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Small Group Health Insurance Plans

Small Group Health Insurance Plans

Group health insurance is one of the most affordable types of health insurance coverage. It most frequently comes from employers, but organizations can also provide group health coverage. Group health is divided into two categories – large group health and small group health.

What Are The Requirements For Small Group Health Insurance Plans?

If you’re an employer, you can get small group health insurance for your small business if you have between one to 50 full-time employees. You will need at least a 70% participation rate in order to keep this. Small group health insurance must also be in compliance with the Affordable Care Act.

As per the Affordable Care Act, the group health plan:

  • Cannot reject individuals because of pre-existing conditions
  • Cannot force older employees to pay more than three times the amount in premiums than younger employees
  • The plan must fit one of the four metal levels for Marketplace Insurance (bronze, silver, gold, and platinum)

What Are The Benefits Of Small Group Health Insurance Plans?

Small group health insurance offers many benefits, including coverage for preventive services and hospitalizations. Typically, insurance covers 80% of medical costs, and the policyholders cover the last 20%.

Employees also have the benefit of including spouses and dependents as part of the small group health insurance plan.

Small group health insurance is affordable because of the low level of risk on the insurance company’s end. Having 70% of employees paying premiums makes it easier for the insurance company to issue great benefits without facing the possibility of being at a loss.

Employees also have the freedom to join the type of policy they want in some cases. For example, some can choose between an HMO and PPO plan, or one that has a combination of medical and dental insurance.

ACA regulations make it possible for all employees to get fair coverage at a price they can afford.

Where Do I Get Small Group Health Insurance Plans?

You can get small group health insurance from one of these sources:

  • Small Business Health Options Program (SHOP) Exchange from your state
  • Insurance company
  • Broker

SHOP is issued via state government, and if you do not meet the participation requirements for small group health insurance in this case, you can join between November 15 to December 15 without any penalty.

With an insurance company, you are doing the shopping and the research. You can find the exact small group health plan you like, and then go through with the enrollment process.

A broker will do the research for you, and will give you a professional’s greater perspective on the insurance options available to you.

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