HOW GROUP HEALTH COVERAGE WORKS
Advantages of Group Insurance Benefits
Ultimately, offering employees group benefits is a question of cost. Below are three advantages to consider when shopping group benefits for a small business.
- Financial Impacts
As an employer, offering health insurance can provide certain tax advantages. All employer contribution to employee health insurance is tax deductible and provides opportunity for employees to pay premiums with pre-tax dollars via payroll deductions.
- Attract and Retain Employees
Offering employees, a group health benefit package can increase chances of scoring top talented employees. Small businesses have continued to increase their benefits package over time to remain competitive and retain valued employees. Employee turnover can become costly for employers, which is why more and more small businesses are investing in retention through group insurance policies.
- Offer Choices
To offer additional benefits or to increase employee pay? Offering supplementary benefits like dental, vision, life or disability is common practice for small employers as group rates stay low, and the employer is not obligated to pay for these additional benefits. Another aspect to consider is whether to extend benefits to your employee’s spouses and dependents.
Why is speaking with a licensed insurance agent that specializes in group or employer benefits important? We provide expert guidance on offered HMO, PPO, and HSA plan options including Medical, Dental, Vision, Disability and Life products. Our licensed agents will educate you on: how to fill out a group census form (required for quote), physician networks, formularies (prescription drugs), and cost analysis. Throughout the enrollment process and post-enrollment, you will have a personal contact to assist with questions, claims, or concerns, should any arise.
Call us today 1-855-745-5422 or use the form to the right to have a KHP licensed agent contact you, please include preferred time and method.
Explore Your Options
Eligibility for Small Group Benefits
Group plans are for employers who want to provide health, life, disability, dental, or vision insurance to their employees — affordably, flexibly, and conveniently.
- To purchase group benefits for a small business, your business or non-profit organization must have 1-50 employees.
Note: To qualify for small business health insurance, you must have at least 1 FTE employee other than owners, spouses, and family members of owners, and partners.
- Offer employer health coverage to all full-time employees — generally workers averaging 30 or more hours per week.
Note: You don’t have to offer coverage to part-time employees — those averaging less than 30 hours per week — or seasonal workers. (However, you can offer coverage to part-time employees if you choose.)
- Enroll at least 70% of the employees you offer employer health coverage to.
Note: Employees with other health coverage (individual or more affordable health insurance) aren’t counted as rejecting your offer. Some states have different minimum participation requirements.
*If you don’t meet your minimum participation requirement, you can enroll between November 15 – December 15 any year. During this time, the participation requirement isn’t enforced.
To see if your business meets eligibility requirements, contact us at 1-855-745-5422.
Requesting a Quote
To receive a quote for any size group, a complete census is required. Like individual ACA health insurance, group rates are calculated by applicant(s) age, gender, zip code, and if the applicant is a smoker. Other information you might consider includes: employer contribution percentage (minimum 50%), target budget, preferred deductible and co-insurance, as well as what products you are interested in (medical, dental, vision, life, disability, etc.).
Have an Existing Group Plan
If you are an employer with an existing group plan, we can review your existing policy, as well as provide advice on additional and/or more affordable benefit options.
Key Health Plan Group Products & Services
Our licensed agents provide support for employers and small businesses– from comparing plans to helping you enroll, and handling everything in between.
Specifically, we can help you:
- Determine if your business is eligible for employer health insurance
- Understand the Small Business Health Care Tax Credit
- Free Employer health plan quotes
- Apply for a group health plan
- Review and compare plans and features
- Help employees understand your coverage offer
- Enroll in a plan
- Manage and update your coverage after you’re enrolled
- Handle renewals and plan changes
Group Products offered:
- Medical – PPO, HMO, EPO and HSA
- Disability – Short Term and Long Term
- Group Medicare
To learn more about Key Health Plans’ products and services contact us at 1-855-745-5422.