Group Health Insurance

Is a group health plan right for your business?

If you are an employer group with one or more employees, a group health plan might be right for you.
- Group health insurance plans are designed to be more cost-effective and often better benefits and networks then what you would find in the individual market. Premiums can be paid with pretax dollars, which help employees pay less in annual taxes. Employers pay lower payroll taxes and can deduct their annual contributions when calculating income taxes. Plus, with the competitive job market, employers need a full benefit package to be competitive and attract and retain high quality employees.

How a group health plan works:

Health insurance helps businesses pay for health care expenses for their employees. When you pay a premium, insurance companies pay a portion of your medical costs, including regular doctor checkups or injuries and treatments for accidents and long-term illnesses. The amount and services that are covered vary by plan.
As an example, an employee may have a $30 copay for each doctor visit. Or, their plan may not cover any expenses until they have paid their deductible. Generally, the higher an employee’s monthly premium, the lower their deductible will be.

Group Health Insurance Market Options

Fully-Insured: Fully insured plans have set rates and benefits based off of the entire small group market. Rates are age-banded and can be blended to offer composite rates depending on the size of the group; these plans have set and predictable monthly premiums that will not change through the year until the plan renews. Fully insured plans are guaranteed issued for small group market – meaning that you can not be denied coverage as a small group employer. Large groups are required to submit a RFP and the carriers can deny to quote if they feel the group is not a good fit.
- Small Group ACA Plans (under 100 employees)
- Large Group (over 100 employees)
Level-Funded Plans: Great options for healthy groups that can help offset premiums and save the group and employees money. Group is rated off of their specific medical experience and rates are set for the year. However, if it is a high utilization year, groups may see high renewal increases at time of renewal. If group performs better than expected and claims are less then funded, group may realize additional savings and rebates.
- Small Group (under 100 employees)
- Large Group (over 100 employees)
Self-Funded Plans: Typically only available for much larger groups that are willing to take on claims risks and create their own self funded pool.
- Bundled and Unbundled Large Group (usually over 250)
- Taft Hartley Trusts/MEWAs/Association Plans
- PEOs

Group Health Insurance Carriers:

We work with all of the carriers in the Colorado Market. However, not all carriers offer all products. To find out which products carriers offer in your area, give us a call.

Call Options Healthcare Group to find out what group healthcare options are available and would be a good fit for your business.