Group health insurance, or employer sponsored health insurance, was designed with you and your small business in mind. As a small business owner, it’s important to be able to recruit and retain top talent, and health insurance is one of the most sought-after benefits that can help attract job seekers. But more than that, caring about your employee’s wellbeing is something they will thank you for.
RETAIN TOP TALENT
ATTRACT JOB SEEKERS
GROUP HEALTH PLAN BENEFITS
- Employee recruitment – offering desirable benefits helps attract top talent
- Employee retention – help keep your employees happy by supporting their wellbeing
- Boost productivity – a comprehensive health plan means your employees can get the help they need to get back to work
- Saves you money
HOW MANY PEOPLE DO I NEED TO ENROLL IN A GROUP HEALTH PLAN?
If you have your own small business and employ at least one full-time employee that will also be covered by the plan, that may be all you need to get coverage by enrolling in a group health insurance plan. The rules and qualifications for enrolling in a group health insurance plan may differ based on the insurance company or the specific plan.
WHEN CAN I SIGN UP FOR A GROUP HEALTH PLAN?
Anytime. There is no enrollment period for group health insurance.
HOW DO YOU FIND THE BEST PLAN FOR MY EMPLOYEES?
Our brokers scour the ends of the earth, AKA search through all national and regional carriers. (CA excluded)
HOW LONG DOES IT TAKE TO GET A QUOTE?
Within minutes we can have a plan comparison of the best employer sponsored health insurance that illustrates plan benefits and costs. Proposals can be emailed, printed and sent via text directly from our system, depending on your preference.
DO SMALL BUSINESSES HAVE TO PROVIDE HEALTH INSURANCE TO EMPLOYEES?
While there is no law that requires employer sponsored health insurance, you could be penalized if you don’t. Under the Affordable Care Act (ACA) employers with 50 or more full-time equivalent employees must offer health insurance to their full-time employees (30+ hours per week) or risk paying a penalty to the IRS. At $3,860 (2020) per employee for year, the penalty definitely serves as an incentive to offer health insurance to your employees. However, the penalty is only triggered if one of your employees obtains coverage through the exchange and receives a premium subsidy.
Still, many small companies offer health insurance to employees even if they aren’t required to do so by law because of all of the advantages that come with it.
HOW MUCH DOES EMPLOYER SPONSORED HEALTH INSURANCE COST?
There are a lot of factors that determine how much a group health plan will cost such as your zip code, age, number of dependents enrolling and how much you want to contribute to your employee’s coverage.
CAN I OFFER HEALTH INSURANCE TO ONLY SOME OF MY EMPLOYEES?
Under the Health Insurance Portability & Accountability Act (HIPAA), employers that offer group health insurance must offer it to similarly situated employees. Employers can decide to offer health insurance to different groups of employees based on a bona fide employment classification—for example, based on full-time or part-time status, length of employment, geographic location, or job position. However, within those groups, similarly situated employees must be treated the same.