A plan that covers a limited number of people with health insurance.” This is the type of plan that you would generally give as one of your employees’ key perks as an employer. Individual health insurance policies, on the other hand, are available. In this instance, an individual can obtain a personal health insurance policy that covers him or her and their family. These individuals can, however, choose to be covered by their employer’s group health plan instead, provided one is available. Another significant distinction between group and individual health insurance is how an insurer determines your rate. Individual plan premiums are determined by an individual’s or family’s medical history. Because group health insurance covers a much bigger group of people, your premium will be determined by balancing the risk factors of the entire group. Distributing the related risks over the entire group can help cut premiums. There are also various types of group health plans, including fully-insured plans and self-insured plans, also known as self-funded plans. The more typical choice is a fully-insured plan, in which the insurer sets the premium rates for the year, collects the money, and pays claims depending on your plan. A self-insured plan allows a company to manage its own insurance. Self-funding can be riskier for small firms concerned about potential claims losses, but it can save money by removing the extra fees that insurance companies tack on to their premiums. Investing in a stop-loss policy that allows you to review savings and exposure is one approach to safeguard your business from future losses. If you’re interested in learning more, read our article on why self-funded health insurance can be a good fit for your company.

Is it obligatory for me to provide group health insurance?

Depending on your industry, yes and no. The Affordable Care Act (ACA) makes it mandatory for all Americans to obtain health insurance and penalizes those who do not. Small enterprises with fewer than 50 full-time equivalent employees, on the other hand, aren’t compelled to offer health insurance to their workers. Nonetheless, it might be a good idea to do so.

If I offer group health insurance, what are my responsibilities?

If you do offer group health insurance to your employees, you’ll have to abide by a few standards set down by the Affordable Care Act. To begin with, if you offer a group health insurance plan to your full-time employees, you must make it available to each and every one of them. You can’t pick and choose who receives insurance and who doesn’t, and you can’t refuse coverage to employees who have previous diseases. You have the option of providing coverage to part-time employees as well. Remember that your employees have the option of extending their benefits to their families.

Managing Your Company’s Group Health Insurance

Even if you understand the essentials, managing your group’s health insurance coverage while dealing with escalating costs can be difficult. A Professional Employer Organization can give you the knowledge and buying power to provide high-quality insurance to your employees, as well as cost-cutting and cost-prevention techniques to reduce those high premiums. Contact us today to speak with one of our experts about how we can assist you in providing your employees with a high-quality healthcare plan.

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Just wanted to say, finding Ray Molina was a God send. I was referred to Ray Molina from another representative who was helping me try putting together the pieces of a huge puzzle to help my aging mom and aunt get the best medical care and coverage out there. This was the hardest year for me. Finding someone who really cares and can help guide you in the right direction is a miracle. Ray Molina’s knowledge and sincere ability to direct you to all the different areas in the medical insurance industry has been incredible to say the least. He follows up and takes the stress and anxiety away from trying to make sense of the system. He always finds the answers and if he does not know he will do the necessary research. He follows up with you and leads you in the right direction. Taking care of two elderly women who have so many health issues is very overwhelming to say the least, having Ray by my side has taken so much of the burden off my shoulders. I could not have made it without him. He knows where I was coming from. Having elderly parents himself who need his care and guidance put him in a position to excel in this industry. I have the greatest respect for you Ray, and I can only say Thank you from the bottom of my heart. God Bless you. A true professional with a big heart.
I wanted to thank Ray Molina for the great work he did for me. Ray helped me work with and understand the process of applying for Medicaid and short- and long-term homecare. Ray also enrolled me in a great Medicare plan that provided many needed benefits. Ray was always available during this four-month process. I am very grateful for his help, patience, and thorough understanding of the health system. I would recommend Ray to anyone in need of insurance plans and services
I was very happy with the insurance work Ray Molina did for my husband and me. You were very accommodating and knowledgeable. Your expertise in this area was greatly appreciated. Most appreciated was your help in getting us to the right people for my husband’s short term home needs. This process was very confusing and difficult. Having you on our side made a big difference. We will recommend you to anyone who needs similar services. Thank you
My partner and I had very little knowledge about the different types of insurances but knew that it would be responsible of us to at least explore the available options. Ray is the most patient broker we have ever met. No question was too simple, and no length of time was too long for Ray to guide us through the process of what was best for us. Ray even went above and beyond the purpose of our business to find us someone to file our complicated taxes and provided us with recommendations on personal financing/budgeting. We highly recommend Ray not only because he is patient, but because he is knowledgeable about his field and sincerely honest.
I would like to start by saying Thank You Ray. Mission accomplished! It seems what I anticipated taking me weeks or maybe a month or two you did in days. Having a full-time family with young children and two very senior parents who still bank with a paper bank book is no small feat. My parents were not in the correct Medicare plan, and it was negatively affecting them financially. I knew I had act on their behalf and transition into a plan better suited for them. I quickly became overwhelmed and stressed. My brother recommended I call Ray Molina who was referred by a friend. I explained my situation and he quickly related to my dilemma having elderly parents himself. He requested a list of basic information to get started and within a few follow up calls and emails he was able navigate through the systems and networks and produce a positive Medicare plan viable for my parent’s needs. They went from negative to positive like the Notorious B.I.G. (Juicy) song lyric. Picture Ray as a Master Carpenter and you provide him the wood, nails, and screws, and he’ll build you a beautiful house because he has the tools and knowledge. I highly recommend him, 5 Stars!
I wanted to express my complete satisfaction with Ray and his team for helping me understand all the different insurance options, I have spoken to many insurance companies, and they all just wanted to sell me a policy. Ray took the time to explain the differences between one type of policy and the other. Most importantly he wanted to know what was important to me and my family.I was able to select a policy that met my present need, but also allowed me future options. Ray is honest and very reliable. Thank you
I met Ray Molina more than 20 years ago when he was the representative assigned by the company, he worked with to take care of the needs of our organization. From the very beginning, Ray demonstrated his unique qualities, understanding our needs and always prioritizing them to provide the best solution. Over the years he proved his dedication responsibility, trustworthiness, and reliability; no matter how hard the request, or the urgency of it, Ray always came through. Those are the reasons why we always kept Ray as a partner, even when there where changes in the company he was working with. Years have gone by and now, when I learned that Ray had started new endeavors in the financial and insurance industries, this time as an individual, I looked to have him as a partner to guide me and recommend solutions that best fit my needs in these fields. As expected, Ray showed once again all his qualities with excellent results for me; I am extremely grateful for having him “in my corner”