Small Group Health Insurance in Oregon
Small Group Health Insurance
Are you looking for ways to gain and retain employees in a competitive job market? Offering health insurance benefits is a great way to show employees they are valued by offering them something they and their families need. The agents at Bancorp Insurance can help select a plan that fits your company size and budget.
To qualify to offer group health insurance your business must have the following items:
- One employee not in your immediate family (spouse, son, daughter, dad, mom).
- A Federal Tax ID
- Minimum hours worked must exceed 17.5/week.
- If group health insurance is offered to one employee all other employees who meet the company’s minimum requirements must also be offered coverage.
Things to Consider When Offering Group Health Insurance
Before you call your agent and ask for a group health quote make sure you know what you are looking for.
- How much do you the Employer want to contribute to each employee’s health insurance? This can be a percentage or a dollar amount. This amount must pay at least 50% of the cost of health insurance for each employee.
- Example – Health insurance premium for one employee cost $650/month. Your business must pay at least $325 a month for that employee’s policy. You can choose to contribute more than the 50% to ensure your employees have affordable coverage.
- Do you want to offer health insurance to your employee only or to their spouse and dependents as well? With the addition of adding spouses and dependents comes higher premiums.
- Do you want to offer Dental? Dental is not included in most health insurance companies. Depending on the company you can add dental or you might have to work with another company to take care of your employee’s Dental needs.
- Do you want to offer Vision? Similar to dental, vision is not always included in your basic group health insurance.
- How important is Chiropractic, Massage, and Acupuncture? Let your agent know if these forms of health care are important to you and your employees.
- Will you offer Emergency Medical Transport Solutions? The cost to get to the hospital can double the amount of an emergency room visit. Will you be offering transportation coverage through a membership like MASA, Life Flight, or Med Life?
What Type of Group Health Insurance are You Looking For?
Are you looking of offer a plan with High deductibles (a specified amount of money that the insured must pay before an insurance company will pay a claim) but a lower monthly cost? Or a Low deductible and a higher monthly cost? Are you wanting to set up a Health Savings Account (HRA) or Flexible Spending Account (FSA)? It is also important to check your doctor networks and referring procedures for a new health plan.
Book an in person, virtual or telephone appointment to start on the path of offering your employees group health insurance.
Meet the Bancorp Insurance Health Insurance Team