- Providing world class service and value for employee benefit group plans since 1987
Providing health benefits to employees is one of the most significant steps a business can take to attract and retain top talent. But how do you know which health insurance plan is best for your business? What are the different options available, and how can they benefit both employers and employees? If you’re a business owner in North Carolina, understanding group health insurance is essential for staying competitive in the job market.
North Carolina is home to a thriving business environment, with industries ranging from technology and healthcare to agriculture and manufacturing. As a result, employers across the state must provide competitive benefits to attract and retain skilled workers. In fact, studies show that employees consistently rank health insurance as one of the most important benefits an employer can offer. Understanding your options for group health insurance in NC can help you make informed decisions that benefit your workforce and your business.
As a business owner, finding the best North Carolina group health plans can be overwhelming. An independent insurance agency, such as Taylor Benefits Insurance, can help you navigate the options and secure a plan that meets both your budget and your employees’ needs.
Employees throughout North Carolina consistently rank healthcare coverage as one of the most valued benefits—second only to paid time off. This makes group health insurance NC an essential offering for employers who want to attract and retain high-quality talent in cities like Raleigh, Durham, and Charlotte.
Additionally, offering group health insurance can come with financial perks for employers. Contributions toward employee premiums may be tax-deductible, and a strong benefits package can help reduce hiring and training costs associated with high employee turnover.
When selecting a North Carolina group health insurance plan, employers have several options. Understanding these different types of plans will help you choose the best fit for your business.
PPO plans are among the most popular choices for group health NC insurance. They offer flexibility in provider selection and do not require employees to choose a primary care physician (PCP). Additional benefits include:
Coverage for doctor visits, prescription drugs, and emergency services.
Access to a vast network of healthcare providers.
The ability to see specialists without referrals.
PPO plans typically come with higher monthly premiums, but they offer employees greater choice and convenience in their healthcare.
HDHPs have lower monthly premiums but higher deductibles, making them a cost-effective option for small businesses. These plans are often paired with Health Savings Accounts (HSAs), which allow employees to save tax-free money for medical expenses.
Key benefits of HDHPs include:
Lower premium costs for employers and employees.
The ability to contribute to an HSA for additional savings.
Federal guidelines that ensure affordability and comprehensive coverage.
An HSA is a tax-advantaged account that employees can use to pay for qualified medical expenses. These accounts are only available to those enrolled in an HDHP.
Benefits of HSAs include:
Tax-free contributions and withdrawals for medical expenses.
The ability to roll over unused funds to the next year.
Portability—employees can keep their HSA even if they change jobs or health plans.
FSAs allow employees to set aside pre-tax dollars to cover medical expenses, including co-pays and prescriptions. These accounts are often offered alongside an HRA (Health Reimbursement Account).
Notable features of FSAs:
Contributions reduce taxable income.
Can be used for dependent care expenses.
Must be used within the plan year (use-it-or-lose-it rule).
HRAs are employer-funded accounts that help employees pay for out-of-pocket medical expenses. Employers set the contribution limits and determine eligible expenses.
Benefits of HRAs include:
Employer contributions are tax-deductible.
Unused funds may roll over depending on the employer’s plan structure.
Employees can use funds for co-pays, deductibles, and prescription costs.
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.
Navigating the complexities of North Carolina group health plans can be challenging. That’s where Taylor Benefits Insurance comes in. As an independent agency, we specialize in finding the best group health insurance NC options for businesses of all sizes. Our team works with top insurance providers to compare rates and coverage options, ensuring you get the most competitive plan for your needs.
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.
Customized Plans: We tailor health insurance plans to fit your company’s unique requirements.
Cost-Effective Solutions: Our team finds the best coverage at competitive rates to maximize your budget.
Time-Saving Assistance: We compare policies from multiple carriers, saving you time and effort.
Ongoing Support: Our experts provide continued assistance to help you navigate renewals and policy updates.
Providing group health insurance in NC is an excellent investment for your business. Not only does it help attract and retain employees, but it also offers potential tax benefits for employers. Whether you’re looking for a North Carolina group health insurance plan with comprehensive coverage or a cost-effective HDHP with an HSA option, Taylor Benefits Insurance is here to help you find the right fit.
Contact us today at 800-903-6066 to explore your options and secure the best group health NC plan for your employees!
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.
Group health insurance refers to a policy that covers a group of people, typically employees of a company. It offers health coverage to all members of the group, providing benefits like medical, dental, vision, and more. Employers often offer this type of insurance as part of their benefits package.
Group insurance is typically provided by an employer to a group of employees, offering coverage to multiple individuals under one policy. Individual insurance is purchased independently by a single person. Group insurance often has lower premiums and broader coverage due to risk pooling, while individual insurance is tailored to each person’s needs.
The main advantage of group insurance for businesses in North Carolina is the cost savings it offers due to pooling risks among employees. By spreading the risk across a larger group, businesses can secure more affordable premiums and provide comprehensive coverage to their employees.
Employees and their dependents are typically covered under a group health insurance plan. This includes spouses, children, and sometimes domestic partners. Employers may also extend coverage to retirees. The eligibility criteria and coverage details vary depending on the specific plan and employer.
In North Carolina, a large group for health insurance typically consists of 51 or more employees. Employers with this number of employees qualify for large group health insurance plans, which offer more flexibility and customization options compared to small group plans.
Health insurance is the most commonly used type of insurance for group plans. It provides coverage for medical expenses and is typically offered by employers to their employees as part of their benefits package. Health insurance helps protect individuals and families from high healthcare costs.
In a group health policy, certain services like cosmetic procedures, weight-loss treatments, and experimental therapies are typically not eligible for coverage. These exclusions are common to help manage costs and ensure that essential medical needs are prioritized.
The main difference between a PPO and an HMO in group health insurance lies in the network of healthcare providers. PPOs offer more flexibility by allowing members to see out-of-network providers, while HMOs require members to select a primary care physician and obtain referrals for specialists within the network.
In North Carolina health insurance, the main difference between a small group and a large group lies in the number of employees covered. Small groups typically consist of 1-50 employees, while large groups have 51 or more employees. Premium rates and coverage options may vary based on group size.
The best health insurance plan for small businesses in North Carolina typically depends on factors like budget, employee needs, and coverage options. Companies can consider options from major providers likeTaylor Benefits Insurance, Blue Cross Blue Shield, UnitedHealthcare, and Aetna, which offer tailored plans for small businesses in the state.
Offering group health insurance in North Carolina can provide tax benefits for businesses. These include tax deductions for premiums paid, potential tax credits for small businesses, and the ability to offer benefits to employees on a pre-tax basis. Understanding what the tax benefits are for offering group health insurance in North Carolina can help businesses save money while providing valuable benefits to their employees.
In North Carolina, failing to offer mandatory benefits may result in penalties such as fines, legal action, and potential lawsuits from employees. Employers are required to provide certain benefits like workers’ compensation, unemployment insurance, and health insurance, and failure to do so can lead to significant consequences.
In North Carolina health insurance plans, options for dental and vision coverage typically include standalone plans or as add-ons to medical insurance. Some insurers offer comprehensive packages that combine dental, vision, and medical coverage for individuals and families. Be sure to review plan details to find the best fit for your needs.
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