Group
Health
Insurance

Health Coverage For Businesses

More people receive their healthcare coverage through an employer-sponsored, group health insurance plan. Studies have shown this benefit is been seen by employees as the most important benefit they receive from their employer above retirement benefits. As a result, companies that offer comprehensive medical coverage to their employees tend to have a lower staff turn-over rate. In addition, business owner’s often use medical benefits as a key tool to attract and retain key employees. If you are a business owner and have been contemplating whether or not to provide your employees’ with small business health insurance coverage, below are some things you should know.

Small Business Health Insurance

Key Group Health Insurance Facts

Employers Don’t Have To Pay The Entire Premium

Employers are not required to pay 100% of the employee's premium

As an employer, you are only required to pay a portion of your employee’s premiums. You don’t have to pay anything for their dependents. Employees cover the balance of their monthly premiums through payroll deductions.

Tax Advantages

Contributions to Employee's premiums are tax deductible as a business expense.

Your contributions to employee’s monthly premiums are tax deductible as a business expense. Tax law gives you more advantages with a Section 125 P.O.P. (Premium Only Plan) that can reduce employer payroll taxes and increase employee’s take-home pay.

Two Employees Qualify As A Group

As little as two employees can qualify as a small group

In most states, as few as two employees (including owner) can qualify as a small group or you can have as many as fifty-including qualifying part-time employees if desired. Eligibility requirements may vary from state to state and most companies must meet certain qualifications in order to be classified in this category. Do you qualify as a small group?

Offering Health Insurance Benefits Can Help Secure Your Business

Small business health insurance helps with employee loyalty and retention

Group coverage can help secure your business and personal assets, while promoting your employee’s health, financial security, and job satisfaction. Studies have shown that providing health insurance benefits for their employees can help businesses by:

  • Giving business owners the ability to recruit key / high-quality employees.
  • Reducing staff turnover and the cost of absenteeism.
  • Decreasing disability and workers’ compensation claims.

Small Business & Obamacare

What Business Owners Need To Know About Health Care Reform

Health Care Reform legislation signed into law will significantly change how Americans purchase and utilize health insurance. If you currently have a health plan for your business, depending on the number of people you employ, there may be some requirements you need to meet in order to be compliant, or face fines and/or penalties. Below are some topics you need to be aware of.

Affordable Care Act Must Know Topics

  • What is the Individual Mandate?
  • What are Metal Level Plans?
  • What is Minimum “Essential Health Coverage” (MEC)?
  • Are there new taxes?
  • What is the Employer Pay or Play Rule?
  • What is the Health Insurance Exchange (SHOP)?

Affordable Care Act Compliance

  • How do I know if my plan is “grandfathered”?
  • What are the W-2 reporting requirements?
  • What happens if I hire/terminate an employee?
  • Am I eligible for tax credits?
  • How do I make sure my company’s health plan is compliant?

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