Find Best Small Group Health Insurance for Your Business

1
FIND BEST SMALL GROUP HEALTH INSURANCE FOR YOUR
BUSINESS.
2
INDEX

• Find best small group health insurance for your
  business.
• Find out if your small business qualifies for a
  group plan
• Understand who youre providing insurance to
• Know what small group health insurance costs your
  business
• Compare group health insurance options
• Find the best carrier for your group health
  insurance needs

3
FIND BEST SMALL GROUP HEALTH INSURANCE FOR YOUR
BUSINESS.
4
FIND BEST SMALL GROUP HEALTH INSURANCE FOR YOUR
BUSINESS.
As a small business owner, you probably
understand the benefits a small business health
insurance plan can provide your company,
employees, and even your own family. However,
deciding which type of insurance coverage to get
can be confusing. The Independent Benefit
Advisors is here to simplify that process for
you. This guide provides the steps to select the
best group health insurance plan for your
specific business needs.
5
FIND OUT IF YOUR SMALL BUSINESS QUALIFIES FOR A
GROUP PLAN
The criteria to qualify for small group insurance
may vary slightly by state, but most states
follow federal rules. Federal rules consider a
small business eligible for group health
insurance if it has 1) 15 or more employees
(including the owner) 2) Less than 50 employees
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UNDERSTAND WHO YOURE PROVIDING INSURANCE TO
Typically, you need to offer health insurance to
all full-time employees. You might not need to
offer your plan to part-time employees or
contract workers. However, some companies offer
group coverage to part-time employees to help
them qualify for group health insurance and in
some cases, for better rates.
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KNOW WHAT SMALL GROUP HEALTH INSURANCE COSTS YOUR
BUSINESS
Understanding if your business can afford group
health insurance is another important
prerequisite that you should calculate ahead of
time. Independent Benefit Advisors recent study
found that the approximately average cost per
person for small group insurance was about 425
per month.
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COMPARE GROUP HEALTH INSURANCE OPTIONS

• What is an HMO plan?
• What is a PPO plan?
• What is an EPO plan?
• What is a POS plan?
• What is an HMO plan?
• What is an HDHP plan?

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WHAT IS AN HMO PLAN?
HMO stands for health maintenance organizations
and makes up 16 percent of health plans. It is
known for its lower premiums and restricted
network of doctors and hospitals, which means you
sacrifice flexibility for lower upfront
costs. What kind of person should choose an HMO
Someone who wants to pay as little as possible in
premiums and not have to face high deductibles.
An HMO could be a good option if you have a PCP
and your other health care providers are already
in the HMO.
10
WHAT IS A PPO PLAN?
PPO stands for preferred provider organizations.
Premiums and deductibles are usually much higher
for a PPO compared to an HMO, but that comes with
greater flexibility. What kind of person should
choose a PPO plan Someone who utilizes health
care regularly and sees specialists or wants to
have the option to see a specialist without
getting a referral.
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WHAT IS AN HSA PLAN?
EPO stands for an exclusive provider organization
and is a managed care plan that requires you to
go to doctors and hospitals in the plans
network. What kind of person should opt for an
EPO Someone who doesnt mind having a limited
number of doctors and facilities and would rather
not have to get a referral to see a specialist.
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WHAT IS A POS PLAN?
POS stands for point of service plan and makes up
only 6 percent of health plans. POS plans are a
hybrid of PPO and HMOs. In fact, the point of
service means that the health care consumer gets
to choose whether to use HMO or PPO services each
time you see a provider. What kind of person
should opt for a POS Someone who likes being
able to go out of network for care, but also
wants a PCP coordinating your care.
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WHAT IS AN HMO PLAN?
HMO stands for health maintenance organizations
and makes up 16 percent of health plans. It is
known for its lower premiums and restricted
network of doctors and hospitals, which means you
sacrifice flexibility for lower upfront
costs. What kind of person should choose an HMO
Someone who wants to pay as little as possible in
premiums and not have to face high deductibles.
An HMO could be a good option if you have a PCP
and your other health care providers are already
in the HMO.
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WHAT IS AN HDHP PLAN?
HDHP stands for the high-deductible health plan.
HDHPs have grown in popularity as more employers
have started to offer the plans as a way to
contain health care costs. What kind of person
should opt for an HDHP Someone who is healthy
and doesnt expect to use many health care
services within the next year. You want the
cheapest premiums and dont mind having to pay a
high deductible if you need a lot of care.
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FIND THE BEST CARRIER FOR YOUR GROUP HEALTH
INSURANCE NEEDS
After youve selected what kind of plan you want,
its time to look at carriers. Independent
Benefit Advisors works with the following
top-ranked health insurance companies offering
small business health insurance plans in NC.
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The Independent Benefit Advisors
Address 1121 Pemberton Hill Rd Apex, NC
27502 Phone [phone] Toll Free (888)
303-9690 Fax [phone] Email ID
john_at_thebenefitadvisors.com Website
Thebenefitadvisors.com Content Source
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usiness/the-complete-guide-to-selecting-the-best-s
mall-business-health-insurance-plan
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