Choosing the right group insurance plan for your company is not a task to take lightly. Aside from gathering logistical information such as your tax ID number and payroll records, it’s important to choose a plan that is flexible enough to accommodate the needs of many different people.
To get started, it is helpful to survey your employees. A basic list of questions includes:
• Number of dependents in the household
• Zip Codes
It’s nice to have answers to these basic questions when it comes time to purchase your group plan. This information also gives an employer insight into the requirements needed within the plan.
As you are considering your plan options, we suggest keeping the following list of questions handy:
• What is getting covered?
• What health care provider network will you and your employees be in?
• What is your share of the premium vs your employee’s responsibility? To quality as providing “affordable” health coverage for businesses with 50 or more employees, the annual cost of premiums can be no higher than 9.86% of their annual income in 2019. Not offering an affordable coverage plan will subject businesses of this size to a tax penalty of $2320 per full-time employee.
• Are the deductible amounts and co-pays in the plan affordable?
Open enrollment starts on November 1 and ends December 15, 2018. Now is the time to contact a health insurance expert to help you navigate this process for your business. We can help. Contact the experts at Meyer-Peltier & All County Insurance Agency today.