Posted on: December 9th, 2015 by | No Comments

Millhiser Smith wants to help answer all of your health insurance questions.  Continue reading for more information about health insurance for businesses.

 

Should I provide group health insurance to my employees?

Offering group health insurance and benefits to employees is valuable to companies looking to hire and retain quality employees. Insurance coverage is an important factor that many job searchers take into consideration while they research and apply at different companies. Offering group health insurance can create an economical advantage over individual insurance. For a business owner choosing to purchase insurance through the company rather than individually this can create a great way to save money.

Tax incentives also exit for small businesses that participate in group insurance plans. These tax breaks allow small businesses to pay a smaller payroll tax as employees can pay premiums with pretax dollars. Small business often can deduct the premium as a business expense.

 

Does my company qualify for group health insurance?

Most insurance companies allow group policies for any business with two or more owners, employees, or partners. Contact Millhiser Smith if you have questions about whether or not your small business in Iowa qualifies for group health insurance.

 

How can I determine the best group health insurance plan for my business and employees?

There has never been a more important time to have the advice and service of a dedicated health and benefit specialist. As the market becomes increasingly complicated, employers are challenged by rising rates and employee requests for coverage. Knowing what type of medical services are available, whether prescription drugs are covered, and the types of coverage your employees need, will help you as a business owner make a purchasing decision.

 

What is the difference between a PPO and a HMO plan?

A PPO plan is a national network of hospital and doctors. It can best be described as a go anywhere you want anytime you want for coverage plan.

An HMO is a local network of hospitals and doctors. The plan requires naming a primary care physician to coordinate your preventative care.

 

What determines the rate I pay for health insurance for my small business?

The Affordable Care Act has directly impacted how health insurance premiums are determined. However, items like the location of your business, number of individuals employed, the type of insurance coverage, and the age of the employees do affect the rates.