group health insurance

When Should Your Business Start To Offer Health Insurance?

by ClaimLinxJuly 5, 2022August 1, 20221 Comment

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.

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.

Medicare Ohio Health Plans To Consider When Shopping Around

by ClaimLinxAugust 5, 2021August 31, 20211 Comment

Medicare Health Programs are another way to cover Medicare Part A and Part B. Sometimes referred to as “Part C” or “MA Plans”, they have to comply with regulations provided by Medicare-approved private companies. A lot of Medicare Ohio health care programs include Drug Coverage (Part D). In most cases, you will need to use a healthcare provider involved in local and regional network services at a very low cost.

These plans not only reduce the cost you pay annually for the services but you can also avoid unexpected expenses with it. Some of the Medicare Ohio health plans provide out-of-network services but the cost of those services is higher. Keep your red, white, and green Medicare Ohio cards in a safe place as you will need them when you return to the original Medicare. Following are some common types of Medicare Ohio health plans that you must consider when looking for health plans

Health Management Organization (HMO) Program
Provider Organization (PPO) Program
Private Fee Service (PFFS) Program
Special Needs Program (SNP)

Here are some uncommon types of Medicare Advantage plans you can find:

HMO Point of Service (HMO-POS) Program
Medicare Medical Savings (MSA) Account System

Health Organization (HMO)

For HMO programs, you usually need to obtain your care and services from network providers, without the facility of:

Emergency care
Emergency care outside the area
Dialysis outside the area

Some of the health care providers might not provide some of the network services too. However, it usually costs less if you divert your attention from the provider outside the network. This is known as HMO with Point-of-Service (POS) option.

Are there prescription drugs in Health Management Agency (HMO) programs?

In many cases, HMO programs include prescription drugs. Ask the program providers. If you are looking for Medicare drug coverage (Part D), you must join the HMO program that provides access to prescription drugs.

Preferred Provider Organization (PPO)

PPO is a kind of Medicare Advantage Program (Part C) that can be availed through a private insurance company. The services under PPO include physicians, hospitals, and other health care providers. You are charged less if you utilize network services and you will be charged higher for utilizing services outside the network.

You can avail health care services from different providers in PPO programs or hospitals. You can also receive out-of-network services for higher costs than the services provided within the network.

Are prescription drugs included?

In many cases, prescription drugs are included in PPO programs. Ask the program. If you are looking for a drug prescription in Medicare, you must enroll in a PPO program that provides medical coverage. Remember, if you join a PPO program that does not offer prescription offer drugs, you will not join the Medicare Drug (Part D) program.

Private Financing Schemes (PFFS)

How PFFS programs work

A variant of the Medicare Advantage Plan (Part C), PFFS programs are not similar to Medigap and Medicare. Through this plan, you can determine how much cost you will be charged for different medical health facilities.

Is it possible to utilize another hospital, doctor, or healthcare provider for medical help?

Healthcare services from a doctor, hospital or any other healthcare provider are provided in most cases in PFFS programs. If you join a PFFS program offline, you can check with any network provider who regularly agrees to deal with program members. You can also choose a doctor, hospital, or another non-network provider that accepts the terms of the program, but your costs are usually lower when you are on the network.

Special Needs Programs (SNPs)

How Medicare SNPs work

A Medicare SNP is a type of Medicare Health program (such as an HMO or PPO). Medicare SNPs reduce membership in people with certain diseases or symptoms. Medicare SNPs organize all their resources together to serve a specific group with specific needs.

Is it possible to utilize another hospital, doctor, or healthcare provider for medical help?

You can usually get all the services provided by the doctors and health care providers under the SNP health plan, except:

Emergency care in case you need immediate medical attention as a result of a sudden medical emergency.
If you are a renal failure patient and require out-of-network dialysis treatment.

Medicare SNPs usually have a panel of professionals that have specialization in the condition or disease of the group allocated.

Are prescription medications included?

All SNPs must provide medical treatment. In most cases, you may need a primary care physician for SNPs or you might need a caretaker to take care of your health necessities.

Do I need referrals to get an appointment with a professional doctor?

Referrals are needed in most cases to get an appointment with experts on SNPs. Some services do not require a transfer, namely:

Annual memory test
In-network POP testing and pelvic examination (covered at least annually)

Some important points to keep in mind

Planning must limit membership to the following groups:

People living in certain organizations (such as nursing homes) or need of home care, or
People who are eligible for Medicare and Medicaid, or
People with disabilities (diabetes, end-stage kidney disease) (ESRD), AIDS, Chronic Heart Failure, or Dementia). Programs can continue to limit membership. You can join the SNP at any time.
- Programs should guide the services and providers needed to help you stay healthy and follow the instructions of your doctor or other health care provider.

If you have Medicare and Medicaid, ensure approval of your health care plan by all the doctors and your healthcare providers

Hopefully, this article was helpful for you to get the required information about Medicare Ohio. You must make your decision very smartly to get maximum benefits at the lowest cost possible. Choose the plan according to your requirements. The best plan is one that covers the maximum of your health care requirements and is also within budget.

