A Group Health Insurance Plan

Wednesday, February 14th, 2018

Health InsuranceOne of the main factors that people considers in accepting a job offer is the insurance coverage that is being offered by the company they’re applying to. Therefore, for employers, it is very crucial for them in choosing what coverage they should be offering to their employees to improve retention percentage and in attracting new talents as well.

Most insurance companies offer affordable and competitive insurance coverage. Thus, they opt to offer a group health insurance wherein more than half of the American employee population is covered under. In this type of policy, employers are the one to acquire the insurance for their employees and shoulder half or most part of the monthly contribution. And since it is more about getting coverage due to a common cause than a necessity, it would still cost less than purchasing individual plans. So this will result into a win-win situation on both sides. And this is the reason how health insurance benefits is the most popular among company offers.

A Premium Only Plan allows members to make their share of contribution on a pre-tax basis. This is the type of plan most employees in the U.S is covered under. They are not taxed for company contribution as well which makes this heavily subsidized in terms of taxation.

Are All Policies applicable to all types of companies?

Based on laws that govern in a particular state, health insurance policies may actually vary. Moreover, the comprehensive health care reform law enacted in March 2010 (Affordable Care Act (ACA) also enabled the federal government to lay down several regulations on such insurance plans.

The same applies to those with self-acquired plans or those working in small or minor companies. Hence, there are differences in the laws for the coverage offered and the premium when working in a small company, which is considered to have less than or equal to 50 full-time employees and a large company with larger number of heads mentioned. This leads us to the conclusion that not all policies are the same.

Lost Group Insurance Coverage

Thanks to the federal Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA), individuals who have lost access to group insurance due to job loss, incidents, or any other reasons, may still be allowed to keep their group coverage for a certain time. Most are even given the privilege to enjoy unlimited group coverage.

Though proven beneficial, this may not be applicable in some states wherein COBRA does not exist.  However, better options that offer ample benefits are provided.  Consider going through the benefit summary booklet provided by your employer for more information with regard to how this may affect you. Walnut Creek

 

 

 

 

 

 

What are the Small Group Benefits When it Comes to Insurance Coverage?

Monday, January 22nd, 2018

Health Insurance San JoseIn the year 2012 the U.S. Census revealed that there are around 28 million small businesses in the state that provides employment to 52.6 million Americans. Although at present it isn’t a legal requirement for small business to provide insurance coverage to their employees, it’s certainly one of the most important factor when recruiting and retaining top talents.

Traditional Plans vs. “Managed Care”

Small group benefits offered by a particular group health insurance plan depends on many different aspects, including whether it’s a traditional plan or a “managed care” plan.

Traditional plans often come with higher premiums, but offers access to wider option for medical practitioners, services and institutions. On the other hand, a managed care plan would usually cost considerably less, however the choices would be a little limited when it comes to medical services.

Both type of plans are sold by major health insurance providers, and most states require that the employer covers at least 50% of the premium costs.

However, many employers think that they need to pay 100% of the premium costs, discouraging them from offering this crucial employee benefit. Most of the employers agree that not offering adequate health insurance coverage affects their relationships with the employees in an adverse way, with 75% revealing that their business suffers due to not offering small group benefits related to health insurance coverage to their employees.

Reasons for Providing Health Insurance Coverage to Your Employees

After going through the information above, it could be concluded that providing employees with health insurance coverage may not be as expensive as many employers think, and not doing so may not allow the business to grow at its full potential.

Let’s take a look at why a small business should consider providing health insurance coverage, though it isn’t required to.

Recruiting and Retaining Top Talent

As mentioned,  group insurance coverage is currently considered to be one of the most important employee benefits, it displays a great impact on attracting new talent. This is especially true when it comes to small companies, as most new employees may be interested to join a large business instead of a small business.

Similarly, even some of your best employees may consider joining another company that offers better employee benefits at some point in the future, but with the help of a great group health insurance plan may prevent them from doing so.

