What is stop-loss coverage?

Posted by Emily Kubis on Fri, Jul 20, 2018 @ 09:07

How self-funded insurers cover high claims

Are you an employer or business leader considering self-insuring your company’s health plan? Some employers believe that because they wouldn’t be able to sustain very high medical claims, self-insurance isn’t for them. However, stop loss coverage protects self-insured groups against these high costs, and can make this a good option for groups that might otherwise not consider it.

Here’s what you should know about stop-loss coverage when considering a self-funded health plan.

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Tags: group benefits, group plan, broker, self-funded, self-insurance, stop-loss coverage

What employers need to know about the new Association Health Plan regulations

Posted by Emily Kubis on Wed, Jul 18, 2018 @ 10:07

New regulations create more options for employers

The U.S. Department of Labor announced on Tuesday it plans to allow small businesses to join together and offer association health plans.

The plans would not have to adhere to some of the stricter standards required under the Affordable Care Act. This could result in cheaper insurance options for small businesses and their employees, though some consumer groups warn some patients may lose access to care.

Here’s what employers need to know.

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Tags: group benefits, group plan, offer health insurance, broker, small group market

How many employees do you need for a group plan?

Posted by Emily Kubis on Wed, Jul 11, 2018 @ 11:07

Planning to offer group benefits?

Are you a small business owner considering your options for group health insurance coverage? While employers with fewer than 50 full-time employees are not required to offer health insurance to employees, many still choose to do so. Offering group coverage is a great way to improve recruitment and retention, and can sometime be the best option for very small groups, as opposed to having employees obtain individual coverage.

But how many employees do you need to be considered a group?

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Tags: group benefits, group plan, offer health insurance, broker, small group market

How much does a group health plan cost?

Posted by Emily Kubis on Mon, Jul 09, 2018 @ 09:07

Planning to offer group benefits

While businesses with fewer than 50 full-time employees are not required to offer a group health plan to employees, many organizations still choose to do so. Offering a medical plan benefit is a great way to improve recruitment and retention and can sometimes be the best coverage option for employees. But how much does a group health plan cost, especially for small businesses?

Health plan costs vary pretty substantially depending on the type of plans offered, the region in which your business operates, and the demographic makeup of your employees.

That said, on average, annual premiums for single coverage for small businesses total $6,163 and annual premiums for family coverage total $16,625, according to the Kaiser Family Foundation.

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Tags: group benefits, group plan, offer health insurance, broker, small group market

How to choose your health insurance broker

Posted by Chase Ballard on Tue, Jul 03, 2018 @ 06:07

How to compare brokers

Choosing a health insurance broker is a tedious task. You want a broker who is helpful in keeping your benefits spend down without sacrificing any benefits that help you with employee recruitment and retention.

Guess what? There are brokers who care about your business and your employees just as much as you do!

Here are some steps that you can follow to make sure you’re choosing the right broker:

  1. Be sure to consider all of your options: You can never consider too many brokerages. There are lots of brokerages out there, some will go above and beyond to keep your costs low without sacrificing benefits, most will just follow market trends.
  2. Don't be afraid to ask questions: A good broker will be able to field all of your questions about alternate financing, plan administration, and compliance. Here’s a link to some questions you should ask your broker.
  3. Talk to your friends: If you’ve noticed that other businesses are keeping the cost of their health plan down, don’t hesitate to ask how they’re doing it.
  4. Ask about the broker’s clientele: If the broker is having a hard time holding on to clients, chances are they’re not a good fit for you.
  5. Don’t be afraid to make a change: You’ve got to do what’s best for your business. Shopping around could save you a lot of money!
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Tags: group plan, employer digest, employee benefits

How do I find a group benefits broker?

Posted by Emily Kubis on Wed, Jun 27, 2018 @ 06:06

Planning to offer group benefits?

If you are planning to offer group benefits to your organization, the first step is to evaluate and select a group benefits broker to help design and implement a cost-effective, valuable benefits strategy.

But what do group benefits brokers actually do, and how do you find one?

There are many different strategies for providing health, dental, vision, and other ancillary benefits to your employees. There are multiple funding methods, types of coverage, and numerous ways to structure these plans. Group benefits brokers are experienced in the spectrum these strategies, and work with employers to develop the best strategy for the business and their employees.

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Tags: group benefits, group plan, offer health insurance, broker, small group market

Small business owners concerned about group health costs

Posted by Chase Ballard on Tue, Jun 19, 2018 @ 06:06

Ways to address rising costs

We all know that group health plans are becoming more and more expensive. But who’s taking the biggest hit from these rising costs? The answer: small business owners.

A recent study conducted by ehealth concluded that the average per-person premium for small business coverage is continuing to trend upwards. They reported an 8 percent increase in coverage costs between 2016 and 2017. Eighty percent of small business owners are concerned about this trend, with 6 in 10 saying that they would be unable to afford a 15 percent hike in prices.

What if there was a way to keep, or even improve, your group health plan while avoiding the pitfalls of this costly trend?

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Tags: group plan, employer digest, employee benefits

I’m getting married. What should I do about health insurance?

Posted by Ruthie Dean on Tue, Oct 07, 2014 @ 05:10

Reader Q+A

I'm getting married this month and wondering what to do about health insurance. My wife and I both work, but her company doesn't provide health insurance and mine does. She's currently getting a really cheap plan for only $50 per month.

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Tags: health insurance, subsidies, marriage, group plan

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