Small Group Health Insurance Plans
As an employer with a small business and a team of one to 50 full-time employees, it's important to ensure compliance with the Affordable Care Act when obtaining small group health insurance. Adhering to the regulations will guarantee that your employees receive the necessary coverage required by law, fostering a positive work environment and demonstrating your commitment to their well-being.
The Benefits Of Small Group Insurance
Small Group Health Insurance plans are sold by private health insurance companies. You can work with a local brokerage like us to have an agent assist you. These plans are offered in PPO and HMO plan option that included deductibles, copayment, coinsurance, out-of-pocket maximum, and prescription drug coverage. These plan must coverage the 10 minimal essential benefits as stated by the ACA.
Coverage Options For Small Groups
Individual coverage Health Reimbursement Arrangements (ICHRAs)
The Individual Coverage Health Reimbursement Arrangement (ICHRA) is an option for employers looking for an alternative to the usual group health plans for their workforce. This plan operates through specific accounts and focuses on providing tax-free reimbursements to employees for their qualified medical expenses. These expenses may include monthly insurance premiums and out-of-pocket costs like copayments and deductibles. However, it's essential for employees to be enrolled in individual health insurance coverage, such as a plan they purchased through the Marketplace, to be eligible to use the funds from the HRA. This approach allows businesses to support their employees' health needs while offering a different kind of benefit than traditional group health plans.
Healthy, Informed, and Prepared!
Ready To Get HIP?
If you are new to Medicare or already enrolled in Medicare and want to learn more about your coverage, then we’re here to help you stay healthy, informed, and prepared. Feel free to give us a call or click the link below today, and we will find a time to talk about your specific coverage and the ways you can use it.
Our Mission
At The HIP Insurance Crew, LLC, each of our clients is unique. We don’t believe in an “one-size-fits-all” approach to offering insurance. We provide individual solutions for each of our clients and serve as advocates should you need one.
