Health Insurance for Businesses
Grow your business while we manage your health coverage
Health Insurance for Businesses
Grow your business while we manage your health coverage
Business Health Insurance Solutions
So you have decided to take the leap? Start your own business and work for yourself? Even if its currently a part-time thing, you are on the path to work for yourself one day, solely. Or maybe you have already made the hard work pay off and currently have an established business either by yourself or with employees. Regardless, having tailored options for business health insurance is essential in recruiting and retaining the people who help your business grow.
As a business owner, you understand more than anybody the difficulty involved in finding good workers. Like finite resources companies are always targeting punctual, resourceful, and efficient employees. One way to stand out from the crowd is by integrating health care coverage into your benefits strategy, assisting in attracting and retaining top talent. What better way to show your future employees you have their back than literally providing health care that does just that.
We provide a variety of group health care options focused on shared responsibility between employers and employees, providing access to quality care while controlling costs. Each plan type focuses on different areas in regard to care and coverage, reach out to one of our representatives to provide you a custom solution for a tailored fit to your business.
Types of Options
Fully-Insurance Plans
A more traditional approach where the insurance company takes on the risks involved with healthcare costs. The insurance policy is partially paid for by the employees with the business covering the balance of the annual premium, some factors the insurer uses to calculate group premiums include
- Number of employees and their wellness
- Average group age
- Employers previous claims history
- Occupation types
- Coverage level and benefit add-on’s
Self-Funded Plans
This type of plan offers more affordable rates not to mention more control with the business accepting the risk of having to cover large claims as the tradeoff. This method is more common amongst larger businesses, however it is definitely not limited to just them, small to medium sized business with small groups can leverage their affordability as well. Another consideration is to opt for a partially self-funded policy with stop-loss insurance. Providing the affordability while limiting your risk if a high cost claim does occur.
Health Maintenance Organization (HMO)
Group coverage were members pay for specific health services through monthly premiums. One drawback is that the plan is limited to healthcare providers and locations services within the network itself. This tradeoff allows for more affordability in comparison to other types of insurance plans, keep in mind that seeing a physician or utilizing facilities not included in the HMO network can results in the employee covering the entire cost of treatment.
Preferred Provider Organization (PPO)
Like HMO this plan also offers a network of healthcare providers and facilities with the added feature of members being able to visit physicians or locations outside of their network without having to cover the entire cost. As a result, this plan results in higher co-pays and additional service costs but provides more freedom in being able to receive treatment outside of the network.
High-Deductible Health Plan (HDHP) with a Savings Option (HDHP/SO)
At its core, this plan offers lower premiums and higher deductibles for group members, in other words members end up paying more out-of-pocket before the policy covers their share. The advantage is lower monthly premiums, tailored for employees who do not utilize many medical services.
This type of plan can also be coupled with a savings option like health savings account (HAS). These accounts allow members to make tax-free contributions that can be utilized to pay for healthcare expenses from small amounts such as copays to major medical services. Since the funds accumulated roll over year after year, they make great retirement savings options as well.
Health reimbursement accounts better known as HRAs is another cost savings option, this add-on is similar to HSAs except that the employer makes the contribution in contrast to the employee.
“We’ll get you the best health insurance at the best price for your business!”
Getting you the best health coverage is our mission