Building a sustainable business takes a lot of hard work. In today’s competitive labor marketplace, employers have to offer certain benefits to potential employees to join their organizations. A big incentive that most employees commonly expect is health insurance. Getting the right insurance plan may seem difficult to some
The purpose of this guide is to provide a general overview of Ohio small business health insurance. The guide reviews small business health insurance options for Ohio small businesses.
Building a successful business is hard work. Finding affordable small business health insurance doesn’t have to be. All small businesses face special challenges when it comes to finding and getting health insurance coverage. Luckily, recent health care reform legislation provides small businesses with special opportunities to secure affordable health insurance.
Ohio Core Small Business Health Insurance Options
When evaluating your small business health insurance options in Ohio, you should immediately compare the costs and benefits of the following three options:
- Offering Traditional Small Business Health Insurance Coverage
- Offering a Defined Contribution Health Plan that Reimburses Employees for Individual Health Insurance Coverage, and
- Offering Nothing
Ohio Small Business Health Insurance Overview
There are two primary categories of health insurance for small businesses to choose from:
- Individual health insurance,
- Group health insurance.
Individual Health Insurance
Individual health insurance plans are health insurance plans purchased by individuals to cover themselves or their families. Anyone can apply for individual health insurance. Small business owners who can’t offer group coverage due minimum contribution (or minimum participation) requirements typically purchase individual and family plans for themselves and their families. In 2014, insurance companies will no longer be able to decline individuals for individual health insurance based on a pre-existing medical condition. Also, starting in 2014, there are new special tax incentives available to businesses and employees when employees purchase individual health insurance. In some cases, self-employed persons who purchase their own health insurance may be able to deduct the cost of their monthly premiums. When small businesses decide on the individual health insurance route, they often create a “Pure” Defined Contribution Health Plan to reimburse employees tax-free for individual premiums.
Group Health Insurance
Group health insurance plans are a form of employer-sponsored health coverage. Costs are typically shared between the employer and the employee, and coverage may also be extended to dependents. In certain states, self-employed persons without other employees may qualify for group health insurance plans.
Four Types of Ohio Small Business Health Insurance Plans
Whether you’re looking at individual health insurance or group health insurance, there are several different types of health plans available. The four you should absolutely know are:.
- PPO Health Insurance Plans,
- HMO Health Insurance Plans,
- HSA-Qualified Health Insurance Plans, and
- Indemnity Health Insurance Plans.
The plan type that is best for you and your employees depends on what you and your employees want, and how much you are willing to spend. Here’s a brief review of the four popular types of health insurance plans:
PPO Health Insurance Plans
PPO or “Preferred Provider Organization” plans are the most common. Employees covered under a PPO plan need to get their medical care from doctors or hospitals on the insurance company’s list of preferred providers in order for claims to be paid at the highest level.
HMO Health Insurance Plans
HMO stands for “Health Maintenance Organization.” HMO plans offer a wide range of health care services through a network of providers that contract exclusively with the HMO, or who agree to provide services to members. Employees participating in HMO plans will typically need to select a primary care physician (“PCP”) to provide most of their health care and refer them on to HMO specialists as needed.
HSA-Qualified Health Insurance Plans
HSA-qualified plans are typically PPO plans designed specifically for use with Health Savings Accounts (HSAs). An HSA is a special bank account that allows participants to save money – pre-tax – to be used specifically for medical expenses in the future. Section 105 Healthcare Reimbursement Plans (HRPs) are often used in place of HSAs due to their advantages for employers.
Indemnity Health Insurance Plans
Indemnity plans allow members to direct their own health care and generally visit any doctor or hospital. The insurance company then pays a set portion of the total charges. Employees may be required to pay for some services up front and then apply to the insurance company for reimbursement.
While operating a business, it is pretty easy to get lost in the day-to-day and put off some tasks for the future. Your employee’s health benefits should not be one of them. Employees place a lot of value on health benefits and in an extremely competitive labor market, good talent can be hard to retain. Health insurance incentives may be what could separate you from the rest, allowing you to retain and attract global talent.
Health insurance can be very costly for businesses, but the benefits definitely outweigh the expenses. Everyone knows that attracting the right talent is one of the biggest challenges for any business. By offering a comprehensive health insurance plan, you could definitely bring in the talent you need to achieve your vision.
But if you’re operating a small business or just starting out, you may be wondering when should your business start to offer health insurance. The answer is as soon as possible! There is no fixed answer for all businesses, but the sooner you put your plan in place, the better. To find the most suitable plan for your business, you can get in touch with reliable healthcare consultants for business owners.
Boost Employee Productivity
Boosting productivity and overall employee efficiency is extremely important for all businesses. If your employees are worried about health expenses, chances are they might not be as motivated as they could be if you offer them health insurance. This is due to the fact that healthcare is extremely expensive in the US.
How Large Do Businesses Have To Be To Offer Health Insurance?
There is no minimum number of employees, but around 35% of businesses that have under 15 employees offer health insurance. With most small businesses and startups struggling to keep up with finances, it can be difficult to allocate funds towards offering health plans. While mitigating expenses to maximize profitability is important, offering health benefits is equally crucial. Startups that have received investor funding do not have this problem since they are in a very good cash flow position.