Tax Benefits

Offering a group health insurance coverage would also present a considerably wide range of benefit for both employees and employers in terms of taxes. Firstly, all the expenses incurred for providing the insurance coverage would be 100% tax-deductible for the business.

If the employer exerts effort in taking care of the legal formalities, even the employees’ contribution can be made on a pre-tax basis. The employer can also make the employees’ contribution BEFORE paying them, so that they won’t have to deal with any tax liabilities related to their contribution and end up with a higher take-home pay than they otherwise would.San Jose

 

 

How to Become a Successful Group Kaiser Health Insurance Broker?

Monday, December 25th, 2017

Walnut Creek Benefit (1)Kaiser Permanente is one of the reputed insurance providers out there that offers different types of insurance plans. It has a wide range of plans that are designed to meet the specific needs of a small business.

It also offers many resources to help new brokers get started with doing business with them. Finally, the application process is fairly simple as well, and if you’re qualified to become an insurance broker, you may get approved in less than 10 days.

However, despite these things, you may still need to educate yourself about many different things if you want to become a successful group Kaiser health insurance broker, or a successful insurance broker of any company for that matter.

So without further ado, let’s take a look at those things, which can make or break a new insurance broker.

Being Patient

One common mistake many new group health insurance brokers make is rushing the selling process. This is a big mistake while selling to businesses, as there may be many formalities involved and it may require the suggestions or approval of many different officials of the company.

That being said, while you need to be patient with the selling process, you should also understand when to move it along. You need to provide the information the business is looking for, or may help it take the right decision. You would also want to build a relationship with the client in order to turn them into a long-term one.

Identifying the “Quality” of Leads

It can be very frustrating for a new insurance broker to lose leads that they put in a lot of time and efforts to get. That is why it’s an important skill to learn for an insurance broker to be able to get an idea of the quality of leads.

Basically, you would want to focus on the most qualified leads and avoid the ones that may waste your time (and still may not result in a sale).

Back Your Claims with “Logic”

Exaggerating the facts and talking only about the rates are considered old-school tactics and don’t work effectively anymore. Instead, you may want to back your claims with logic, so that they make perfect sense to the potential client.

You should be more focused on understanding the business’ goals and offering a solution accordingly, instead of doing the same sales talk every time you meet a potential client. You can use the resources Kaiser Permanente offers to its brokers, and it may definitely help you find better plan choices for your potential clients.

Building a Relationship

Perhaps the only thing that used to work a decade back, and still works, and may also work for the next few decades or so in the insurance industry is building a relationship with your clients. It’s the best way to connect to your clients and get to know their requirements better.

And when the requirements are clear, you can come up with an effective solution and convincing explanation.

Walnut Creek, CA

 

Things You Need to Know About Group Health Insurance Plans

Tuesday, November 28th, 2017

One of the benefits being offered to employees by the company whom they’re working for is a group health insurance. It’s a very popular employee benefit as it provides insurance coverage to more than half of the Americans.

LaFayette About Group Health 2Employers are the ones to purchase this type of insurance policy. Therefore, half or more of the required total monthly contribution usually comes from them. Most employees in the U.S. are under “POP” plans, or Premium Only Plans, which allows them to make their part of the contribution on a pre-tax basis.

Aside from several other tax benefits for the employees covered under a POP plan, they are not taxed for company contribution   As a result; these are heavily subsidized when it comes to taxation.

A group insurance plan is also very affordable. Insurance companies are usually more than willing to offer plans at considerably cheaper rates than what you would get while purchasing individual plans due to the fact that it is more about getting coverage due to a common cause than a necessity. Thus, makes this a win-win situation for both parties.

Offering great benefits is perhaps considered one of the most effective ways of retaining the employees. Therefore, the best insurance coverage would be advantageous for a company. In addition, a great group health insurance plan also attracts new talent to your company.

