Group Health Insurance in North Carolina
NC employers obtain group health insurance and offer it to eligible employees (and often to family members of those employees) as a company benefit. A North Carolina group health insurance plan is the foremost part of the benefits package for employees provided by the employer.
Why should I purchase North Carolina group health insurance?
As a small business owner, one of your biggest challenges is finding a cost-effective and attractive solution to your employee’s health insurance needs. Employees throughout the state of North Carolina consistently rank the quality of their health care plan as second only to the period of paid vacation time. This makes it something employers should take seriously.
If you want to hire and keep the highest quality workers in Raleigh, Durham, Charlotte or anywhere in North Carolina, it is essential that you offer group health insurance. Also, the cost you put towards your employee’s premiums may be a tax-deductible expense. Group health insurance coverage is great for protecting employees and their family members who may otherwise go uninsured. A huge advantage to a group health plan is that no one can be turned down based on previous medical history.
Group Health Insurance Options
Group Preferred Provider Organization plans or PPOs
This plan is the most popular plan that’s available. PPO plans offer co-pays for prescription drugs, doctor visits, and emergency room visits. There’s also a comprehensive healthcare network of medical providers that are covered by the PPO plans. You can visit a specialist without a referral, and you are not required to select a primary care physician. Simply put, the PPO plan offers you more choices.
Group High-Deductible plan or HDHPs
This is a health plan product, that combined with an HSA, provides insurance coverage and a tax-advantaged way to save for future medical expenses. These plans have a higher annual deductible than traditional health plans and must meet certain federal guidelines. Because HDHP’s offer a lower monthly cost for you and your employees it makes it an excellent option for small business owners.
Health Savings Account or HSA
A Health Savings Account is a tax-free way to assist in paying for future and current out-of-pocket healthcare expenses. If you are covered by a High-Deductible plan, you are eligible to open an HSA and start saving money for medical expenses. The money that you put into your HSA is not taxed if it is used for qualified medical expenses. An HSA can be established through a trustee or a custodian, and you can use it with your High-Deductible plan to pay for out-of-pocket costs. Money that is not used during the current period will roll over into the next year and is also transferable if you switch health coverage or change jobs
Flex Spending Arrangement or FSA.
You can use an FSA to cover dependent day care expenses and qualified medical expenses. At the beginning of the benefits period, you pre-determine an amount you want to contribute. Contributions to your FSA are made through salary reduction and are also tax-free. At the end of your benefit period, any unused funds will be forfeited. We call this a “use it or lose it” rule. FSA’s are often offered along with an HRA.
Health Reimbursement Account or HRAs
An HRA account is offered to employees and retirees who can use the money they contribute to this account to pay co-insurance costs, deductibles, or covered medical expenses. Similar to an HSA, any leftover money can roll over from one period to the next as long as you continue your membership. This account also saves you money because the amount contributed by your employer is tax-free income.
Contact Carolina Insurance Professionals today to discuss all the health insurance options available for your North Carolina business.
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