Group Health Insurance Is Easier to Get Than You May Think

Your business is special!

Whether you design homes, sell toys, create websites, or practice law, what you’re doing is important – and so are the employees who make it happen every day!

One of the most important things you can do to ensure the success and longevity of your business is protecting the health of your dedicated employees. And we’ve got good news: Offering health insurance coverage to your team may be easier and cheaper than you’d think!

Here’s what you need to know about getting started with group health insurance.

What Is a Group Health Plan?

In the broadest terms, a group health plan refers to an insurance plan offered by an employer, or an employee organization, that provides health coverage to employees and their families.

Of course, like the businesses and individuals they cover, group plans come in plenty of different forms, offering different levels of coverage at different price points.

Sitting down with a health insurance consultant like our own Matt Peebles is a critical first step to understanding what types of group health plans are out there, so that you can decide which customized plan will work best for your organization’s unique circumstances – size and location, number of employees, level of coverage needed, and so on.

One important thing to remember: Under the Affordable Care Act (ACA), if your company has 50 or more full-time equivalent employees, you are required, as a business owner, to provide health insurance for your employees, or face a tax penalty.

How Large Does My Business Need to Be for a Group Health Plan?

While many think that only large corporations can offer competitive health benefits to their employees, the reality is that there are health policies out there for businesses of all sizes.

Even businesses with just a handful of employees are able to provide group health insurance to their team members. And though businesses with fewer than 50 employees are not required to provide health insurance to their employees under the ACA, certain business owners may be eligible for tax credits if they do choose to provide coverage.

Working with a consultant is a great way to see what types of group health plans are out there, for businesses of all sizes! Matt Peebles of Enrollment Specialists would be happy to work with you and your team to come up with the plan that will best fit your needs.

How Much Do Group Health Plans Cost?

Until we sit down and work with you to get a sense of your unique situation, we can’t necessarily provide a cost quote with certainty. With that said, group health coverage is often a lot more attainable and affordable than many business owners think!

To get a handle on what you may expect to pay, it helps to understand how group health coverage works. Typically, the business owner is responsible for paying a certain amount of an employee’s monthly premium (say, 50% or more); the employee then covers the remainder of the premium, as well as the full premium for any dependents.

Of course, this isn’t set in stone; as we sit down to discuss your coverage options, indicating the extent to which you would like to cover your employees’ premiums will be a key topic of conversation. It’s important to remember, too, that premiums and out-of-pocket costs (such as copays and deductibles) will vary from plan to plan.

Finally, as you weigh the decision of whether or not to pursue a group health plan, remember that there are all sorts of financial benefits that can come along with providing health coverage to your employees.

In addition to becoming eligible for tax credits and tax advantages in certain circumstances, providing coverage options may save you money in other, less expected ways.

For instance, offering a competitive, comprehensive benefits package may allow you recruit and retain even more talented employees, elevating your bottom line in the long-term.

And, as your workforce’s access to health care increases, so is the likelihood that your employees will take advantage of preventative care, and be better equipped to manage illnesses as they do crop up – reducing absences from the workplace and increasing productivity in the long run.

How Do I Get a Group Health Plan for My Employees?

Ready to weigh your options and see if there’s a plan out there for your business? We’ve got some good news – getting started is easier than you’d think!

Generally, all it takes to enroll in the perfect group health insurance plan is five simple steps:

  1. Get in touch with Enrollment Specialists, and be ready to tell Matt about your company and employees.
  2. Once we know about you, we’ll be able to design and customize the right group health plan based upon your unique circumstances.
  3. We’ll highlight the value of your potential plan, and help you understand every piece of the puzzle, including rates and benefits. You can rest assured that you’ll be making the best decision for your employees’ needs.
  4. You’ll enroll in the group health plan that’s perfect for you!
  5. Whenever you have any questions or concerns about coverage for the life of your plan, your Enrollment Specialists consultant will be your main point of contact. We’ll do all the heavy lifting, so that you never have to sweat the small stuff!

The bottom line? We’ll use every tool at our disposal to make sure your medical costs are minimized and coverage is at its peak. You and your employees deserve nothing less!

Ready to see how simple choosing a health insurance plan can be, with the right consultant on your side? We’re here to help prove that there truly is a plan for everyone. Don’t hesitate to get in touch today!

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