What You Need to Know Before Implementing a Group health insurance Plan

Health - What You Need to Know Before Implementing a Group health insurance Plan

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Some things to think when implementing a group health assurance plan. There are not that many red flags when it comes to group health insurance; all health assurance is heavily regulated by the state so there are a few gotcha items. The only one that might apply is a pre-existing limitation which limits coverage for curative conditions that an employee received rehabilitation for prior to coming onto the plan.

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If you run into this with any of your employees, there is a way colse to it. If the employee had curative coverage from another group health assurance plan prior to coming onto your plan, they can request from their old plan a Certificate of Group health Coverage (Cghc). Under Hipaa (Health assurance Portability & accountability Act) if they gift a Cghc to your new insurer, and if they met the pre-existing health limitation on their old plan then they will not have to meet a new one under your new plan.

If you do not plan to pay for 100% of the employee and family premiums, you will want to buy a section 125 superior only plan document (one-time fee of about 0). By having this document all premiums that your employees pay can be deducted from their pay checks on a pre-tax basis. Aside from the employee tax savings, this also lowers their gross chargeable wages so you can save money on payroll taxes.

In terms of group assurance health plans ask your broker for quotes from every health/Hmo assurance firm in your area. I would suggest that you think whether high co pay Hmo which will cost to for office visits and a hospitalization co pay as well, or a high deductible health plan.

High deductible health plans (Hdhp) are a good option because it allows the employee to have curative coverage for the high end losses and pay for the smaller items themselves. If you do a Hdhp I would without fail integrate it with a Hsa (Heath Savings Account) or Hra (Health refund Account).

Hsa allows the employer to conduce and the employees can conduce on a pre-tax basis to the Hsa inventory (again every person saves on taxes like they do on the 125 superior plan document). This money can be used to pay for the employees out of pocket expenses as they meet their deductible. The Hsa also can be used for other healthcare expenses such as dental, foresight and chiropractors. The bank who handles the banking for the Hsa will issue a debit visa card for the employees to use to pay for these expenses.

If you have Kaiser in your area, then check to see if they have an Hsa. If it does then it is the cheapest deal. From my own experience, I find Kaiser to be the best healthcare model available. Ask for a tour of the Kaiser facility. You will be surprised.

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