5 Reasons Small Business Health Insurance Is Critical For Employees

by ClaimLinxAugust 20, 2021August 31, 20214 Comments

Small business health insurance has a variety of programs. For example, personal plans, specific disease plans, etc., as appropriate, should be covered under one type of health insurance. This way, you can get financial help from the insurance company if there are any health problems.

Small business health insurance can be purchased by an employer. Here, the employer buys small business insurance from an insurance company by paying insurance premiums to ensure the health risks to employees in terms of the terms and conditions of the policy. Keep reading to find the value of small business insurance for employees.

There are many options available to businesses looking to provide medical insurance to employees, but usually, small business health insurance comes in the following form:

Health Benefits: Basic: Patient Care, Dependence, International/Regional Availability, Covered Circumstances.
Additional known benefits: maternity and birth control, vision, and dental insurance.
Extended / full benefits: Health screening and vaccination, general health support, and mental health support.

Small Business Health Insurance is health insurance bought by the owner of a small business that covers the company and its employees and provides numerous benefits.

Three characteristics make small business health insurance different from any other type of insurance

They are made functional specifically for a small group
It is available throughout the year.
The employer can contribute to the premium charged to the employee

Now we will look at these characteristics in detail.

Small Business Health Insurance designed for small scale companies:

First, small business insurance schemes are usually run by less than 50 groups. Company owners that have less than 50 full-time employees working under them are not obligated to provide their employee data under the ACA.

Most small business policies include groups of five or fewer people. If your employees were only 1099 contractors last year you may be eligible for health care for small businesses.

Purchase through the year

Second, a difference of small business health insurance is that it is available throughout the year to make purchases. With Small Business Health Insurance, you are not obliged to register during the special registration period open, as much as possible when purchasing special coverage.

Employer contribution to employee premium:

Third, for small business insurance, a business usually has to pay at least 50% of its employees’ monthly health insurance premiums. Exact percentages may vary depending on the situation or system.

It is important to remember that the money you pay in employee premiums is usually deducted from the rules of your business. Ask your auditor or tax adviser how you can save money in this way.

The main goal behind introducing small business health insurance is providing employees of the company a chance at better health facilities and assisting them in managing their health care expenditures. Other benefits, such as financial aid or educational benefits, can be beneficial, but effective medical insurance often adds to global wage benefits.

Most employees rarely ask you to pay for medical expenses out of your pocket, at least without making too much money for the savings they have. Protecting health insurance from your employees will cost less than what they bought for themselves – and, as a group, you will have more control and negotiation power to ensure that the money you spend on insurance is spent wisely.

The importance of small business health insurance for employees

The following points highlight the importance of a small business insurance scheme for employees.

1) Availability of basic insurance

Employees can benefit from basic insurance coverage such as hospitalization due to their employer. The employer usually pays the policy. Therefore, an employee can avail of the benefit of the insurance scheme free of cost.

2) Sub-conditions

Personal health insurance systems have stronger terms than group health policies. For example, the terms of the waiting period, health checkup, and maternity cover are not small compared to a group health plan.

3) Family coverage

With small business health insurance plans not only you can avail of the benefits but your family members are also secured In this way, the financial security attached to the coverage is extended to other family members. You can easily avoid a stressful situation by making the right decision at right time and secure your and your family’s future.

4) Insurance management

Once you are covered under the health insurance policy provided by your employer and after learning about the start and implementation of the plan, you can consider better coverage by opting for a single health insurance plan. For instance, a small business health policy offers all the facilities of basic health insurance ad allows you to buy a critical illness policy.

5) Peace of mind

A medical emergency can quickly lead to a financial emergency. This puts a lot of stress on the patient and family members. A health insurance policy can provide great assistance in difficult times like these.

Be informed

Covering only under the Health Team will not help you. You need to know its availability for insurance. That way, you know what’s included in the system and what’s not.

You must go through the details of the policy of small business health insurance thoroughly whether you are a company owner looking for an insurance company to buy insurance or an employee who is availing the coverage. Do not hesitate to ask the insurance company about your queries and ensure that you understand everything.

As mentioned above, small business health insurance is a quite helpful facility for employees as well employers. Where employees avail numerous benefits and are secured through this type of insurance, employers get a chance to grow their business by providing strength to the most important resource of their business. You must decide smartly and choose the right company along with the right package. Making the right decisions will help in the future and give good results. Go through policies before making any decision.

