1- What is Business Health Insurance?
“Group Health Insurance” is a Health Insurance Policy purchased by an employer for the benefit of their employees. The employer selects the plan to offer and partially pays the premiums. Employers must cover at least 50% of the employees’ premiums.
2- Does a Business have to offer Health Insurance to its Employees?
Small businesses with fewer than 50 employees are not required to offer coverage, but larger companies with 50 or more employees must provide health insurance under the ACA.
3- Are all Business Health Insurance Policies the same?
Employers work with brokers to customize plans to meet their business needs. Plan variations are numerous, so it’s important to understand each design before choosing.
4- How are Business Health Insurance Plans Regulated?
Fully insured plans are regulated by states, but all plans must comply with ERISA and ACA requirements.
5- As a Small Business, Is Group Health Insurance My Only Option?
Individual Health Insurance can be more cost-effective, including Short Term Health Insurance for those without pre-existing conditions. Tax credits and subsidies may also help depending on income. Association Plans and Affiliate Programs can provide affordable group benefits, such as those offered by the National Business Benefit Alliance (N.B.B.A).
6- Where do I purchase Business Health Insurance?
Health insurance can be purchased directly or online, but the best approach is to work with a broker specializing in Employee Benefit Solutions. Amerus Financial Group has 20+ years of experience and thousands of satisfied clients nationwide.
7- How soon can my coverage start?
Coverage typically begins on the first of the month following submission of all required documents.
8- How Do I Get The Process Started?
Provide your broker with an accurate employee census. Your broker will prepare a quote based on employee count, participation, and plan design. Complete enrollment documents provided by the broker. For assistance, call Amerus Financial Group at 1-888-441-7891.
This business insurance resource was developed by Amerus Insurance Group, helping employers build competitive and cost-effective employee benefit packages. From group health and ancillary benefits to customized association solutions, we partner with business owners to reduce costs and strengthen their workforce. Schedule a consultation with an Amerus benefits specialist today.