Around 65% of businesses with less than 50 employees offer health insurance. As the employee count increases, statistics show a significant increase in businesses offering health insurance to their customers. Many businesses have to forcefully allocate funds for these expenses because health benefits have now become a significant part of any expected compensation plan. A health insurance plan gives an employee peace of mind that in case of emergencies, their health benefits would be able to cover expenses.
The Affordable Care Act was put into place in 2010, Businesses with more than 50 employees are required by law to offer health insurance. Failing to do so would result in a large fine. There are different types of health insurance that businesses can provide, each offering a specific coverage amount. Businesses can select what seems feasible accordingly.
While offering stock options may seem like a good incentive, health benefits has its own importance and are typically expected in any compensation plan. Even current employees at businesses are most likely considering other options if they aren’t being offered a comprehensive health insurance plan.
If you’re new to the world of health insurance, there are several technical terms that may make it seem very daunting at first, but we aim to clear things up within this article. The health insurance marketplaces has provided insurance coverage to millions of individuals over the years. Selecting the right insurance plan is important, because getting an expensive plan that doesn’t contain coverage for what you need is of no use.
The Health Insurance Marketplace
This marketplace offers visitors an opportunity to purchase all types of health insurance plans ranging from individual to family health plans. The primary benefit of this marketplace is that it allows users to compare plans to evaluate pricing, coverage and more. Each state has their own version of the marketplace, while some only utilize the federal one. There is an enrollment period every year where you can purchase plans in the marketplace.
The insurance marketplace stems from Obamacare through the ACA in 2010. As the years passed, around fourteen different states have chosen to create their own health insurance marketplace. One of the biggest benefits is that the plans listed on these health insurance marketplaces provide coverage for the ten necessary health requirements.
Categories of Insurance Plans in the Marketplace
There are 4 different categories, i.e. Bronze, Silver, Gold and Platinum. Platinum level plans are the most expensive, but they also provide the maximum amount of expense coverage. Users can view and compare the coverage of each plan alongside their costs.
While you do need to keep your budget in mind as well, it is important to remember that the price of healthcare in the US is extremely high. Getting a plan that provides better coverage is always the best option.
One important thing to remember is that the platinum level plans do NOT guarantee quality care. You need to go through the list of accepted healthcare professionals to see if the plan is a good fit.
You may also be eligible to obtain financial assistance for your plans if you meet a certain criteria. This can help take care of the high costs of monthly premiums. Once you select a plan, more details about financial assistance will be available to you on the health insurance marketplace.
To shop in the marketplace, you have to meet certain eligibility requirements. For example, you must be a lawful U.S. Citizen, or a U.S. National. Individuals who are incarcerated cannot purchase healthcare. Another important thing to remember is that you cannot be enrolled in Medicare when purchasing the health insurance marketplace.
If your current employer offers healthcare benefits, do evaluate those options first instead of purchasing directly from the marketplace. This is because employer-based premiums are normally lower with better coverage since the employer obtains them at bulk pricing.
However, if you’re handicapped or unemployed, purchasing directly on the health insurance marketplace is a perfect choice. With numerous options available for you to compare and select from, it is important to take your time to carefully evaluate coverage, premiums, and more.
As we are nearing the middle of the year, ClaimLinx is updating its forms and processes. This will affect all current members and administrators.
Starting June 15, 2022, all enrollments (existing Members & New Hires) must complete the following forms:
- Provider Information Form
- Protected Health Information Release Form
The ClaimLinx service team will be working with administrators to collect the Provider Information Form and the Protected Health Information Release Form from members. They are crucial for communicating with provider offices and insurance companies.
What is the Provider Information Form?
This form tells our team members which provider offices members and their families will be using. Having this information allows ClaimLinx to update its database and reach out to the provider’s office.
Typically, ClaimLinx sends information to the provider office to let their billing office know how and what documents to send to ClaimLinx. We find being proactive provides a better experience for members.
What is the Protected Health Information Release Form (or HIPAA Release Form)?
Once signed by the member, the form authorizes ClaimLinx staff members to speak with other companies, such as provider offices or insurance companies, on the member’s behalf.
We must have a copy of this form for each member and for each person on the plan who is over the age of 18.
Signing the form allows our team members to provide a more seamless service experience.
How can I sign the forms?
The forms are available to sign on the ClaimLinx website. Click here to fill out and sign the form.
Once complete, the form will automatically be sent to the ClaimLinx enrollment team and added to our records.
Where can I send the form?
If you fill out the form on the ClaimLinx website, you do not have to send the form separately. Click here to get started.
Or you can download a copy and send the completed form to firstname.lastname@example.org.
For any questions, please contact email@example.com
When does ClaimLinx need the form?
ClaimLinx needs these forms for all members as soon as possible. Please click here to fill out the form now.
The Service Team will be working with the plan administrators for each client to collect these forms from members.
Who to contact with questions?
If you are having trouble filling out the forms or are not sure if you need to submit the forms, contact firstname.lastname@example.org. Our team members are happy to assist.