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How Does Business Health Insurance Work?

1-What is Business Health Insurance ?

 “Group Health Insurance” is a Health Insurance Policy purchased by an employer for the benefit of his employees. With Business Health Insurance the employer selects the to offer the employees. The premiums are partially paid by the employer. Employers are required to cover at least 50% of the employees premiums. 

2-Does a Business have to offer Health Insurance to its Employees?

Under the ACA Law Small Businesses with less than 50 employees are not required to offer Health Insurance Coverage. But Large Companies that have more than 50 employees are required to offer Health Insurance Coverage.

3-Are all Business Health Insurance Policies the same?

No, the employer work’s with their broker to customize a plan that meets the needs of his business.There are many different plan variations to choose from. It is very important to find out the details of the different plan designs to discover which one works best for your company.

4-How are Business Health Insurance Plans Regulated?

Fully Insured Health Insurance Plans are regulated by states. But all plans must be compliant with ERISA and meet the requirements laid out by the ACA Law.

5-As a Small Business, Is Group Health Insurance My Only Option?

Absolutely Not, In many cases Individual Health Insurance Coverage may be a much more cost effective option. Short Term Health Insurance may be an affordable alternative as long as you do not have a Pre-Existing condition. If your income is within the 100-400% of FPL (federal poverty limits) you may qualify for tax credits to help pay for Health Insurance purchased from Healthcare.gov. In addition if your income falls in between 100-200% of the FPL limits you may qualify for a subsidy that can lower your copays and deductibles as well.
In addition, you may also want to explore other options for your business such as Association Plans or Affiliate Programs that offer their members a Health Insurance Plan. These plans are typically set up like a traditional group health insurance program yet because of the Large Group Buying Power they are in most cases much more affordable.
One such organisation is N.B.B.A (National Business Benefit Alliance) and they offer group health benefits to their members. There is a fee to join the organisation but they offer benefits that are relevant to small business owners and their employees.

6-Where do I purchase Business Health Insurance ?

Group Health Insurance can be purchased directly from a company or in some cases through an online application. But the best way to purchase a Business Health Insurance Plan is to sit down with a Broker that specializes in Employee Benefit Solutions. Amerus Financial Group has worked with Businesses both Large and Small for over 20 years. They have over 4000 satisfied clients nationwide and have professionally trained agents that will tailor a plan to fit your individual needs.
7- How soon can my coverage start?

Typically plans can start on the first of the month following submission of the necessary documents required by the insurance company.

8- How Do I Get The Process Started?
Step 1. Provide your Broker with an Accurate Census. (the census should include all of your employees whether they are taking coverage or not)
 
Step 2. Your broker will provide you a quote that is based on the number of employees as well as the participation of your employees in the plan and the plan design that you chose. (the more employees and the higher the participation the lower your rates will be)
 
Step 3. Fill out the documents provided for enrollment ( these documents will include an employer application and an enrollment application for each employee)
 
It is not a difficult thing to purchase Health Insurance for your business but you need to make sure that you have explored all of the options that are available to you. Give Amerus Financial Group a call today at 1-888-441-7891