Business Health Insurance Plans
Health Insurance Plans for Your Business
There are many benefits to adding a business health insurance plan for you and your employees.
- Proving Health Insurance attracts and keeps valued employees
- It gives you and your employees access to a broader network of providers
- It offers lower deductible options
- Premiums are in most cases tax deductible
- It’s EASY
Common Questions Answered:
Can I buy health insurance through my small business?
Yes, if you have 1-50 employees and have at least one with W2 income in the previous year. This includes groups of 1, whereby you are your only employee.
Applications can be submitted anytime during the year.
The rules for business health plans are as follows;
Medical Groups of 1-3
Require 100% employee participation and employers are required to contribute 100% of the premiums. Employers must further pay 50% of dependents costs and 75% of dependents must participate.
Medical Groups of 4-50 Option A
Require 75% employee participation and employers must contribute 75% of the premiums.
Employers are not required to pay dependents costs and dependent participation is optional.
Medical Groups of 4-50 Option B
Require 75% participation and employers must pay 50% of the premiums.
Employers must further pay 50% of dependents costs and 25% of dependents must participate.
Dental Groups of 2-4
Require 100% participation and employers must pay 50% of the premiums.
Employers are not required to pay dependents costs and dependent participation is optional
Dental Groups of 5-50 Option A
Require greater of 5 or 50% participation and employers must pay 0-50% of the premiums.
Employers are not required to pay dependents costs and dependent participation is optional.
Employees who work a minimum of 20 hours per week or 120 days per year must participate in the plan.
Allowable reasons for NOT being included are;
If the employee is on Medicare/ Medicaid or other qualified group plan.
Group plans in general have lower deductibles, broader network, are in most cases tax deductible and lower in cost than individual plans.
Plan rate vary by average age of group, deductibles and plans.
What are HSA plans?
HSA Plans – Optional Accounts
Otherwise know as Health Saving Accounts are savings accounts funded with tax deferred payroll income to be used for qualified health costs such as deductibles, co-pays and other approved prescriptions and medical costs.