Many employers choose to extend group health insurance to their employees as part of their benefits package.
This can be one of the most expensive costs of a business, yet one of the most important to employees. Finding the right package can be especially difficult!
With established relationships with numerous carriers, we can put together a reliable life insurance policy.
Click to book a free estimate from one of our experienced insurance agents.
How to Choose the Right Group Health Plan
Choosing a group health plan can be difficult - here are some things to consider:
1. Business size:
Small business (2-100 employees): You have several options, including Covered California for Small Business (CCSB), individual insurance carriers, and brokers. CCSB offers standardized plans with guaranteed subsidies for eligible companies.
Large group (101+ employees): You have more flexibility in plan design and network choices. Our insurance brokers can help you search for the best plan to fit your business needs.
Consider your monthly premium, potential tax credits, and employee contributions. Be mindful of out-of-pocket costs like deductibles and copays.
3. Employee needs:
Understand your employees' age, health status, and preferred types of coverage. Do they prioritize affordability, choice of providers, or comprehensive benefits?
4. Desired features:
Look for additional benefits like dental and vision insurance, wellness programs, or telehealth options.
Frequently Asked Questions
How much does a group health plan usually cost?
Small business owners can expect monthly premiums to range from around $139 per employee for basic plans to over $800 per employee for comprehensive plans. This can differ based on age, gender composition of your workforce, and chosen plan specifics.
For a business with over 100 employees, premiums start around $300 per employee for Bronze plans and go up to several thousand for comprehensive Platinum plans.
Should I choose a PPO or HMO for my business?
Here's the main difference between HMO and PPO:
PPO plans: Offer more flexibility in choosing providers but usually come with higher costs.
HMO plans: Have limited networks but often come with lower monthly premiums.
Our agents can help you prioritize and choose what's important for your company.
Can my employees pay part of the cost of their insurance plan?
Employers do typically share the cost of premiums with employees, which will change the overall per-person expense.