A better overall health of your employee means less unplanned leaves and an improved morale of workers.

Are All Policies the Same?

Technically speaking, no, not all policies are the same. Health insurance policies may vary depending on the laws that govern in a particular state. Secondly, with the implementation of the Affordable Care Act (ACA), the federal government, too, has laid down several regulations on such insurance plans.

This is also true for those who have acquired different plan on their own, as well as those working for minor companies. Basically, things differ when it comes to working for a small company compared to working for a major company.

It is taken into consideration that any company having less than 50 full-time or the “equivalent” of full-time employees is a small company. Other businesses having a larger number of workers base are large employers. That being said, the laws are different for the coverage offered by both, and the premium tends to differ as well.

What if I Lose Access to the Group Insurance Coverage?

Those who have lost access to group insurance due to job loss, incidents, or other reasons, may still be allowed to keep their group coverage for a certain time. Many are even able to continue with the group coverage without any time limitations, thanks to the federal Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA).

However, COBRA doesn’t exist in all the states (and doesn’t apply to all employers), but in some of the states it doesn’t, there are actually better options that offer more generous benefits.

Finally, you may want to be sure about how it may affect you by going through the benefit summary booklet provided by your employer. La Fayette, CA

 

 

 

An Overview of Small Group Benefit Administration

Saturday, October 14th, 2017

San Jose, CA Small GroupAn Overview of Small Group Benefit Administration

While group insurance is considered a very important employee benefit, and offers many benefits to both employer and employees, managing it may be a bit of a hassle. That being said, a small group benefit administration service may be the solution for employers who don’t want to deal with the hassle involved, but still want to offer their employees all the benefits of small group insurance they possibly can.

In other words, it means that the insurance provider will take care of everything involved in the small group insurance process for the employer. So without further ado, let’s go through the things involved that are taken care of by the insurance benefit administration service.

Sharing the Group Details with the Employees

This is a basic, but fairly important part of the small group insurance process. When the employees aren’t aware of the plan details, or don’t understand what they mean, may end up making the wrong decision.

A group insurance provider that handles the administration of the plan would be in a much better position to explain all the important details to the employees in a way that makes it easier to understand for them. Similarly, it would also allow them to make changes to their contract easily if they want, which can otherwise be very confusing for them.

Handling Enrollment and Enrollment Changes

Many insurance benefit administrators would also handle the enrollment process as well as the enrollment changes in the event of marriage, divorce, death of dependant, new child, etc. Employees may be able to submit the file electronically, which would be considerably more convenient than submitting them manually through an employer.

Similarly, small group insurance administration would take care of the terminating enrollments, special provisions, as well as answer all the inquiries the employees may have about the plan, benefits or eligibility criteria.

Handling Claims

The administrator may also handle the claims directly for your employees, especially when it comes to POP. However, most providers may still not handle the claims if the employee seeks the services of a professional that’s not a part of their network.

Managing Billing

Similarly, managing billing and payments would get a lot easier as well, with the administrator taking care of most of the work involved.

The insurance provider handling the administration may generate invoices both online and as hard copies, and would make them available at different intervals, depending on the plan. Also, if any of the enrollees require special billing arrangements, the provider may help them make it a part of their contract.

Finally, they would also handle the payments by allowing the enrollees to pay using different payment methods as well as setting up automatic payments.

A Final Word

While there’s more to what we discussed above, we just wanted to give you an overview of what small group insurance administration means and how it can help you as an employer.

A good benefits administrator would help achieve a higher level of efficiency and a smoother integration between claims management and administration. San Jose, CA Museum

What are the Small Group Benefits When it Comes to Insurance Coverage?

Thursday, September 14th, 2017

Walnut Creek BenefitsWhat are the Small Group Benefits When it Comes to Insurance Coverage?

