Large Group Health
Large Group Health Information
What is group health insurance?
Group health insurance is a single policy issued to a group of people, offering uniform healthcare benefits to all members. In most cases, these policies are purchased by employers and offered to eligible employees and their families as part of an employee benefits package. Enrolling in group health insurance generally costs participants less than what they would pay for an individual healthcare policy for two main reasons:
- The risk is spread over the whole group, as opposed to just one individual.
- Many employers pay a portion of employees’ premiums.
What are the benefits of group health insurance?
For employees, the benefits of group health insurance include the reduced price of healthcare and the ease of enrolling through their employer. For employers, the benefits range from attracting quality workers to the tax credits they can receive.
Is your business required to purchase group health insurance?
Large businesses with 50 or more employees are now required to offer group health insurance under the Affordable Care Act. Small businesses with fewer than 50 employees are not required to offer coverage, but they can qualify for tax credits to help offset the cost if they choose to offer healthcare and pay for at least half of each employee’s premium.
An Employee Benefit Program Tailored Just for Your Business
At Century Total Insurance Agency we take a consultative approach in determining the plan design that best fits your Business. We continually measure your plan's performance. We begin every analysis with an assessment of your expectation and needs and then develop your Employee Benefit plan design. We provide every client with a FOUR step process:
1. Your Business Goals Analysis- Prior to structuring a plan design, we conduct an in-depth evaluation of your current business benefits. We review information about your:
* Long Term and Short Term Goals;
* Company Finances and Projected Benefits Budget
* ACA Compliance & Affordability
* Current Employer Satisfaction with premium and benefits
* Current Employee Satisfaction with benefits and employee contribution
2. Plan Design- Based on the results of our Goal Analysis, we work with you to make Plan Design decisions that will allow you to meet your financial and Employee satisfaction goals; while making sure that you are compliant
in your plan design and affordability.
* Keeping or removing programs that are working or failing
* Incorporating effective Cost containment strategies
* Choosing Benefits that will help attract and retain Quality Employees
3. Market Analysis and Procurement of Bids to fit your Goals and Expectations
4. Renewal or Implementation of New Plans- Our office provides your HR team with hands on assistance in the Renewal and Implementation process.
* Once a plan design is finalized, our office prepares and provides you with a customized Enrollment Packet, in both hard copy and
electronic version, depending on your Employee's job description. We draft a
tailored Memorandum, including Required Notices,
DOL required Summary of Benefits and Coverages, EOC's, Summary of benefits, Notices of Credible and non-credible Coverages,
Exchange Notice in each enrollment packet.
* Our office schedules and heads Open Enrollment meetings for your employees. At the meetings, we collect and review
applications so that your HR staff does not need to do so.
* For newly Implemented plans, we Assist with all levels of Underwriting.
5. Continued Claims and Benefits Support- We insist on being the liaison for all benefit questions (including plan explanation and claims issues) for all our employers and their employees in an effort to allow our busy employers
and their HR department to focus on other issues. In addition, we undertake the responsibility of assisting each employees with any Claims issue or benefits questions that may arise in order to shield the HR department from involving itself in the employee's Protected Health Information.
Contact us today for more information about group health insurance.