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Minimum 10 Employees.
Group Medical Insurance is an important part of employee benefits package, offered by an employer. Businesses that provide benefit package can retain valuable employees.
What is Self-Funded Group Medical Insurance Florida?
Employers often struggle to find healthcare benefits options that give you the control, flexibility, and value you need until now. With Self-funded benefits plan, you get better control over your health care benefits, the flexibility to tailor your self-funded plan design to your budget, and an opportunity to receive a refund if the group medical claim experience is lower than the yearly projected claim set by the Carrier.
Advantages of Self-Funded Group Health Insurance are:
- Predictable Monthly Payment – premium is the same amount each month.
- Attract and retain employees – Self-funded plan design gives you the quality of a traditional health insurance plan while allowing the flexibility to tailor the plan to meet the budget of your company.
- Transparency of healthcare dollars – You will receive monthly reports showing how your healthcare dollars are spent.
- Opportunity for future savings – if there is a surplus in the aggregate claim liability account at the end of the 12 months agreement, a portion of that money is credited to your account, or return as cash to you.
- Stop-loss Protection – if medical claims paid by your self-funded plan are higher than the amount of money funded by the claim pre-fund account, you are protected by stop-loss insurance.
Affordable Care Act Compliance for Group of 50 + Employees
Effective 01/01/2016, all businesses with 50 or more full-time equivalent employees (FTE) must provide health insurance to at least 95% of their full-time employees, including covering employees dependents up to age 26, or pay a penalty fee of $3,000 per employees by 2018.
Understanding Medical Insurance Plan Types
- HMO has lower monthly premium than PPO.
- You must pick one primary care physician (PCP) to seek medical care.
- You have to obtain a referral from your Primary Care Physician to see a Specialist.
- There is no medical coverage outside the network unless the medical service is provided in the Emergency Room.
- Premium typically is higher than HMO.
- Co-Insurance and Co-Payment are payable at a lower rate than the HMO.
- You can seek medical care from specialists you’d like without having to obtain a referral.
- You can utilize doctors and hospitals outside the network or during your trip outside the State. However, benefits will be paid at a lower rate.
We are committed to providing a satisfactory plan that is right for your company along with affordable premium, and help you administer the program. If you are shopping today for a Group Medical Insurance Quotes from Florida Health Insurance Companies, please Call Us Now at (954) 454-9599 or (866) 454-9555, we will be happy to answer your questions and guide you through setting up an affordable plan that is right for your business.