The 2012 U.S. Census revealed that there are around 28 million small businesses in the U.S. that provide employment to as many as 52.6 million Americans. Now, while it isn’t a legal requirement for small business to provide insurance coverage to their employees, it’s certainly one of the most important factors when it comes to recruiting and retaining top talent.

Traditional Plans vs. “Managed Care”

The small group benefits offered by a particular group health insurance plan depend on many different factors, including whether it’s a traditional plan or a “managed care” plan.

Traditional plans often come with higher premiums, but offer access to a wide range of doctors and hospitals. On the other hand, a managed care plan would usually cost considerably less, but it would be a little limited when it comes to choosing doctors and hospitals.

Both types of plans are sold by major health insurance providers, and most states require that the employer covers at least 50% of the premium costs.

However, many employers think that they need to pay 100% of the premium costs, discouraging them from offering this crucial employee benefit. But most of them agree that not offering adequate health insurance coverage affects their relationships with the employees in an adverse way, with as many as 75% revealing that their business suffers due to not offering small group benefits related to health insurance coverage to their employees.

Reasons for Providing Health Insurance Coverage to Your Employees

After going through the information shared above, it can be concluded that providing employees with health insurance coverage may not be as expensive as many employers think, and not doing so may not allow the business to grow at its full potential.

With that being said, let’s take a look at why a small business should consider providing health insurance coverage to its employees, though it isn’t required to.

Recruiting and Retaining Top Talent

As mentioned above, group insurance coverage is considered to be one of the most important employee benefits nowadays, and helps attract new talent. This is especially true when it comes to small companies, as most new employees may be tempted to join a large business instead of a small business.

However, great employee benefits, including group health insurance coverage, can help attract them to your company. Similarly, even some of your best employees may consider joining another company that offers better employee benefits at some point in the future, but a great group health insurance plan may prevent them from doing so.

Tax Benefits

There are also many tax benefits of offering group health insurance coverage to your employees, for both the employer and the employees. Firstly, all the expenses incurred for providing the insurance coverage would be 100% tax-deductible for the business.

Similarly, if the employer puts in some efforts to take care of the legal formalities, even the employees’ contribution can be made on a pre-tax basis. The employer can also make the employees’ contribution BEFORE paying them, so that they won’t have to deal with any tax liabilities related to their contribution and end up with a higher take-home pay than they otherwise would.Walnut Creek, Jewel of East Bay

Understanding Requirements and Premium Rates for Small Group Health Insurance

Sunday, August 20th, 2017

LaFayette RequirementsUnderstanding Requirements and Premium Rates for Small Group Health Insurance

Any company or business having less than 50 full-time or full-time “equivalent” employees is legally considered a small company or employer. Similarly, any business with more than 50 full-time employees would legally be a “large” employer.

The laws governing group health insurance policies for small businesses and large businesses tend to differ quite a bit, and this article will be discussing the ones related to small group health insurance, which is considered a very important employee benefit.

Understanding the Coverage Requirements

First things first, small businesses aren’t “legally” required to provide group health insurance coverage to their employees. However, many small employers still do so simply because it’s an important factor when it comes to attracting new talent and retaining the top employees.

Also, while the federal and state laws may apply to small employers, it depends on various factors, such as the number of employees, the type of business and whether the coverage is being provided through an insurance company.

However, the Affordable Care Act (ACA) requires that the small group health insurance plans meet certain requirements. It has set different benchmarks to ensure that the employees get a certain level of benefit.

The different levels or “metal tiers” of benefits are simply based on what the plan pays of the average total medical expenses.

  • Platinum plans: These are the best ones, but also the most expensive. They usually cover as much as around 90% of medical expenses
  • Gold plans: These plans cover 80% of medical expenses
  • Silver plans: A silver plan would usually cover around 70% of medical expenses
  • Bronze plans: These are the most affordable ones and offer the least benefits, paying just around 60% of medical expenses

You may also want to note that the above mentioned tiers reflect the average medical expenses they may cover. It isn’t the same as coinsurance, which requires an individual to pay a certain percentage of the overall medical expenses.

