What is the Process for Applying for Group Health Insurance Plans?
Here are the steps for selecting and applying for a group health insurance plan: Tell us a little about your company. How many employees, location etc. Use our quote form to start a quote. We will have an licensed agent call you the same day with no less than 10 years experience. You then can provide us with your budget and what you except from us. We come to you. You’ll get a sit down meeting at your office and be able to speak with a licensed agent for personal help in selecting a plan. Or you can do entire process online. Though we prefer face to face if possible. We work will all the major insurance companies such as Blue Cross, Select health etc.
Here are some common questions we get about group health insurance
If we have less than 50 employees are we required to get health insurance for them?
Under the Affordable Care Act (also known as “Obamacare”), businesses with fewer than 50 full-time-equivalent employees aren’t required to provide health insurance to their employees and won’t face tax penalties for not doing so. Now that doesn’t mean small businesses should not, or will not, provide health insurance for employees. In fact, there are a number of great reasons why employers choose to provide health insurance today. First and foremost, many smart employers offer health insurance because it’s better for their workforce. Health benefits allow them to recruit and retain the best talented employees. The most talented employees expect to get health insurance with a job, don’t let an asset like that slip away. It will end up costing much more in the long run. Other reason to start a plan, when employees have access to health care, they’re more likely to take care of preventative care, which reduces illnesses, reduces absenteeism, and increases productivity at the work place. Overall it will just keep them healthy and less stressed about not having insurance.
Ok, How much will a group insurance plan cost me?
It is always the big question. In regards to cost, the health insurance company will determine the final monthly cost for your group health insurance plan once your application has been reviewed and approved at the main office. The insurance company then assess your group using a number of criteria, including the size and location of your company and the ages of your employees, to arrive at the final monthly rate, or premium. As part of the Affordable Care Act (ACA), the health of your employees, including pre-existing conditions, no longer impact group health insurance rates. Please note that your final monthly rate will be the same regardless whether you apply through us or another health insurance agency. The rates are regulated by state. In addition Businesses with 1-100 employees may be eligible to provide small group health insurance to their employees. If you should have any questions about your company’s eligibility for a small business plan, please call one of our licensed representatives.
Do all the health insurance agents have the same rates?
Yes. Rates for group insurance plans in Utah are filed with and regulated by your state Department of Insurance, you should pay the same monthly premium regardless of where you buy your insurance whether it’s from groupinsuranceplans.com, your local agent, or directly from the health insurance company. This means that you can enjoy the advantages and convenience of shopping and purchasing your health insurance plan through us and be sure that you’re getting the best available price. Remember If you are comparing our listed rates with those from another source such make sure that the same number of employees, spouses, and children was used in each quote, with the exact same ages and home zip codes. These details will affect the quote totals and the total price per month.
Can I just pay for my employees group health insurance plan privately?
Under the Affordable Care Act (also known as “Obamacare”), reimbursing employees for private insurance (individual or family health insurance purchased directly by the employee) is no longer allowed as of July 1, 2015. This type of arrangement (often known as “employer payment plans”) fails to satisfy any of the market reforms and may be subject to a $100 per day excise tax per applicable employee (or $36,500 per year, per employee) under section 4980D of the Internal Revenue Code. If your company has 50 or more full-time equivalent employees, you are required to provide health insurance for your employees or face an additional penalty. The penalties for not having insurance are stiff take a look below.
What are two penalties that the federal government charge employer that has 50 or more full-time equivalent employees:
The Mandate Penalty ($2,000) applies if an employer does not offer group health coverage. The penalty is calculated on all full-time employees, less the first 30. At least one employee has to purchase subsidized coverage on the Marketplace for this penalty to apply. The Qualification Penalty ($3,000) applies if the employer fails to offer a qualifying plan (minimum and affordable) to any employee. If any of those employees purchase subsidized coverage through the Marketplace, the penalty applies. This penalty is assessed based on the number of employees that are not offered qualifying coverage and who subsequently purchase subsidized coverage through the Marketplace.
Utah has many group insurance plans to choose from. Let us help you sort out all the quotes and get you up and running for the new year.