Group Health Insurance Plans
What is a Group Health Insurance?
Group health insurance plans are a type of employee benefit plan that provides medical care for participants or their dependents. These plans can be established or maintained by an employer, employee organization, or both. Group health insurance plans typically provide coverage for hospitalization, outpatient care, prescriptions, and preventive care. Some plans also provide coverage for dental and vision care.
Group health insurance plans are an important way to help employees and their families access quality medical care. These plans can help reduce the financial burden of medical expenses, and can also provide peace of mind in knowing that coverage is available in case of an illness or injury. Employees who have access to group health insurance typically have better health outcomes than those who do not have coverage.
If you are an employer considering offering a group health insurance plan to your employees, there are a few things to keep in mind. First, you will need to choose a plan that meets the needs of your employees and is affordable for your business. There are a variety of plans available, so it is important to do your research to find the right one. Second, you will need to comply with all applicable laws and regulations regarding group health insurance. Failure to do so could result in penalties or other consequences. Finally, you should consider offering additional benefits such as dental or vision coverage to further enhance your employee benefit package.
Offering group health insurance is a great way to attract and retain top talent at your company. Employees value having access to quality medical care, and offering a group health insurance plan is an excellent way to show your employees that you care about their well-being. If you are considering offering a group health insurance plan, keep these tips in mind to ensure that you choose the right plan and stay compliant with the law.
Key Benefits of Employer-Sponsored Health Plan
- Employer-sponsored health benefits have tax advantages
- Attract and retain top talent
- Caring about employees’ health and wellbeing
Group Health Plan Options
Small Businesses
2-99 Employees
If you own a business with at least 50 employees you must provide some level of health insurance. If you don’t, you have to pay penalties. In California, if your total employees range from 2 to 99, the sort of group health insurance plan open to you is labelled a small business health plan. These plans will have higher premiums you must pay because the size of the insured group spreads health issue risks over only a moderately large group. For employees these plans are still much less expensive to them than individual plans they would pay for.
Large Businesses
100+ Employees
For business with 100 or more employees, costs decrease with the size of the number of employees covered. On average large businesses pay eight to 18 percent less than small businesses for the same insurance policy. We will help you make sure you are in compliance with the Affordable Care Act and help you avoid penalties and minimize any taxes you are required to pay.
Working With Us
Whether a small or large business, it is best to work with a broker like me in setting up a health insurance plan because I can insure that you get better pricing for what you need and are in compliance with the Affordable Care Act.