There are also several other requirements when it comes to group insurance coverage, based on laws that are covered under the ERISA, HIPAA and other such acts.

Determination of the Premium Rates

After the introduction of the ACA, premium rates are determined in a very different way than they used to be. Basically, they are based on the modified community rating, which takes limited factors into consideration for coming up with the premium rates.

Such factors include age, geography or whether the employee is a smoker or not. So for example, the rate would be higher for a 50-year-old male employee who’s a regular smoker and suffers from cancer and a major health condition.

However, the rate would be same for providing insurance coverage to a 30-year-old healthy male employee and a 30-year-old male employee with diabetes.

Finally, depending on the state, an employer may be able to allow their employees to choose the insurance company. Similarly, they may also be able to offer them different plan options within a particular metal tier (platinum, gold, silver or bronze), or different plans at different levels. La Fayette, CA Festival

The Benefits of Small Group Insurance and Small Groups Benefits Administration

Wednesday, July 19th, 2017

1-Smallgroups

The Benefits of Small Group Insurance and Small Groups Benefits Administration

The best investment you can make for your business is in your employees. When you have employees, you must ensure that you protect them. The way to protect them is by offering them the benefit of group health insurance with your business. With group health insurance, you can give your employees affordable health care while working for you. The only problem is most employers don’t understand what small group health insurance is and the benefits that it offers to your employees. In this post, we hope to shed some light as to what small group insurance is, how you can use it to protect your staff and how you can go about getting this insurance for their business.

 

Small Group Health Insurance

With small group health insurance, an employer can offer the benefits of health insurance to their employees. Small group health insurance helps to make insurance more affordable for employees. If an employee were to get insurance on their own, it would cost them a lot more than if they were to get group insurance.

Affordable health insurance is also a benefit for an employer. When insurance is more available, your employees are more likely to take advantage of it by having checkups more regularly. With regular checkups, a person can prevent illnesses from early. Regular checkups result in healthier employees and more efficiency for your business. By now you should have a better reason why small group health insurance is a benefit for your business.

 

How Small Group Health Insurance Works

An insurance company can offer group health insurance at a discount. By creating a pool of people who will be on this insurance, the risk is spread evenly. When the risk is spread like this, each employee gets equal benefits.

With small group health insurance, an employee can see a doctor included in the network for cheaper than if they were to go to a doctor on their own. This offers an enormous financial benefit to the person who obtains this insurance.

 

Getting Small Group Insurance

Finding the right plan for your business starts with knowing what type of protection your business needs. Taking the time to sit down with a professional insurance company is how you obtain this information. As a small business, you can purchase insurance plans:

 

  • Through a private website
  • Through a public SHOP online marketplace
  • Through a licensed health insurance agent or broker

 

Overall you want to work with a company that has a trusted reputation and one who will work with you to assess your situation. Once they assess your situation, they then create a plan that best suits your business. One such company is Kaiser Permanente.

 

Conclusion

Small group health insurance is one of the most important things you can include in your business. There’s no better way to build the confidence of your employees than having the benefit of better healthcare. Doing this will allows you to protect your employees and their families which then increases their productivity. Invest in your employees by investing in small group health insurance.

 

San Jose, CA

 

 

The Importance of Having Group Health Insurance for Your Business

Friday, June 23rd, 2017

2-BusinessGroupThe Importance of Having Group Health Insurance for Your Business

 Getting protection for your business is the most important thing you can do. If you run a business and people work for you, then you face lots of risks. People can get injured while they are performing their duties and when they do, you must ensure they are protected. Business group insurance is how you can protect your employees. In this post, we’ll take a look at what is business group health insurance, why you need it for your business and how you can get it to protect your employees.

 

What Is Business Group Health Insurance?

