, there is no obligation, and we will provide free estimates. 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 protection 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 staff members’ health care services directly rather than buying a protection policy. However, these companies usually use a health protection 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 programs.
Companies with fewer than fifty workers don’t have to provide healthcare 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 medical coverage to their eligible crew.
It can be challenging since assurance coverage is expensive, and the costs frequently increase. Your Taylor Benefits consultant can provide some money-saving suggestions and help you identify and implement the best small business health protection 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 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. State’s 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 packages, but retirement savings assistance is among desired benefits for workers.
Learn more about NC 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 packages that compare positively to other options and state-exchange programs.
Taylor Benefits, due to its ability to successfully navigate the healthcare assurance 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 medical benefits 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 policy. We take all this information and compile it into an affordable healthcare program that works for your team.
To view the current health care packages 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 protection coverage for their employees or members. However, despite a wide range of choices in terms of plan types and prices and insurers, and delegation sizes, individuals cannot enroll in team coverage unless they belong to the indicated group.
There are two types of health protection programs: those for large organizations and those for smaller ones. Plans for large organizations cover businesses with more than 50 workers. In these packages, there is no upper limit on the number of individuals who can be covered. The term for this type of plan refers to insurance coverage for many individuals, usually the workforce of a business. Such a plan distributes the risk for the insurer across a broad base of individuals, which is advantageous for both the insurers and the policyholders.
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 protection 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 healthcare protection in North Carolina.
Small business owners that offer medical protection 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 policy, 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 assurance 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. Healthcare protection, life insurance, legal policy, 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.
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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