Affordable Group Health Plans
Updated: Oct 13, 2022
Affordable Group Health Plans - State Exchange:
When looking for affordable group health plans, it may be more affordable than you think. Depending on your group size and participation you may be eligible for additional tax incentives. Participating with your state's exchange may get you advanced tax credits towards your group's premium. Both CT and MA operate their own state-run health exchange that are available to small business who want to offer coverage to their employee's. Please inquire to find out who that would work for your specific needs.
Affordable Group Health Plans - Off Exchange:
Working off the state exchange will give more carrier options typically. Choose from the best programs and pricing available in your state or territory. More PPO options to cover more diverse needs of groups. Working with the majority of carriers available a broker can find your business lower premium costs and better coverage without raising your costs. You will not pay any extra working with a broker and won't have to shop each carrier alone.
Who can get group coverage:
Any business with at least 1 full time employee can get group coverage. Group coverage is more cost effective than individual policies. Groups can offer coverage to full time and part time employees. Groups can offer coverage to 1099 workers.
Benefits of offering Group coverage:
Employers pay lower payroll taxes
Premiums are paid with pre-tax dollars
Premiums are tax deductible
Some groups qualify for additional tax incentives
Increases employee's health, moral and retention
Adding group benefits is an investment into your company. Business's small or large are all competing for the same workforce and health benefits matter. Most potential new Hirees when asked will state that Health insurance coverage was a contributing factor in selecting a new employer. Now more than ever Health insurance coverage is an important feature that potential new workers hope to gain while looking for employment. Many small businesses are changing their strategy for recruitment of talent. Sure, you can recruit with bonus money but if they left their former company to come to you someone can always give them more. Offering Health benefits to a worker will set you apart and reduce turnover. Giving the peace of mind to a potential new worker that they and their family will be ok if something goes wrong with their health is a much better bang for your business buck than a hiring bonus.
Group Health Plans:
For a custom quote please email or call