How to Find the Best Health Insurance

by ClaimLinxDecember 20, 2020February 4, 20213 Comments

Shopping for a plan that is the perfect health insurance plan for you and your family is surely a challenging task. Meeting all the requirements and minimizing the cons can take a lot of research. However, there are some factors that help in narrowing your search and save plenty of your time and effort. Take a look at the following factors. We hope they may prove to be helpful.

Choose Your Health Plan Market Place

Many people are provided a health insurance plan through the company they work for. In case you are included in those people then you might not need to search for a government insurances plan or insurance marketplaces. The company you work for is your marketplace.

In case your company offers you a insurance plan, but you want to do a research about what other alternates are present then you are free to do that but it is a fact that they might be a lot more expensive. This is why the company tends to pay portion of the insurance premiums for their employees because on average the total premiums are lower.

You can buy an insurance plan from public marketplace on your state, if it is available. You may also search federal marketplace to find insurances with lowest premiums. The first step to find a health insurance is that you go to Healthcare.gov and enter your zip code while open enrollment is in process. You will be directed to the exchange in case it is present otherwise federal marketplace will be available for you. To buy the insurance plan you can either contact a private firm or can get it directly from insurer.

Compare the Types of Insurance Plans

You might see a set complicated alphabetical combinations that might confuse you while choosing for the right insurance plan. Common health plans include, POS, PPOs, HMOs and EPOs. Your choice of insurance plan will determine the benefits you will able to enjoy and what expenses you would have to pay out of your pocket.

Keep in mind to check the basic set of features of an insurance policy before buying it. There is a summary of benefits present with plan and the price is also mentioned with the title in an online marketplace. The hospitals and doctors covered by the particular health plan are also mentioned and the decision must be made accordingly. A benefits administrator in your workplace can provide you details of different insurance plans.

Choosing a Plan Based on Hospital Ward

You should never compromise on your health standards. So, you should see that the insurance plan you are choosing provides you A-plus service. If you don’t like to stay between lots of patients, you may choose 1 bedroom or double-A bedroom. If privacy is not an issue for you, you can use 4 bedroom B1 rooms or 8-9 C bedrooms. The more the privacy of the bedroom, the more is the cost and the more are the health insurance premiums satisfactory. Therefore, a good wardroom will provide you comfort but not everyone is able to afford such premium plans.

Upgrading from an A to B ward will cost several hundred dollars and may increase with the increase in your age. You need to make sure you get treated according to the plan you choose and it is up to your standards and the money you pay.

Choosing a Plan Based on Benefits and Medical Coverage

After choosing the type of wardroom, you must also compare the benefits and prices of the plans. In this way, you can estimate if your medical expenses will be covered in the money you pay and it will certainly help you in emergencies. The plans offer variations in annual payment, additional benefits, and post as well as pre-hospitalization expenses. The base coverage for all IPs is the same but they differ in packages.

For choosing plans based on benefits, look for annual limits first hand because these benefits provided depend upon their annual limit consumed in a year. Such as the annual limit for A wardroom is far more than the B wardroom and so are the benefits. Also, you should consider if you are covered in case of emergency by pre and post-hospitalization coverage. Psychiatric patients must choose plans with post-hospitalization services. Some IPs also give critical illness coverage so that you are covered if you suddenly suffer a stroke or a heart attack.

The stipulations a plan offers is also an important factor in choosing an IP. These riders provide a variety of benefits in long term. These stipulations include immediate family hospital accommodation, emergency outpatient coverage, coverage for post-hospitalization alternative treatment. They also usually cover 50% of the co-insurance and may even cover the annual deductible.

Choosing an IP Plan Based on Cost

The cost of IP plans is the most important factor because not enough money cannot provide you quality service and you may need to pay more or withdraw from the plan. If you are not diseased and don’t require a particular health plan, go for a low-cost plan. The cost increases with age and the standard of the wardroom. For example, if some plan costs 200 dollars for a 20-year-old, the same plan will cost 500 dollars for a 65-year-old. You can estimate if your plan is reasonable, you need to find out the plan’s total coverage per dollar of premium.

You need to make sure that you can afford the increment cost with the age of the plan you choose. If you have 200 dollars annually in your 20s, you should expect it to be $700 by the age of 40. . However, if you have A ward rooms, you need to pay from your pocket at an older age because it costs too much.

Considering all the above factors, you will get yourself a best health insurance at the end of the day. Compare best and worst health insurance companies and find the right one for you.

