Group Health Insurance Guides

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When it comes to group health insurance, you're always going to want to keep a few particular things in mind. Get guides to group health insurance with help from an experienced insurance professional in this free video clip.

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Video Transcript

Hi, my name is Tim Tracy, co-founder of and this is your guide to group health insurance. The first step you want to do in regards to acquiring group health insurance is contact a local agent, broker or adviser. It's important to find somebody that is an independent agent, this way they can provide you with unbiased guidance amongst all the carriers and all the options available in your state. One great way to find a reputable agent is either through a referral from another colleague or friend or you can look at their professional organizations such as The National Association of Health Underwriters. Once you find that agent or have a list of agents, it's important to get multiple options. You want to see everything really that's available to you so that you know you are making the right decision prior to purchasing your health insurance plan. The first step is going to be assessing your needs. As a small business you need to determine exactly what it is you need from a coverage standpoint. Are you going to be covering all your employees and are you going to be covering their dependents? That's an important thing that you're going to need to figure out prior to purchasing your group plan. You'll also want to determine what are you going to be able to contribute towards the portion of that employee's health insurance premium? In most states as a small employer, you have to typically contribute at least 50% of the premium in order to have that group plan in place. You'll also want to look and see what benefits are important to you and you'll want to kind of get a feeling for what is also important to your employees. Would your employees prefer to have a lower premium and higher risk or would they be happier possibly paying a little more on a monthly basis to lower their risk and then once you determine that, you can try to figure out which plans are going to meet not only your needs from a contribution and cost standpoint but also benefit needs from your employee's standpoint. What you'll want to do is get a number of different options to compare and you'll want to look at those side by side from a number of different angles. So you'll want to look at high deductible health insurance plans with lower premiums as well as plans that are a little more expensive with possibly lower deductibles and then once you find the balance in what works right for you and your budget and benefits, that's when you would begin to enroll. Your agent or broker that you ultimately choose to work with will be able to help you and your employees enroll in the plan and a lot of it nowadays can be done all electronically so it's simple smooth and less errors. Some of the options you'll want to review as a small employer are fully insured groups which are your managed care plans such as PPOs, HMOs and HSAs. You'll also want to see if you could possibly self insure. This isn't available to all small groups in every state but more and more often, states are allowing smaller groups to self insure and this may be a viable option for you. Another option you can look at is what's called defined contribution plans. This allows you as the employer to set a budget and in a flat dollar amount that you want to contribute to each employee. That employee can use that flat dollar amount to purchase their own individual health insurance plan on the private marketplace. My name is Tim Tracy, co-founder of Insuring CT, and this has been your guide to small group health insurance.


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