Top Health Benefits That Employers Can Offer

by ClaimLinxJuly 18, 2020August 18, 20202 Comments

From an uninsured worker’s perspective, any healthcare benefits offer financial coverage and peace of mind essential to satisfactory work life. Now that the majority of companies must offer employer benefits to comply with government regulations, the more important question involves figuring out what the top healthcare benefits to offer are and how your organization can afford them.

Options in Healthcare Benefits for Employees

Different insurance options offer employers the chance to provide different levels of care at different price points for their workers.

HMOs – Health maintenance organizations allow workers to choose their doctor freely. They are responsible for copayments for appointments, procedures, prescription medications, and more.

PPOs – Preferred provider organizations have a set list of physicians to choose from. Appointments with outside network specialists or visits to off-plan hospitals will cost more.

Healthcare Savings – The money in these accounts is protected from federal income tax and can be used for a variety of medical deductibles or bill payment purposes.

Reimbursement Arrangements – These employer-funded benefit plans pay workers back for healthcare expenses they had to pay for themselves. A MERP (medical expense reimbursement plan) is a tax code provision that allows employers to save money on covering their workers.

What Employer Benefits Do Workers Want Most?

Without a doubt, more people want health insurance from their employers than any other type of benefit possible. The percentage of importance goes up based on the employee’s age. When it comes to the specific benefits offered under a worker policy, however, many options exist. In general, people prefer lower deductibles, minimal co-pays, and coverage for everything from a wellness visit to the family doctor to full coverage for hospital stays and long-term debilitating injuries.

Some of the specific healthcare benefits people want include:

Health savings accounts to save up for unexpected expenses
Reimbursement accounts for medical bills
Insurance for dental and vision coverage
Full disability insurance (often covered by worker’s compensation laws)
Coverage for preventative treatments or wellness programs

Discover Affordable Ways to Offer Top Healthcare Benefits

There are many excellent reasons to offer healthcare benefits to employees. While you may want to include every type possible with the widest range of providers at the lowest costs, you must temper your generosity with affordability. After all, if the business does not turn a sufficient profit, you will not be able to employ people at all.

While maintaining full compliance with all current Affordable Care Act regulations, you can discover ways to satisfy the people who need medical, dental, and vision coverage without compromising your ability to succeed in whatever industry or niche you represent.

Saving money on top healthcare benefits starts with knowledge and understanding of all the options and how things like tax benefits and group health insurance discounts can work for your company. A ClaimLinx options consultant provides these services for small, medium, and large businesses that need to find affordable ways to give their workers what they want and need.

How Much Does Group Health Insurance Cost?

by ClaimLinxJune 24, 2020August 18, 20201 Comment

The decision to offer group health insurance benefits to your employees starts with questions about the overall cost. After all, you need to remain profitable, and paying for medical coverage can certainly cut into your bottom line. However, with the numerous benefits of offering health insurance and the possibility of current government regulations forcing you to do so, it makes sense to explore all your options and find out how you can provide the highest quality insurance at the lowest price possible.

When the figuring out how much does group health insurance cost, you need to gather a lot of information before coming up with a final dollar amount. In general, both the employer and the employees share costs for all doctor’s visits, prescriptions, hospital stays, and any other necessary medical care.

Employees must pay the following for health insurance benefits:

Deductible – Money paid before the insurance policy starts paying
Copayment – Payments made directly to the medical service provider
Coinsurance – Percentage of all bills the insurance does not pay

If you represent a company interested in offering the best health insurance benefits to employees, it makes sense to minimize all three of these payments as much as possible. However, you cannot amply take on 100% of all medical bill responsibilities. Consider working with an employer benefit consultant to learn about all your options for overall savings.

Costs of Group Health Insurance for Employers

According to a survey conducted by the nonprofit National Business Group on Health in 2020, the average expenditure for employees is approximately $15,000 annually. For many workers, this is a considerable amount of money that would stretch their budget and uncomfortable amount. In order to minimize these expenses, the employer themselves can make smarter choices about the policies and packages they provide.

Some Options for Minimizing Insurance Expenses

Far too many businesses look to eradicate benefits in an attempt to save money. This backfires with employee dissatisfaction, retention issues, lack of value for jobseekers, and an overall hit to morale that can affect productivity and profitability.

Employers can save their workers money on health coverage with the following:

Health Savings Accounts

Individuals who put money aside in a tax-free account specifically designated for medical expenses can save money in the long run in conjunction with healthcare benefits that involve high deductibles. Your business saves money by not paying out earlier, and the employee can save money on their taxes and ensure they have enough cash on hand to cover bills.

Optional Supplemental Insurance

Supplemental insurance policies add options for employees who want to avail themselves of extra coverage. This may keep your expenses down to begin with as you do not have to pay the maximum for every worker in a shared cost plan.

Medical Expense Reimbursement Plans

Combined with a high deductible group health insurance policy, a self-funded MERP can bridge the gap between what the employer and employee have to pay. This works well because workers do not have to sacrifice coverage while saving money.

Many options exist for overall savings when it comes to offering health insurance policies to employees. Working with ClaimLinx and a professional consulting team who has a strong track record of success can help you reap all the benefits of an affordable plan and employee policy management.