Finding group health insurance a small company question

good luck

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How does one go about finding a health insurance plan for about fifty people?

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contact a group health insurance agent

As others said, get an insurance broker involved and let them do all the work for you

Mr. Happy, this is what I do for a living if you would like to discuss. If so, provide me with an email address and I will provide more information. Thank you.

Same as Tigeforever, this is what I do for a living. Happy to review with you if your’re looking to discuss the process and options.

Go self funded and get in a Captive with lasers and re-insurance for claims above $50K. "Force" everyone onto HDHP with the HSA option. We switched from BCBS to this and we've saved a ton of money over the last 8 years.

What is your Email, I can help.

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Our health insurance plan at work isn't great and the owner said that he'd be open to using someone different if there were better options.

How does one go about finding a health insurance plan for about fifty people?

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Find a broker that has experience with group plans. Don't just find any broker. This is VERY important because there are some reporting requirements that can get you sideways with the IRS if you don't comply. That is why it is important to have an experienced broker in this respect. I'd also call your CPA to make absolutely sure you understand how your plan is administered, etc.

The next step is that they will ask for a census of your employees, and then they will generate quotes based on all of that.

Here's the kicker though, they will base their pricing on a minimum number of participants. And with Obamacare, your contribution amount is a weird calculus, but if you're like me, I contribute 80% of the employee's plan and 65% for dependents, so it is well above the minimum contribution requirements for the ACA.

Once you have your plan in effect, it's just an annual renewal thing from that point on.

I will say being an employer has probably made me more cynical about the health care system thank probably anything else.

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Here's the kicker though, they will base their pricing on a minimum number of participants. And with Obamacare, your contribution amount is a weird calculus, but if you're like me, I contribute 80% of the employee's plan and 65% for dependents, so it is well above the minimum contribution requirements for the ACA.

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Participation requirement rates vary by state. Most common is 2/3 of the eligible employees. The OP's group probably won't need to worry about this requirement but with smaller groups this issue can be avoided by using the "Employee Carve Out" provision. This allows lower income employees to obtain a federal premium subsidy to cover most if not all of their health insurance premiums as well as possibly qualifying for "federal cost sharing adjustments (CSR's)" which will reduce or almost remove the insurance plan's out of pocket costs aka deductibles, co-pays etc. This is definitely a good thing for both the employee and employer. As far as employer premium contribution requirements it also varies slightly by state but normally its 50% of only the employees premiums so your company is being very generous.

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Same as Tigeforever, this is what I do for a living. Happy to review with you if your’re looking to discuss the process and options.

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PurpleCrewe vs. tigerforever7