Group Health Insurance for Employers

KSA Insurance works with businesses in Charleston, SC, and across the southeastern United States to help them find affordable group health insurance plans that satisfy legal requirements and meet their employees’ needs. Whether you are a small business with under 100 employees or a major corporation with thousands of workers, we’ll work with you to find a health plan that accommodates your company’s unique circumstances.

Learn more about group health insurance below, or contact us today to request a quote.

Creating a Comprehensive Benefits Package

Putting together a comprehensive employee benefits package that meets your workers’ coverage needs is a great way to encourage employee loyalty, improve morale, and reduce turnover.

Depending on the size of your business, you may or may not be obligated to provide health insurance for your employees. However, whether or not this applies to your business, a group health insurance plan is a great way to provide affordable coverage for your employees.

Why Choose a Group Health Plan?

Group health plans provide several benefits for both employees and employers:

By providing cost-effective group health insurance, employers can attract top talent and improve employee retention and satisfaction. The Affordable Care Act (ACA) also makes it possible for businesses to earn tax credits if they offer group health plans to their employees. Businesses that pay at least half of their employee health insurance premiums and have fewer than 25 full-time employees making less than $50,000 per year can get as much as 50 percent of their contributions returned to them as tax credits.

Not only do group plans typically offer lower premiums than individual plans, but these premiums are also paid for with pre-tax income, allowing employees to reduce their annual tax burden.

How Does It Work?

Group health insurance operates similarly to individual health insurance policies. You and your employees pay a monthly premium, and in exchange, your insurance provider pays for a portion of covered healthcare services, which can range from regular checkups to treatment for long-term illnesses.

The primary difference between individual and group health plans is cost-sharing. With group plans, employers share premium expenses with employees to provide cost-effective healthcare solutions for their workers.

Understanding Group Health Insurance Costs

While it’s important to choose a health plan that meets all of your coverage requirements, it’s also important to ensure your insurance policy fits your budget. Group health insurance costs vary depending on several factors, including:

The deductible is the amount you pay before your health insurance plan begins covering any costs.

Copayments are fixed prices that you pay for certain services covered by your healthcare plan.

For group health plans, monthly premiums are typically shared by employees and employers.

Coinsurance is the percentage of healthcare costs that you are responsible for. For example, if your coinsurance rate is 20%, you pay your deductible plus 20% of the covered healthcare services you receive.

Not all healthcare plans cover all prescription medications. Pharmacy services can significantly impact the total cost of your group health insurance plan.

To provide additional value to employees, employers may consider adding dental, vision, and other coverages to their group health insurance plan.

Depending on your plan, health insurance claims with out-of-network providers may be denied or only provide partial coverage.

Your group health plan can be customized to meet your financial requirements without sacrificing coverage or quality of care.

Employer Health Insurance Requirements

The ACA requires businesses with 50 or more full-time employees to provide health insurance to all of their workers. Moreover, businesses are required to share group health plan costs with their employees. In most states, this cost-sharing amounts to a minimum of 50% of each employee’s health insurance premiums.

Small businesses with fewer than 50 full-time or full-time equivalent employees, however, are not required by the ACA to provide health insurance in most states. If your business does meet this exception and you still decide to offer group health insurance to your employees, you must offer coverage to all of your full-time employees. While you are not obligated to offer coverage to part-time employees, you must provide insurance for all part-time employees if you offer it to at least one part-time worker.

Get A Quote

Every business is unique, making it all the more important to find a healthcare solution that meets your company’s and employees’ needs.

At KSA Insurance, we work with most major group insurance carriers and are licensed with Blue Cross, Blue Choice, Cigna, United Healthcare, Assurant, and Trustmark. We’ll work closely with you to fully understand your business needs and goals so that we can create a fully personalized group health insurance plan that enhances your employee benefits package.

Contact us today to request a quote and learn more about our other insurance products for employers.

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