Group Health Insurance Plans
Orlando | Sarasota | West Palm Beach
Finding qualified workers and keeping them happy is one of the biggest challenges faced by small business owners in Florida. While offering high salaries and long vacations may be a good way to attract job candidates, researchers have discovered that providing small business health insurance is just as effective, and could actually be a better way to keep them once they have been hired.
Employees who sign up for group health insurance plans through work will typically pay lower premiums than if they had to find health insurance on their own–even when their employers do not contribute. They are also able to select medical coverage that meets their individual or family needs from a range of options, instead of just basic or generic plans. Workers with pre-existing conditions will find group health plans particularly attractive because they cannot be denied.
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Participation in Group Health Plans
As an employer, there are some things that you should keep in mind if you are thinking of offering these benefits:
- Most health insurance companies that offer group coverage will require at least 50 percent of your workers to participate, and they will usually ask you to give new hires at least 31 days to decide whether or not they want to enroll.
- However, you can delay making these benefits available for as long as 90 days, and you will not be charged any premiums during this time.
- When employees who are covered by your small business health insurance are fired or leave, they may be eligible for COBRA coverage.
- However, you will not be required to pay for their extended benefits, whether or not you contributed to the cost of their coverage while they were employed.
The Cost of Small Business Health Insurance
Our insurance specialists can help you choose from a range of group coverage options offered by some of the most respected names in the industry. The cost of these plans will be based on the type of coverage you want to offer your employees, and also whether you want to pay part of their premiums. The health of your workers will not affect your premiums, but insurers will consider factors such as how old your workers are and how many of them use tobacco.
Coverage with Small Business Group Plans
Health insurance companies are required to include certain essential benefits in all group plans under the provisions of the Patient Protection and Affordable Care Act. These essential benefits include:
- Hospital treatment, including surgery
- Emergency room visits
- Prescription drugs
- Lab work
- Maternity and newborn care
- Mental health and substance abuse services
- Chronic disease management
- Pediatric services
- Oral and vision care
- Preventative and rehabilitative treatment
The health insurance specialists at SIG Insurance can answer your questions about group health insurance plans, helping you to choose coverage that is right for you. We offer small business insurance plans from some of the biggest names in the health insurance industry, and the recommendations we make are based on what works best for our clients, rather than what works best for insurance companies. Contact SIG Insurance today for group health insurance plan quotes!
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