BUSINESS GROUP PLANS

If you own a business of minimum 2 eligible employees(min. 75% participating eligible employees), chances are you qualify for (and would benefit from) a group health insurance plan. Health insurance plan for small businesses has lots of benefits.This health insurance plan provides medical care for yourself and your employees. But group health insurance has tax advantages too. Employer contributions to a small business health insurance plan are generally 100% tax deductible, and employees save on payroll taxes. Small businesses are generally eligible for group health insurance so long as they can show two or more full-time eligible employees.

How group health insurance works?

A small business health insurance plan provides its members with a set coverage with rates calculated using the group and individuals. Employees may be able to add policy riders and additional coverage to fit their specific needs, but the basic policy format will remain the same.

Likewise, although small business health insurance comes in a variety of shapes and sizes (fee-for-service, HMO, PPO, POS), the format that's chosen will apply to all members. (And although it is technically possible to purchase a group indemnity policy, the managed care plans are much more common.)

Although rate calculations vary both from state to state and from company to company, the cost of a group health insurance plan is based on the characteristics of each member, including:

• age
• health status
• occupational hazard
• business location

Employees of a business that offers group health insurance are not compelled to join the plan, but the group must maintain a minimum number of insured (as few as 2 people, depending on the policy) to guarantee coverage.

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