As a business owner, buying group insurance allows you to save money while ensuring your employees have access to the high-quality healthcare they need. That said, group insurance plans have many differences, and it can be confusing trying to find the plan that’s best for your business and your employees.
At H2H Enrollments, which is one of the leading insurance brokerage firms, we can help simplify this process. In this article, we’re sharing what you need to know before buying group health insurance for your business:
Not all business owners are eligible to purchase group health insurance. Your business must meet the following requirements in order to qualify:
For instance, if you are a sole proprietor with no employees, then you are not eligible to purchase group health insurance, but you could still enroll in an individual plan. Also, if you run a family business and your spouse is your only employee, then you would not be eligible for a group plan. However, if you have additional employees beyond your spouse, then you would be eligible for group insurance, and your spouse could enroll in the plan as well.
Offering health insurance is a great way to reward your valued full-time employees, and it can even help with employee retention. After all, employees who feel valued are more likely to be productive, and they are likely to stick around.
However, it’s important to know that if you decide to offer group health insurance to any of your full-time employees, then you must offer coverage to all of your full-time employees. In other words, you cannot use it as an incentive for only select employees.
When consulting with insurance brokerage firms for group insurance, it’s smart for business owners to keep in mind what they will pay vs. what their employees will pay. With group insurance, the cost of monthly premiums is typically shared between employers and employees. In most states, employers are required to cover at least 50% of the monthly premiums.
That said, most insurance brokerage firms recommend looking beyond just premiums. What do you think your employees will value most in a policy? For instance, higher premiums usually mean lower deductibles, and vice versa. You should also consider co-payments, coinsurance, and other factors that will influence how much your employees will actually pay to receive the care they need.
Navigating all of this can be tricky, which is where insurance brokerage firms can help. They can compare the pros and cons of various plans, translate the fine print of your policy, and help you choose the best plan based on your goals.
The experts at H2H Enrollments can design custom health insurance solutions. We simplify the complex, and we can help you save money while finding and implementing a group insurance plan that meets your needs. Contact us today to get started.