Buying a small group plan in Utah? Questions and Answers
Group health insurance is employer-sponsored health coverage plan for business owners, employees and dependents of those employees. A small group plan consists of a company that has between 2 – 50 employees. Small group health insurance is guaranteed issue plan. That means no one can be turned down based upon past medical history. If you would like help please call our office at 801-900-5636
What are the requirements in obtaining a small business group plan in Utah?
- 1. Your company must consist of two full time owners, officers, partners and or employees who are verified by filing state quarterly tax and wage statements.
- 2. You must meet a certain percentage or contribution stated by the insurance company for the employee. This is an amount that usually is around 50-75%. Most employers will pay 100% for employee, and employee will pick up rest of the cost for family at 50%
- 3. That your company has a legitimate business entity. You must have one or following
- – Articles of organization.
- – Articles of incorporation.
- – A business license, partnership or proprietorship.
Note – If your a new business and do not have the quarterly wage statement we can still help you. We just need to get a letter from you stating that you will provide us with that during the next quarter.
A few Insurance tips for Utah Small group insurance plans
Offering group health insurance can help you hire and retain the top workers for your companies. Many companies tend to cut back on health insurance costs and deductibles. Most of the time when employers do this they will pay for it later at some point. Not only with a price increase for the group plan year in and year out, but an employee who did not have the correct coverage so they could get a certain exam done. Our first tip is to increase coverage on preventative plans. Offer your employees a comprehensive preventative program. You could provide gym memberships for the family, replace soda with juice in vending machines. Increase the coverage on your group plan for preventative services. It all starts with preventative programs.
Employers can control their health care costs by actively taking a part in their staff and their families personal health. If the employer implements a wellness program not only for the employee but the entire family you will see costs for your own small group insurance plan go down. By keeping your staff healthy you will also gain productivity from your employees and have more happy people. Stress levels will go down among employees and you will have a company that people love to work for. Offering these type of programs is vital in retaining the best employees.
Check out avenue H, they have some excellent programs going on right now. If you assistance please call our office.