HSA vs. Health Care FSA: Which is Better for You and Your Employees?

by ClaimLinxAugust 23, 2020September 23, 20201 Comment

What are HSAs and FSAs?

Both HSAs and FSAs permit individuals with medical coverage to save cash for social insurance costs alluded to as “qualified clinical costs,” including deductibles, copayments and coinsurance, and month to month remedy costs. By and large, you get a check card for your record and can utilize it to pay for qualifying payments. Both offer tax reductions but are not the same for both.

HSAs

Health bank accounts are not similar to the other saving accounts, and they’re accessible just to individuals who have a high-deductible health plan, or HDHP. Every year the legislature decides the base deductible amount the plan can need to qualify as an HDHP, just as the maximum amount an individual can add to an HSA.

In case you’re thinking about opening an HSA with a private coverage plan, you can deduct the year’s commitments from your taxes when you document. HSA assets can also be contributed, so if your HSA caretaker permits it and you don’t spend a lot, the amount will be considered exempt from the tax

To meet all requirements for an HSA, an HDHP must be your only health insurance plan, you should not be applying for Medicare, and you can’t be guaranteed as a subject to another person’s government form. Not all plans with high deductibles meet all requirements for HSAs, so it’s imperative to check with the backup plan before you when you are told that “HSA-qualified.”

FSAs

Flexible spending accounts come distinctly as a component of an advantages bundle from a business — you can’t get one on your own —however, the clinical costs you can utilize them for, are equivalent to HSAs. The standard for the cash is “utilize or lose,” which means you lose any sum you haven’t spent toward the year’s end, except if your boss has chosen a rollover alternative. Indeed, even, all things considered, the sum you could fold into the following arrangement year is constrained by the IRS to $500.

When all is said in done, choosing to pursue an HSA or FSA is a decent money related move. Knowing which one to choose and how to benefit from it will take some training.

Significant Differences among HSA AND FSA

Qualification requirements:

Eligibility necessities incorporate having a high-deductible well being plan (HDHP) whereas for FSA employers must offer this advantage.

Commitment limit:

Higher commitment limits, including an alternative to two-fold commitments for families. On the other hand, FSA offers Lower commitment restrictions; no choice to twofold.

Changing commitment amount:

You can change the amount you add to the record anytime during the year. While in FSA Contribution, the amount can be balanced distinctly at open enlistment or with an adjustment in work or family status.

Rollover:

Unused balances turn over into the following year. But if you opt for FSA you relinquish any unused parity, except if your boss permits a rollover, topped at $500.

Association with employer:

Your HSA can tail you as you change business, and you needn’t be utilized to contribute as long as you have an HDHP. While if you are an FSA holder, in most cases, you’ll lose your FSA with an occupation change. One special case: in case you’re qualified for FSA continuation through COBRA.

Impact on taxes:

Contributions are charge deductible, however can likewise be removed from your compensation pretax. Development and dissemination are charged free. But for contributions are pretax, and conveyances are untaxed.

On the off chance that you fit the bill for an HSA, you can’t choose to set up both an HSA and an FSA, except if the FSA is a “restricted reason” FSA. Your boss’s HR delegate will have the option to let you know if so.

A constrained reason FSA works like an ordinary FSA however can be utilized uniquely for vision care and dental costs. On the off chance that you hope to have high clinical expenses consistently, or need to boost commitments to your HSA while limiting your withdrawals, utilizing a constrained reason FSA for expected vision and dental costs could be a keen decision.

What is better for your Employees?

The two records have benefits that can make dealing with your cash-based clinical costs simpler consistently.

All in all, more beneficial and more youthful individuals with hardly any solutions or ailments are probably going to improve an HSA and HDHP. That is because even though HDHPs are the absolute least expensive wellbeing plans accessible, the compromise is high cash-based cutoff points — regularly more than $16,000 for a family for each year. That is undeniably more than you’re permitted to add to an HSA. So, on the off chance that you had high clinical costs, you’d at present have a noteworthy add up to pay from cash on hand, regardless of whether you contributed the most extreme to your HSA.

Other health plans cost more every month and spread more costs forthright. Therefore, people with high clinical expenses can regularly discover investment funds with a more liberal arrangement than an HDHP, precluding the HSA as an alternative.

Keeping in mind that FSAs offer less adaptability than HSAs, an FSA will in any case assist you with setting aside cash, and can be combined with any arrangement — if your boss offers it.

