Business Solutions & Finanical Services Inc

Group Health Insurance

As a Financial Specialist with more than 15 years of experience, I know many local families. My knowledge and understanding of the people in this community help me provide customers with an outstanding level of service. I look forward to helping families like yours protect the things that are important –I can also help you prepare a strategy to achieve your financial goals.

E-Mail: tercero@allstate.com

Miami Florida

Tel: 786-246-4411

Daniel B. Tercero

Financial Representative

Individual life insurance

Business life insurance

Employee Benefits

Retirement plan

Getting coverage through a small business health insurance plan can be more affordable than buying coverage by yourself. Here's what you need to know:

Coverage is generally a guaranteed issue.
You need a minimum of employees to qualify.
You must contribute toward employee premiums.
And you can shop for coverage at any time of the year.

What is a Group Health Insurance Plan?

A group health insurance plan helps you and your employees pay for health care expenses.
The Group Insurance health plans provide
coverage to a group of members, usually comprised of company employees or members of an organization. Group health members usually receive insurance at a reduced cost because the insurer’s risk is spread across a group of policyholders.

health insurance for small business owners

Why Choose a Group Health Plan?

Group health insurance plans are designed to be more cost-effective for businesses. Employee premiums are typically less expensive than those for an individual health plan. Premiums are paid with pretax dollars, which help employees pay less in annual taxes. Employers pay lower payroll taxes and can deduct their annual contributions when calculating income taxes.

How does Group Health Insurance Work?

Group health insurance plans are purchased by companies and organizations, and then offered to its members or employees. Plans can only be purchased by groups, which means individuals cannot purchase coverage through these plans. Plans usually require at least 70% participation in the plan to be valid.

Once the organization chooses a plan, group members are given the option to accept or decline coverage. In certain areas, plans may come in tiers, where insured parties have the option of taking basic coverage or advanced insurance. The premiums are split between the organization and its members based on the plan. Health insurance coverage may also be extended to the immediate family for an extra cost.

The cost of group health insurance is usually much lower than individual plans because the risk is spread across a higher number of people. Simply put, this type of insurance is cheaper and more affordable than individual plans available on the market because there are more people who buy into the plan.

Does my business qualify for a
health insurance tax credit?

You may qualify for a tax credit that could cover some of the costs you pay for employees' premiums. This credit reimburses qualifying small businesses for up to 50% of the premiums paid toward health, dental, and vision insurance. We can help you obtain your tax credit and find a small business health insurance plan that works best for you and your employees. In order to qualify:

The average annual wage per worker must be less than $50,000.
Your business needs to have 25 full-time employees or less.
You need to contribute a minimum of 50% toward employee health coverage.

How to choose the right
Group health insurance plan

First, determine what your small business needs in a health insurance plan. Consider the following:

Who will be covered?
Consider the needs of your employees and their dependents to find a plan that will suit the diverse medical and financial needs of the group.
How much cost-sharing can you afford?
Premiums for small business health insurance are paid by the employees and the employer. Make sure consider how much cost sharing makes sense for your business.
What kinds of benefits are important for you and your employees?
While federal privacy laws prohibit employers from inquiring about employees medical history, it’s important to ask your employees which types of benefits are important to them.

Compare Group health
insurance options

There are many factors to consider when weighing your small business health insurance options. we recommend using the following five criteria to find plans that best match your needs:

Monthly premiums: Know what you and your employees will be able to pay on a monthly basis.
Deductibles, copayments, and coinsurance: Ensure these types of payments will be manageable for you and your employees when you receive medical care.
Medical provider networks: If you already have a preferred doctor or facility, make sure they'll be included in your new coverage.
Prescription drug coverage: prescription drug comparison tool to see which plans to cover the costs of specific prescriptions.
Coverage add-ons: you can add things like vision and dental care to ensure your employees are fully covered.

Group health insurance
enrollment process

health insurance for small business owners with no employees

Enrollment is the process of getting your employees and their dependents signed up for your new health plan. Once you've selected a plan, an agent can walk you through the enrollment process.
During enrollment, be sure to answer all questions honestly and to the best of your knowledge. Though premiums may differ based on the medical history of specific individuals, no employee will be declined coverage.

Types of Group Health
Insurance Plans

HMO plans offer affordable, comprehensive health coverage with relatively low out-of-pocket costs, but most care must be done in-network to avoid additional costs.

Health Maintenance Organization (HMO)

Each member selects an in-network Primary Care Physician (PCP)
Referrals from your PCP are often required to see a specialist
Out-of-pocket costs are predictable and often limited to low annual deductibles and copayments for doctor visits and other covered services
The number of providers in the HMO network varies by location

While premiums are often higher for a PPO than for an HMO plan, a PPOs typically offer larger networks and will give you more flexibility.

Preferred Provider Organization (PPO)

Members don’t have to choose a PCP
Members don’t need a referral to see a Specialist
Members can choose any doctor or hospital regardless of whether the provider is in the plan’s network (costs may increase for out-of-network care)
Out-of-pocket costs may include annual deductibles, copayments, and coinsurance for covered services

A POS health plan is a hybrid, containing features of PPOs and HMOs. POS plan premiums are often mid-range between HMO and PPO plans. However, POS network size varies by location.

Point of Service Plan (POS)

Members usually need to select an in-network PCP
Members usually don’t need a referral to a Specialist to receive POS plan benefits
Members can choose to use the plan’s provider network for some services and go outside the network for other services
Members usually pay a small portion of the cost of covered services when they stay in the POS network