Group health insurance is a policy that is purchased by the employer and offered to eligible employees and sometimes the family members of those employees. Small business employers are not required by law to provide group health insurance for their employees, unlike larger corporations, but it is definitely a smart investment. This guide will help you determine if group health insurance in Jacksonville is right for you.
So what exactly does a small employer plan entail?
One of the great things about group health insurance is that federal law prohibits insurance companies from turning down any employee regardless of pre-existing conditions. There are four tiers of coverage that employees can choose from based on how much coverage they need and what premium they can afford. The tiers are divided up based on the percentage of medical expenses that they cover:
- Bronze- covers 60% of medical expenses
- Silver- covers 70% of medical expenses
- Gold- covers 80% of medical expenses
- Platimum- covers 90% of medical expenses
The premiums will vary from state to state. If you’re looking for group health insurance in Jacksonville, it’s important to know that Florida’s state law prohibits insurance companies from setting premiums based on health factors for small business employers. The Employee Health Care Access Act passed in 1992 also requires insurance companies to provide coverage for any small business that applies for coverage, regardless of the health status of its employees; and in 1993 the act was expanded to include sole proprietors and self-employed individuals. It is important to read up on the existing health insurance laws in your state when you are looking for coverage plans.
So why should I get group health insurance for my small business?
While it is not required by law, group health insurance has many benefits for small businesses. The first and most obvious benefit is for your employees. Group health insurance premiums are often much less expensive than individual coverage options and it is therefore possible for them to gain access to better coverage.
Group health insurance is also great for the employer in a small business. Having a good insurance benefits package in place can help attract and retain high quality employees, and keep your workforce happy and healthy. Remember, happy employees are productive employees.
There are many options available for group health insurance in Jacksonville, so do your research and you’re sure to find a great plan that will provide benefits to both you and your employees.