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Group Health Insurance is an important part of your employee benefits package offered by an employer. Small businesses that provide benefit packages can retain valuable employees.
What is group health insurance coverage?
Group medical coverage refers to a single policy issued to a group of People typically a business with employees and their dependents. This policy covers them for all medical expenses occurred due to sickness or injury happened outside the workplace.
How much does group health insurance cost?
This type of coverage is called group health insurance plan or “employer-sponsored health insurance.” In 2019, the average cost of insurance per employee for a single person is $6,896, and for family coverage is $19,616.
Do Employers pay part of employees Medical Insurance?
Normally Insurance Companies mandate Employers to contribute 50% toward the cost of an individual premium per month. There is no requirement for Employers to contribute premium toward an employee family unless employer voluntary choose to do so.
What is the benefit of group health insurance?
Group Health insurance provides financial payment to ensure the physical and mental health of an employee member and their families. Employers and their employees knowing they can benefit from such coverage are providing peace of mind they are financially protected against the high cost of medical care.
Is small group health insurance cheaper than individual plans?
YES, group health insurance plans are less expensive per person than individual plans. According to National Health Statistics Report , the national average small business health insurance cost was 31% lower than the average cost of an individual policy.
What are the most important benefits for employees?
Employee benefits are a tool to make your employees feel valued, appreciated, and loyal. Ranging from health benefits to retirement savings, employees want to work for a company that makes them feel secure and satisfied.
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 2019.
Understanding Health Insurance Plan Options:
The two options of medical insurance plans in Florida are:
HMO: it provides access to assigned doctors and hospitals within the insurance company’s medical network. A network is a group of medical providers that have agreed to lower their health service rate for assigned members and meeting at the same time quality standards medical services.
Some key points about HMO’s:
- HMO has a 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.
PPO: it provides more flexibility when choosing a doctor or hospital. PPO also features a network of providers. However, there are fewer restrictions on seeing non-network providers. PPO covers medical expenses outside the network at a lower rate. Some key points about PPO’s:
- 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 are paid at a lower rate.
Are you shopping Today for a small business group health insurance in Florida?
We are committed to providing a satisfactory plan that is right for your company along with affordable premium and helps you administer the program. If you are shopping today for a Small Group Medical Insurance Quotes, feel free to Call Us Now at (954) 454-9599 or (866) 454-9555, we are glad to answer your questions and guide you through setting up an affordable medical Insurance plan that is right for your business.
ALL INQUIRIES ARE WELCOME.