Large employers in Winston-Salem, NC, must supply access to health insurance coverage for their workforce because of the Affordable Care Act. The Act includes businesses with fifty or more employees in the “large” category, meaning they must comply with the requirement. The ACA provides standards for acceptable policies, including coverage of essential benefits and affordability. The employee benefits that every insurance plan must include are:
The ACA gives all health insurance plans a metal tier ranking to help customers understand the value. For example, a bronze plan has the least expensive premiums but also provides the lowest coverage. In contrast, a silver tier plan costs more and covers more. However, even a bronze-level policy must cover sixty percent of the anticipated expenses for a typical subscriber.
Small companies don’t have to offer health care coverage for their workers and thus are less likely to do so. One reason is cost, and another is administrative challenges. Still, when small companies have insurance programs, they often contribute more of the premium. For example, the Kaiser study of employer health plans reported that thirty percent of workers in small firms pay nothing toward the cost of their insurance, compared to five percent of workers in larger ones.
Companies of any size that want to improve their benefits package and stay on a budget can look for low-cost ways to stand out. One tool is to add “voluntary benefits.” These are optional programs that can provide discounts and money-saving offers for workers. The employer often doesn’t contribute much little toward the benefits but merely facilitates their availability for employees. The employee gets a better price due to the size of the potential pool of participants.
Voluntary benefits often include vision coverage, legal plans, pet insurance, long-term disability, long-term care, and discounts for other services like communications, recreation, and fitness centers. Sometimes employees can pay for these with pre-tax income, while in other cases, the employer might offer a payroll deduction for convenience.
Winston-Salem is the fifth largest city in North Carolina. This city continues to build a diverse business base that is transforming its economy. Employers are faced with the challenge of taking care of their most valuable asset by keeping employees happy and healthy. This is not limited to offering a handsome paycheck. Providing employee benefit plans gives you a competitive edge over other employers. Employees are constantly looking for that added advantage before joining your company.
Group health insurance and employee benefits is one of the major factors that determine whether you will attract top professionals or not. Offering your employees a benefit plan shows that you care about their wellbeing while positioning you as an employer of choice. Although it may seem costly, providing employee benefits presents numerous advantages that include eligibility for tax credits and the ability to attract and retain employees. This lowers the turnover rate. Taylor Benefits can help you find an affordable group health insurance and employee benefit plan in Winston-Salem.
Dial 800-903-6066 and get free consultation on Winston-Salem Group Health Insurance & Employee Benefit Plans
Taylor Benefits Insurance Agency has been in business for the past 30 years. We work with the best insurance carriers in Winston-Salem to provide comprehensive group health insurance and employee benefit plans. Our experienced agents explore all the possible options before creating a perfect group health and employee benefit plan for you. We customize every plan according to your specific needs and budget while ensuring compliance with the Affordable Care Act and the government code. By complying with the requirements of the law, you will qualify for tax breaks and other perks.
Taylor Benefits offers a variety of insurance and benefit options that are guaranteed to enhance your group plan. They include:
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As an independent insurance agency in Winston-Salem, we offer unbiased advice and work with various carriers to give you world-class service and a custom plan that answers to your needs. We are keen on maintaining a great communication channel; as well as furnishing you with all the information that is necessary for you to make the right decision for your business and employees. We also carry out an annual market analysis when the time to renew your policy comes to ensure that your current carriers still maintain a competitive position in the market. We also allow you to make changes to your benefit offerings.
Let us help you navigate the world of group health insurance and employee benefits in Winston-Salem. Our insurance agents are on standby to offer free consultation on the phone and a free proposal. Call us today on 800-903-6066.
Written by Todd Taylor
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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