Is Small Group Health Insurance right for you and your employees?
Qualifications to Offer Group Health Insurance
Being able to offer your employees health insurance is a gift. It means you have created a prosperous business. It also means you know the value of your employees and are willing to ensure their health and wellness.
To qualify to offer group health insurance your business must have the following items.
- One employee not in your immediate family (spouse, son, daughter, dad, mom).
- A Federal Tax ID
- Minimum hours worked must exceed 17.5/week.
- If group health insurance is offered to one employee all other employees who meet the company’s minimum requirements must also be offered coverage.
Things to Consider when Offering Group Health Insurance
Before you call your agent and ask for a group health quote make sure you know what you are looking for.
- How much do you the Employer want to contribute to each employee’s health insurance? This can be a percentage or a dollar amount. This amount must pay at least 50% of the cost of health insurance for each employee.
- Example – Health insurance premium for one employee cost $650/month. Your business must pay at least $325 a month for that employee’s policy. You can choose to contribute more than the 50% to ensure your employees have affordable coverage.
- Do you want to offer health insurance to your employee only or to their spouse and dependents as well? With the addition of adding spouses and dependents comes higher premiums.
- Do you want to offer Dental? Dental is not included in most health insurance companies. Depending on the company you can add dental or you might have to work with another company to take care of your employee’s Dental needs.
- Do you want to offer Vision? Similar to dental, vision is not always included in your basic group health insurance.
- How important is Chiropractic, Massage, and Acupuncture? Let your agent know if these forms of health care are important to you and your employees.
- Will you offer Emergency Medical Transport Solutions? The cost to get to the hospital can double the amount of an emergency room visit. Will you be offering transportation coverage through a membership like MASA, Life Flight, or Med Life?
What Type of Group Health Insurance Plan are You Looking For?
Are you looking of offer a plan with High deductibles (a specified amount of money that the insured must pay before an insurance company will pay a claim) but a lower monthly cost? Or a Low deductible and a higher monthly cost? Are you wanting to set up a Health Savings Account (HRA) or Flexible Spending Account (FSA)? It is also important to check your doctor networks and referring procedures for a new health plan.
To start on the path of offering your employees group health insurance give us a call at Bancorp Insurance today. (800)452-6826
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Cheri Martinen
“No one knows more about health insurance and medicare than Patti Starkey. Keep up the good work Bancorp!”
Patti Starkey
“Yes, I’m on Medicare with a Plan F supplement. Got a letter saying my rate was going up. Since this is my birthday month I thought I would check with Patti Starkey at Bancorp Insurance to see what their rate was. Holy Moley-Patti saved me $31 per month. That’s $372 a year. She got me signed up with my new insurance, answered all my questions and I’m good to go. Thanks Patti!!”
Valerie Best
“I’m excited to share my wonderful experience with Bancorp Insurance. Agents Valerie Best and Patti Starkey saved me over $2,000 a year on my Medicare Supplement, Part D Plan and auto insurance. Thank you Bancorp Staff!”