Purchasing Philadelphia Group/Employer health insurance is different than purchasing an individual health insurance policy. There are more factors to consider and more potential complications. The helpful people at Insurance Shops are here to assist you in making the right choice for your business.
What Is Philadelphia Group/Employer Health Insurance and What is Required?
Instead of a single policy covering a single individual or family, Philadelphia group/employer health insurance covers a group (usually a business with multiple employees) and their dependents. Because the policy covers multiple people, the premium rates are based on risk factors covering the entire group. Information on potential risks is gathered through general data, such as age and gender.
With the introduction of the Affordable Care Act in 2010, there are regulations that must be followed if a small business (2-50 full time employees) decides to offer Philadelphia group/employer health insurance to its employees. If, as a small business owner, you offer group health coverage to at least one full time employee, you must offer group health coverage to all full time employees. And while you’re not required to offer coverage to part time employees, if you choose to offer it to at least one part timer, you must offer it to all. In addition, eligible employees cannot be denied coverage because of pre-existing medical conditions.
Dependents of covered employees are generally eligible for coverage as well. Dependents may include:
- Spouses
- Children
- Unmarried domestic partners (in some cases)
As the employer, you can decide whether to pay the full premium or have employees contribute towards the costs. The Affordable Care Act offers tax credits to businesses in order to offset the cost of insurance. The tax credit amount will depend on:
- How much a small business owner pays towards the healthcare premiums;
- The number of employees; and
- The annual income of those employees
The agents at Insurance Shops can help you determine all your options when it comes to premium costs.
How Can Insurance Shops Help Your Small Business?
Our job here at Insurance Shops is to make sure you choose the best Philadelphia group/employer health insurance plan for your small or large business. We do this by running quotes for group health insurance for all the insurance companies in the area. Then, we recommend certain plans according to your goals and needs. We can help you save money, and we offer potential solutions to Philadelphia group/employer health insurance, such as:
- Defined Contribution Plans
- Private Exchanges
- HSAs
- Health insurance credit plans through the SHOP exchange
We’re available to take your calls and answer your questions at all times. We’ll even help educate your employees and their dependents on the different coverage they have!
Contact us today for all your insurance needs.
