There is a wide range of employee group benefits and health insurance plans to choose from, that’s why Altura Benefits partners with insurance providers of all sizes to sort through their options to find solutions that fit. Our needs-based insurance assessment helps our team understand your company’s current benefits landscape and identify where we can help improve.
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Questions regarding group health insurance benefits can be many and varied. From selecting the right plan to provide both flexibility and variety, to understanding the required notifications for health insurance plan compliance, we walk you through every step.
Did you know owners are considered employees? So, if you’re a small business owner with at least one employee in addition to yourself, most states, including Utah, will allow for creating a group health insurance plan. Partnership structures of all sizes also qualify for group benefits. By definition, a partnership has at least two partners, each are considered “employees” of the company even if you do not have a traditional payroll.
Keep reading and get answers to the most commonly asked group health insurance benefits questions.
Who will be covered under the group health insurance plan?
How much can my business contribute toward the group benefits monthly premiums?
Can my business afford to bundle dental or vision with our group health insurance plan?
What does Altura Benefits recommend for group health insurance coverage?
For small business owners, the first insurance decision you will need to make is who will be covered under your new group health insurance plan. Undoubtedly, you will want to have health insurance coverage for yourself and your family, but who else from your company should receive health coverage?
Dividing employees into categories such as salaried and hourly employees can help determine eligibility for health insurance plans. While companies are not always required to insure both or all employee categories, if you offer health insurance coverage to one employee in a particular category, you must offer health insurance to all employees within that category.
What about health insurance dependents? While many employers’ group benefits do to provide health insurance coverage for employee dependents, you may not be required to do so.
The health needs of your employees may be among your group health insurance considerations. Are they likely to have frequent doctor visits? Or do you generally employ a health conscious group? Privacy laws and ethical reasons may not allow specific or personal health questions, however you can get a high-level idea about group benefits by asking what kinds of health insurance or health benefits packages are most important.
Group health insurance plans require the employer to contribute toward employee health insurance premiums. Typically, employers offering group benefits are required to pay at least 50% of the monthly health insurance premium for each employee, while the employee contributes the remainder from her or his payroll on a pre-tax basis. Fewer rules exist for health insurance premium contributions where the employee’s dependents or spouses are concerned. However, in selecting your group benefits plan, it is important to consider how much the selected health insurance package will cost your employees.
Keep in mind, when considering the overall costs of supplying health insurance benefits, your contributions toward monthly insurance premiums are generally tax deductible for your business. Working with a licensed tax professional will help you better understand the deductibility of health insurance premiums, and bring clarity to how your group benefits plan affects additional tax deductions.
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Dental insurance and vision insurance are typically purchased separately from group health insurance, but some plans offer them as affordable add-ons or “riders” to group plans. The flexibility of how and when to add dental insurance or vision insurance, makes this benefits addition easily customizable.
Adding either or both of these insurance benefits options adds value for your employees in creating a more complete group insurance benefits package. Because vision insurance and dental insurance are very affordable, many employers consider this a great group health benefits value-add. Studies show benefits, particularly insurance benefits, can be key in hiring and retaining the best employees. When compared to the cost of hiring and training a new employee, providing a comprehensive health insurance package and competitive group benefits, may be the most efficient dollar your business spends.
What plans do our employee benefits specialists recommend? Since no two businesses are exactly alike, we take the time to customize your group health insurance options.
As licensed health insurance agents, Altura Benefits specialists work with a variety of health insurance providers to ensure your group benefits plan offers not only the health benefits coverage your employees need, but also offers them at a competitive price. Our highly trained benefits services team can provide you with the personal help and group benefits advice you need to make an informed decision regarding the right group health insurance plan. Best of all, working with our group benefits services team does not cost anything extra.
Once you’ve picked a group health insurance plan, our benefits team can help your employees enroll in their respective health insurance plans. Annual insurance enrollment periods provide a time for you to review your health benefits coverage options to be sure your plan meets your business needs and budget.
Our employee benefits specialists are licensed health insurance agents expertly trained to help find an insurance plan to meet your business’ unique needs. Whether your business is just rolling out group benefits, or you are looking to expand the selection of health insurance plans as your company grows, we are here to help.
As Utah’s most highly rated group benefits services providers, we provide insurance expertise and personalization for you business group. Get started with your group insurance quote today.