Utah Large Group Health Employee Insurance

Utah Large Group Health Insurance

The line between a large group and a small group, in employee insurance, is sometimes blurry. Most states (including Utah) define a large group as any business with 51 or more full-time employees. The key difference between large and small group insurance lies in the number of benefits-eligible employees.

For large group health insurance, we specialize in finding the best possible premiums for your company health plan, which means a lower price tag for your employees. We have relationships with all of the best providers in the state, and we have the experience and knowledge needed to not only make sure you get the best value, but that your needs are met in the most effective way possible.

We have customizable options from all the major carriers, which means you’re spoiled for choice when it comes to the additional compensation and employee benefits offered.

Hiring and retaining top talent is getting more and more difficult. Make sure your employee benefits are as strong as they can be by getting a free quote to start your journey.

Partners in Strategy

We take your group insurance needs very seriously. That’s why we don’t just plug your numbers into a computer and pick the first option – we actively get to know you and use investigation to ensure that your specific needs are met.

When you use Altura Benefits, you can rest assured that you’re not just getting the best price. You’re gaining a partner in strategy that can help you make the right decisions for your business. Contact us when you’re ready to gain the Altura advantage!

How Large Group Health Insurance Plans Work

Employee insurance premiums aren’t randomly generated. They’re a precise calculation, factoring in risk, claims expenses, profit margins and contingency events. As a general rule, the more participants there are in a health insurance pool t, the lower the overall risk per plan.

This lowered risk factor is what helps make group insurance policies less expensive.
With group health insurance, the premium is determined by the overall risk of the group. To the insurance company, this essentially functions like diversification in a stock portfolio. Even if a few employees require care, the group overall will likely remain healthy. This lowers the risk per employee insurance plan and allows the insurance company to charge a lower premium.

This is where Altura Benefits comes in. We find the best group insurance plans for your employees and negotiate the best price to save your business money.

Requirements for Large Group Health Insurance

According to the Affordable Care Act, employers in Utah with more than 50 employees must offer health insurance to at least 95% of their full-time employees. The penalty for failing to do so is $2,570 per year for every year coverage is not provided, times the number of full-time employees after the first 30.
For example, if you have 60 full-time employees, and you failed to provide them with health insurance for the 2019 fiscal year, you will be liable for $2,570 times 30 employees. That means you’ll be liable for a total fine of $77,100 for 2020 alone!.

In addition to offering minimum essential benefits, the Affordable Care Act requires employers to offer “affordable” coverage, or they may face a second penalty. Potentially an employer could pay $3,860 per employee for which the coverage is deemed not affordable.

Ensuring that you’re meeting all of your employee insurance requirements can be tricky. That’s where Altura can help.