Big Benefits For Small Business, More Options Better Choices!
| Group Insurance For Your Business. Shopping for group insurance in the state of Illinois or the Chicago area has never been easier. With over 550+ group insurance plans in our nationwide database, you're certain to find a plan that will offer big benefits for your business. |
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| Group Health Insurance is available on a guarantee to issue basis per health reform state laws that were passed in 1996. Pricing can vary, in Illinois the maximum load factor is 67%. Not all health carriers underwrite identically. As a result, we conduct business in a way that provides information for you to make a good decision. We make recommendations based on your specific needs, I guarantee it. |
Providing your employees with a good cost effective group health insurance plan can help you and your employees stay healthy. We can help you obtain affordable group health insurance and selecting the right health plan for your business. We take into consideration the location of your business, what carriers are available near your business, the doctor networks from the different carriers options and rates available in your area.
Self-Employed or Groups 2-150, we can help. Plans can start at any time of the year.
How much does it cost for a group health insurance plan?
Each and every small business is going to have a different price. There are many factors taken into account for the price.
The health insurance company has different premiums for different regions in the state. The best way to find out what a group health insurance plan will cost your company is to get a quote.
Low-Cost Group Health Insurance, use Individual Health Insurance with a List Bill
Individual health insurance is generally much cheaper than group health insurance. Using a single list bill for all of your employees, the healthy and part time workers can take advantage of the low rates. Essentially, everyone will have his or her own plan but there will be a single invoice for all plans that can be paid by the business.
Group Health Insurance with a Health Reimbursement Arrangement (HRA)
With an HRA you put money into a spending account for the employee. They use this money to pay for medical expenses. This is entirely employer funded and the unspent money is carried over and not lost. The funds belong to the employer and not the employee.
The HRA is authorized under section 105 of the Internal Revenue Code. The plan is usually set up to reimburse for medical expenses associated with a health plan like doctors visits, prescriptions, etc. The plan can be designed to reimburse for other expenses such as vision tests, dental, orthodontics, and much more. There are many advantages to the employer.
First, you decide what you want to cover and how much you will pay out.
Second, you are not pre-funding an account where unused money goes to the employee.
Third, you can use a higher deductible health insurance plan. The savings in premium is generally much greater than any assistance you provide the employee in the HRA.
Finally, the employee will feel secure with the higher deductible plan knowing that there is some assistance for routine medical expenses.
We can save you money.
Eligible Employees that can be covered on a Group Health Insurance Plan.
Full Time Employees qualify; the employee must be working at least 30 hours a week on a permanent basis. The full time employee must be paid by the employer (W-2 or 1099).
Owners, Corporate officers, Sole Proprietors, Partners are eligible for coverage on the group health insurance plan, corporate officers, sole proprietors, and partners must put in at least 20 hours of work per week.
Eligible Family members - Dependents
Eligible dependents have one of the following associations with the eligible employee:
ý Husband, Wife, (lawful)
A husband and wife that both work at the same company can both be covered as employees.
Employees who do not to participate in the group health insurance plan must waive (decline) coverage by completing the appropriate section on the Employee Application when becoming eligible for the group health insurance
Employees not entitled to participate in the group health insurance plan include:
ý Seasonal employees
ý Part Time or Temporary
Health Care reform 2010-2014
We may not all be happy about it, but health care reform is the new law and we will work with the hand we have been dealt. The new law will be bring many new changes with government mandates.
Our firm is diligently working on the changes that will come to small business owners with under 50 employees, we will be here to help. In the coming months, there will be a full analysis of current group health plans in place so as to stay in compliance. We also want to make you aware of the tax credits avialble in 2010 and the new mandates that take effect this year.
Effective Immediately Mandates:
1 .Individuals and employer group plans that wish to keep their current policy on a grandfathered basis can only do so if the only plan changes made are to add or delete new employees and any new dependents. In addition, an exception is made for employers that have scheduled plan changes as a result of a collective bargaining agreement. Once a plan loses its grandfathered status, it will be subject to all of the market reforms in the legislation when they take effect, regardless of where coverage is purchased (either through an exchange or outside of an exchange). However, most of the market reform provisions slated to take effect in the next six months will apply to all plans, whether or not they hold grandfathered status.
2. Eligible small businesses (those that have no more than 25 FTEs, pay average annual wages of less than $50,000 and provide qualified coverage) are eligible for phase one of the small business premium tax credit. Small employers will receive a maximum credit, based on number of employees, of up to 50% of premiums for up to two years if the employer contributes at least 50% of the total premium cost. 3. Employers that provide a Medicare Part D subsidy to retirees will have to account for the future loss of the deductibility of this subsidy in 2013 on liability and income statements. While the elimination of the deductibility does not take effect until 2013, there could be an immediate accounting impact. If you are a client of the firm and we do not currently manage your group health insurance account, please contact us immediately so we may email you the BOAR approval process form. We will actively monitor all clients accounts and our service offerrings will expand over the years to keep your business in federal and state compliance.