A decent general guideline as you start considering the amount to contribute: Start with enough to cover your deductible, expected medicine costs, and foreseen specialist’s visits.

This discussion about HSA and FSA was centered around enabling you in making the right decision. It’s a rather really important decision to make so keep all the technical points in your mind before choosing one of them to avoid any unnecessary issues in the future. HSA and FSA offer their privileges but it’s important that which assist you best according to the circumstances you are living with.

Benefits of Offering Health Insurance

by ClaimLinxJune 4, 2020August 18, 20202 Comments

No matter what size business you run, offering health insurance benefits your employees provides numerous advantages not only for the workers but also for the company itself. In order to get these benefits of offering health insurance, however, you need to understand how to choose the right plan. The help of an employer consultant like those at ClaimLinx can lead you to the right final decision.

Five Health Insurance Benefits for Your Business

When making decisions about the possibility of offering medical insurance to your employees, consider these important points.

1 – Employee Loyalty Increases

When it comes to a list of benefits that workers want, health insurance comes out on top. A paycheck is nice, but coverage for both preventative medicine and emergencies improve the overall impression that workers have for their employer. They also increase overall morale and productivity. A large part of having a successful business depends on keeping all the men and women who work for you happy and satisfied. Do not lose quality workers to other firms that offer more incentives than you do.

2 – Jobseekers Value Your Company

When you want to attract new talent, offering low-caused group health insurance makes your job opening more attractive to people who have choices. If it comes down to you or a different business, offering health insurance can push you over the top. Basic benefits may not be enough. With so many companies offering insurance these days, you need to make sure you provide the very best coverage at affordable prices.

3 – Decrease Federal Taxes

If you own or operate a small business with fewer than 25 employees working full-time, you can get considerable tax credits if you offer health benefits to them. Other rules apply to enroll in the Small Business Health Options Program, but you do not qualify all if you do not take advantage of group health rates that make it possible for your employees to get healthcare when they need it.

4 – Fulfill Government Requirements

The Affordable Care Act has a whole list of rules and regulations that affect how businesses provide healthcare benefits or insurance to their employees. In many cases, a company is required to offer a certain level of coverage depending on the type of workers they have, whether they are full-time or not, and other factors. If you have any questions about these requirements, it helps to speak with a qualified healthcare consultant.

5 – Smart Insurance Plans Decrease Cost

The final major benefit of offering health insurance at your company focuses on both the business itself and every single worker who has coverage through your chosen plan. As long as you make wise decisions about the policies and covered costs, everything from premiums to monthly bills to tax payments will decrease. When you choose to use an experienced and knowledgeable third-party administrator to handle all these matters, you end up saving even more in the long run.

What a Full-Service Insurance Agency Can Do for You

by ClaimLinxDecember 2, 2019November 15, 20191 Comment

ClaimLinx prides itself on being a full-service insurance agency. We offer employer benefit consulting, group health insurance, supplemental insurance, and individual plan consulting. Our dynamite set of services goes beyond what an ordinary health insurance agency does, such as just writing insurance policies once a year. ClaimLinx explains what a full-service insurance agency can do for you in today’s blog.

Year-Round Consulting

Many health insurance companies only consult with you when you’re shopping for a plan for your workers. That process may take less than a month, and then you don’t hear from the insurance agency until next year when the overall plan renews. ClaimLinx does things differently as a full-service insurance company. We offer year-round consulting to save you money on health insurance as an employer-paid benefit.

Making Money on the Savings

Traditional insurance companies typically make money on fees paid to them when they create the initial policy. That’s not how ClaimLinx does things. We earn money on the savings you generate. Our team works with you to choose excellent health insurance coverage melded with a medical expense reimbursement plan (MERP) to lower your costs. We only accept a fee after you save money.

Superior Customer Service

If you have questions, feel free to contact ClaimLinx at any time. We respond to your questions, comments, and concerns about health insurance as an employer-paid benefit. Our expert team consults with you year-round, explains health insurance coverage in full, and includes complimentary elite services for our clients. You receive a lot more than just health insurance from our full-service insurance company. You get an entire team backing you up as you strive to deliver a great benefit for your employees without spending your entire HR budget.

Talk to ClaimLinx

Stop settling for an average health plan when you have a better solution. Partner with ClaimLinx, a full-service insurance company that lets you make the most of your options. Call toll-free (800) 858-1772 or contact ClaimLinx for more information.