This web page provides information for two audiences — businesses that is considering group health insurance for employees and businesses that already offer group health coverage, but want to know more about their options. If you are in the latter category, please scroll down to Section II.
I. For businesses considering adding group health insurance
What is Group Health insurance coverage?
Group medical coverage refers to a single health insurance policy issued to a group (typically a business with employees) that covers all eligible employees and sometimes their dependents. In contrast, Individual health insurance coverage is a single policy issued to a single person or family.
Do I have to provide health insurance for my employees?
Unlike the individual health insurance market, where there is a mandate that all individuals have qualified health insurance- there is no mandate to businesses to provide health insurance coverage. Instead, certain businesses with 50 or more employees may have to make a payment in 2015 or 2016 if they do not offer qualified health insurance to their employees.
The payment is called the Employer Shared Responsibility Payment and applies to employers of different sizes at different times.
- If you have fewer than 50 full-time employees, you are not subject to the Employer Shared Responsibility parts of the law any year.
If I don’t have to offer health insurance to my employees why should I offer it?
Employers who choose to offer health insurance to their employees do so for many reasons. First, employer-sponsored health insurance is one of the benefits workers value the most; offering a group health insurance plan helps the employer hire and retain the best workers as well as provide protection to the employer and employer’s family; Also, tax benefits are available.
How can VIA help me?
VIA is an independent insurance Agency. We work with all of the major group health insurance carriers in the area, so we can provide you the best options to meet your needs and budget.
II. For business interested in reviewing current group insurance options
If you currently provide health insurance to your employees, and want to review your options and how the law impacts your existing policy, VIA can help.
What are the new rules under the Affordable Care Act, do I still have to offer coverage if I want to drop it?
Unlike the individual health insurance market, where there is a mandate that all individuals have qualified health insurance- there is no mandate to businesses to provide health insurance coverage. Instead, certain businesses with 50 or more employees may have to make a payment in 2015 or 2016 if they do not offer qualified health insurance to their employees.
The payment is called the Employer Shared Responsibility Payment and applies to employers of different sizes at different times.
- If you have fewer than 50 full-time employees, you are not subject to the Employer Shared Responsibility parts of the law any year.
How can VIA help me?
We can review your existing coverage and provide options from which you can decide to: Keep what you have or switch to something better.
Contact us today
We can help you find a group insurance plan that fits your needs and budget.
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