Group Health Insurance
What is Group Health Insurance?
Group health insurance is a single health insurance policy covering a group of people. This plan is generally bought by an employer and offered to eligible employees (and sometimes their dependents). Offering the right health insurance benefits for your employees can be a challenge. You want to provide them with the best possible plan, but it must also be cost efficient for your business.
Our brokers will even help you source plans for groups, allowing you to split the costs of premiums among your employees. With the ever-changing health insurance in today’s market, we’re constantly staying up to date with the latest developments that will affect the coverage you expect as well as the overall cost impact.
Some additional health insurance options AIB can assist you with include:
HMO (health maintenance organization): HMOs offer health care for a set number of services in a certain geographic area (meaning participants have to stay inside the network for treatment). The premium is typically affordable and there are rarely deductibles. Copays are minimal.
PPO (preferred provider organization): PPOs typically offer more in-network options as well as some limited out-of-network options. Usually, a group of hospitals and providers negotiate contracts and fees with employers, insurers, etc., so they can offer health care to a certain group of people.
Cafeteria Plans: Cafeteria plans allow individual employees to decide exactly where they’d like their healthcare benefits to go. The plan offers a “menu” of benefits from which your employees can choose. The benefits are paid using pre-tax dollars from your employee’s paychecks, saving them money while also minimizing your payroll taxes.
Health Savings Accounts: To qualify for an HSA, an employee needs to be enrolled in a high deductible health plan—usually an individual PPO plan. With the purchase of insurance (from a PPO or HMO), an employee can choose to put the money taken out of their paycheck every month (typically low premium) into a savings account. The best part? It’s tax-free!
Long Term Care: LTC covers long-term services and support, such as personal and custodial care in a variety of settings such as your home, a community organization, or other facility. Long-term care insurance covers out-of-pocket expenses excluded under medical or disability insurance policies. AIB has relationships with the major players in this specialized market, and we’re happy to help you choose what’s best for you and your employees.
AIB has the same goal as you: to find an affordable group health insurance plan for your business that gives your valued employees the medical care coverage they deserve. As top-rated brokers in Florida, we proudly offer group health insurance benefits to businesses throughout the state. Let’s get started!