Employer Group Health Insurance

Health Insurance of Florida represents several major national and local
Insurance providers.

Why should I provide group health insurance for my employees?

If you are an employer looking to keep productive and valuable employees,
the most significant employee retention tool is health insurance. This is
also an important recruiting tool to obtain highly qualified employees.

What is the minimum number of employees I need to get a group plan?

Normally two employees are required. The pricing for two to fifty employees
is essentially the same. However, in Florida you can have a group of one. This is a special case that
may only apply in the month of August and coverage takes place October 1st.
These plans are a very expensive approach and are normally recommended as a
last resort. With healthcare reform eliminating medical underwriting, there
will no longer be a need to obtain a One Man Group.

I have a group plan now. My premiums keep going up every year. Is there any way I can reduce my costs?

Usually, yes. There may be reasons why your premiums have escalated
significantly, such as one or more employees with severe health conditions.
There are a few ways to reduce the cost.

1. Look at quotes from other insurance companies. No matter how good an insurance carrier has been to you, sometimes it is necessary to make a change to reduce premiums.
2. Institute wellness programs in conjunction with the insurance provider. Many providers offer incentives for wellness programs such as getting annual physicals, weight reduction, smoking cessation, and regular exercise. If your employees are healthier, the insurance company has less risk. Therefore, everyone is a winner.

How will Healthcare Reform affect my company and the health insurance I offer?

There are several issues to address here.

1. If you have less than 50 full time employees, you are not required to offer health insurance. So you don't have to worry about the potential fine if you don't offer health insurance.
2. There are standards to meet the Qualified Health Plan (QHP) qualifications. For example, the maximum out of pocket cannot exceed $6400.
3. If you have a QHP, low paid employees do not have the option of getting a subsidized individual plan on the Exchange. This may be a disservice to them.

For greater details on the pros and cons of offering a group plan, please contact Paul Wavrock at (813) 929-1150!