Small/Large Group Health Insurance

Offering group health insurance can provide many benefits for both employers and employees. For employers, it can help attract and retain top talent by offering competitive benefits packages. It also helps improve employee morale and productivity, as employees are more likely to feel valued and cared for by their employer when they have access to health insurance.

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In addition, group health insurance plans are typically more affordable than individual plans, as the risk is spread out among a larger group of people. This can also help employers save money on taxes, as contributions to employee health insurance premiums are typically tax-deductible.

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For employees, group health insurance provides access to affordable health care coverage, which can help them avoid financial burdens associated with unexpected medical expenses. It also provides a sense of security, knowing that they have access to medical care when needed.

Fully Insured Medical

Fully insured group medical health insurance is a type of health insurance plan in which an employer contracts with an insurance carrier to provide health coverage to their employees. The insurance carrier assumes the financial risk for the medical claims and sets the premiums based on the health status of the group as a whole, rather than on individual claims experience. In this type of plan, the employer pays a fixed premium to the insurance carrier, and the insurance carrier assumes the responsibility for processing and paying claims. Fully insured group medical health insurance plans typically offer a range of benefits and coverage options, including medical and prescription drug coverage. The employer and employees share the cost of the premium, and employees may also be responsible for deductibles, copayments, and coinsurance as specified in the plan.

Level-Funded Medical

Level-funded group medical health insurance is a type of group health insurance that combines features of traditional fully-insured plans and self-funded plans. It is a hybrid approach that allows employers to take advantage of the cost savings and flexibility of self-funded plans while also having some of the protections and predictability of fully-insured plans.

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Under a level-funded plan, the employer pays a fixed premium amount each month to the insurance carrier, which is based on the expected healthcare costs of the group. This premium amount is typically lower than a fully-insured plan premium because the employer is taking on some of the risk for covering the healthcare costs of the group.

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The insurance carrier then sets aside a portion of the premium in a reserve account, which is used to pay for any claims that arise during the year. If the claims costs are lower than expected, the employer can receive a refund of some or all of the unused funds at the end of the year.

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However, if the claims costs are higher than expected, the employer may be responsible for covering the additional costs. To protect against this risk, most level-funded plans include stop-loss insurance, which limits the amount the employer has to pay out of pocket for claims.

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Level-funded plans are typically offered to groups with at least 10 employees and are becoming increasingly popular among small and mid-size employers looking for more cost-effective healthcare options.

Dental & Vision

Group dental and vision coverage can provide several benefits for both employers and employees. Here are some of the benefits:

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1. Attract and retain employees: Offering dental and vision coverage as part of a benefits package can help attract and retain employees. Many job seekers consider employee benefits, including dental and vision insurance, when evaluating job offers.

2. Improved overall health: Regular dental and vision checkups can help detect and prevent health issues, such as gum disease and eye problems. Early detection and treatment of health issues can improve overall health and wellness, leading to increased productivity and fewer sick days.

3. Cost savings: Group dental and vision plans typically offer lower premiums than individual plans, and the employer can often negotiate lower rates for their employees. Additionally, routine dental and vision care can help prevent more costly and serious health issues down the road.

4. Convenience: Group dental and vision plans are often more convenient for employees, as they can easily access care from a network of providers and have a simplified billing process.