Business group health insurance is also known as employer-sponsored or job-based health insurance. This is a type insurance policy that an employer offers to employees. It’s also available to the dependents of the employees.

The employer and employee split the premium costs. Included in this type of policy is a percentage rate that the company must pay, for the premium. Premiums can increase after careful evaluation of the previous healthcare cost for the group.

Group health insurance allows for the risk to be spread equally among the people on the insurance. With this spreading of risk, an insurance company can offer insurance at a discount.

 

The Importance of Having Group Health Insurance

Employees are important to your business. For your business to be successful, you must keep the people working for you protected. The way for you to do this is to have protection for them in the form of group health insurance. Group health insurance creates an opportunity for employees to get comprehensive protection at an affordable price.

If an employee gets injured, and they need medical attention this insurance helps to provide them with coverage. Whenever they or the persons included on their insurance need medical care, they can receive it more affordable than if they did not have this insurance.

 

How to Get Group Health Insurance

To get the right group health insurance, you must find the right company for your business. The right company is one who takes the time to work with you to create a policy that fits your business.

They will take time to sit with you and carefully look over your business to help you to find the right protection for your business. Another good way to get the best protection for your business is to work with a broker. Kaiser Permanente is one such company that works with you to get the protection you need. They offer affordable healthcare for businesses who need it.

 

Conclusion

Protecting your employees is the best thing you can do for the growth of your business. Keeping your staff protected helps them to trust you more. It helps to feel like you care about them. Group health insurance is an affordable way to protect your business. In this post, we looked at what group health insurance is, why it’s important and what you can do to get it for your business. So, protect your business today when you get group health insurance.

San Jose 2-BusinessGroup

 

How to Get Group Health Insurance for Your Business

Thursday, May 11th, 2017

3-SmallGroup

How to Get Group Health Insurance for Your Business

Affordable health insurance is important for the growth of a small business. Keeping your staff protected is how you can keep your business thriving for the long term. There are many risks you face when operating a business which makes having small group health insurance necessary. One of the biggest risks you face is the injury of an employee. With Small Group Health Insurance, you help to protect your staff and their families. If setting up a small group health insurance plan is what you want to do, then this post is for you. In this post, we’ll look at some of the benefits of Small Group Health Insurance and how you can get it for your business.

 

What Is Small Group Health Insurance?

Group medical insurance is a policy issued by a business to its employees. It’s an insurance coverage plan offered by an employer to their employees. Usually, this type of insurance requires the employer to pay a certain percentage of the premium. The cost for the insurance is split between the employee and the employer.

 

Benefits of Small Group Health Insurance

Many benefits come with having small group health insurance. The biggest advantage is that it helps to make healthcare more affordable for staff. Affordable healthcare is a significant benefit for both the organization and its employees. Let’s take a look at some more of the benefits which come with having this type of insurance.

 

Availability of Affordable Healthcare Services

The first major benefit of having this type of insurance is that it helps your employees to take better care of their health. It also helps them to take the necessary precautions to prevent major health conditions from affecting their life.

With affordable health care services employees now have the opportunity to get regular checkups. Regular check-ups allow your employees to keep their health in check which creates a healthier staff.

 

Improved Financial Security

When an unexpected health issue affects the life of an employee, it can mean having to spend lots of money. However, with group insurance, they have better financial security because of the affordability group insurance. When an employee needs medical attention, this insurance will help with any expenses they incur.

Group insurance eliminates the need for worrying about being burdened with debt because of an unexpected health issue. With this insurance, your employee is better able to cope with illness as they won’t be subjected to debt because of an unexpected health problem.

 

Conclusion

To safeguard your business, you must invest in the protection of your employees. Many risks come with operating any business, but you can lower that risk by having insurance. Now that we’ve taken a look at some of the benefits of small group health insurance you should now have an idea of what to expect when you get this type of insurance for your business. Take the time to speak with an insurance professional and find the group insurance plan that fits you.

San Jose 3-SmallGroup