Health Insurance for Companies with less than 100 employees.
Does your company have less than 100 employees? If the answer is yes, and you want to offer competitive health insurance, Welch Insurance can help. In this post, we will describe the various health insurance companies and plans you can offer to your employees. We will also explain how to control the cost your company contributes to the employee premium. There are no qualifying medical questions for company health insurance plans.
There are different types of company group health insurance.
- HMO (Health Maintenance Organization.) This is usually the lowest cost health insurance that an employee can purchase. It requires the beneficiary have a primary care physician that must give referrals to any specialist they need to see.
- PPO (Preferred Provider Organization.) A PPO plan typically costs more than an HMO plan. It allows you to self-refer to a specialist without asking your primary care physician. It also allows you to go out of the network of providers to any provider that will accept the plan.
- EPO (Exclusive Provider Organization.) This type of insurance plan is a bit of a mix between an HMO and a PPO plan. You do need to stay in the network of providers, however, you can go to any provider in the network without contacting your primary care physician.
- HSA (Health Saving Account.) Is a special type of plan. It allows the company and/or the employee to put money into a bank account tax-free to use on medical expenses.
How many insurance companies and plans can you offer to each employee?
Through Welch Insurance you can offer up to eight insurance companies and over 50 plans. Each employee can choose the plan that works for them.
How much does the company have to pay for the employee’s health insurance?
The company can contribute between 50% to 100% of a set premium for a selected plan. This means the company selects the plan they would like to contribute to and the percentage amount the company will contribute.
How much does the employee pay?
Each employee, regardless of the company health insurance plan they select, can choose any plan they prefer for their needs The company will know exactly what it will pay and the employee will know exactly the benefits and premiums of the plan they select.
The cost for the company to offer great health insurance with as many as eight insurance companies and over 50 plans keeps employees happy and healthy. Each employee can select the plan that fits their needs. You may have a young single male who rides dirt bike on the weekend. He will probably want the cheapest policy possible, with emergency services. Or you may have an employee That is married with several children. That person may want to have a very strong benefits plan and they are willing to pay more in premiums. The great news is, the company knows exactly what they will pay regardless of what each employee chooses. This is a Win/Win for the company and its employees.