Health Insurance Small Business
Finding health Insurance for your small business can be a daunting task. With so many different carriers, plan, and benefit options, you may quickly find yourself overwhelmed with information. Finding the right coverage can also take away your precious time from your business and the decisions you need to make. This is where our office comes in, helping with your company year after year. Our brokers can make the process simple and help complete the steps for your company to provide insurance. We can also switch you to a new carrier as well if you already have a plan. As your health insurance small business broker, we can go through all the options available and ensure you get the right coverage for your employees.
Our office can generate group health insurance small business quotes by comparing all the options that are available in Nevada.
The illustrations we generate will break down the plan benefits in menu fashion allowing you to easily compare plans. For small groups, the max number of plans you can have is three. In Nevada, a small group is by definition 50 or fewer employees. These quotes can show the current year plan options if your company is starting the insurance mid-year. They can also show future plan options once the insurance companies publish them.
Depending on your employee’s needs, we can review the options, customize the selection, and narrow down the choices.
These plans can be emailed, reviewed in our office, or our brokers can even come to you. We are flexible to facilitate the process and help complete it in a timely manner. By filling out one of our quote request forms, we will be able to generate the quote accurately. The quote request forms will have the names and dates of birth for your employees. It will also show the dates of birth for any dependents that will be enrolling under the employees. This is generally the only information our office would need to create a quote.
It is important to note that all of our services are of no cost for our clients to use.
Our office will never charge you any fees, whether or not you purchase a policy from us. This allows your company to sit down with our brokers and go over the current market situation without worrying about any expensive fees or commissions. Health insurance Nevada brokers earn commission from the insurance company to administer and maintain your plan. In addition, the plan costs the same amount, whether or not you choose to use a broker. Our office regularly researches and reviews the plan options and premiums during the year. This is so that we are always up to date on the changing insurance market.
There are a number of regulations when setting up a health insurance small business group plan for the first time.
The most important being the number of full-time employees and how many of them are participating. For example, if an employer has 5 or less full-time employees, most Reno health insurance companies need 100% participation of all eligible employees. Eligible employees consist of your employees that receive a W2 and are working more than 30 hours a week. They are also eligible if they do not currently have qualified coverage. If an employee currently has qualified coverage elsewhere, then you may exclude them from the list of employees that need to participate. 6 or more employees means you would need at least 75% participation to create a group plan. In addition to these regulations, there are also other requirements that insurance companies will need to form a group. Our brokers are always up to date on the changing requirements and can navigate the process quickly.
When enrolling, there are four main items you will need to get a group plan started.
The first is a quarterly wage and contribution report. This is a report that we will often have to submit to the insurance company. It gives them an idea about the group size and will be used to check the participation ratios. As stated above, the group must meet the minimum number of people enrolling. The insurance company will refuse the group if not. Each insurance company also requires a master application as well. This application has all the information the insurance carrier will need about your business.
It is a large document that our office mostly fills for you.
Usually, you will only need to answer a couple questions, review the document, and sign it. Once we have made a plan selection from the initial quote you will then distribute applications to your employees. Your employees will make plan selections and fill out some basic information about themselves. After your employees complete the forms, you send us the applications and we get them enrolled. It is best to do this as soon as possible. This is so your employees get their ID cards before the coverage begins. If an employee is not enrolling, then they simply fill out a short waiver form. These are the only two forms that your employees will need to fill out. The last item needed is the first months premium payment. We submit this along with the application and your next premium due will be the first of the following month.
When setting up a group plan, there are many other issues not mentioned in this article that can arise. This is why contacting a health insurance broker at Health Benefits Associates is a great move to get your plan going. We are very experienced in completing the health insurance small business process. Our brokers have contacts at every major carrier to help complete the enrollment as well. Feel free to fill out a group health insurance quotes request form on our website.