Group Health Insurance Florida

in HEALTH INSURANCE

Should I Get Group Health Insurance Florida for my Company?

defined contribution plan

Quality employees with the experience you need report that benefits are very important to them. They often want company-sponsored insurance, and many companies will provide them with coverage to improve employee morale and increase retention levels. There are several options available to you when it’s time to invest in group health insurance Florida for your company, but it’s important to understand the differences between them.

Group Health Insurance Florida

group health insurance florida

With group plans, employers cover at least 50 percent of the premiums to make it more affordable for employees. Coverage is guaranteed to all employees, and there is minimal underwriting required. Rates are locked in for a year at a time, and you can switch to another plan at any time if you find one that is more attractive. However, at least 75 percent of the staff must agree to enroll in the program for the company to be eligible. One great benefit of group health insurance Florida plans are that the premiums are tax deductible to employers and employees can both save money.

Individual Health Insurance Florida

individual health insurance floridaIf the majority of the employees aren’t interested in purchasing health care, then individual plans are still an option for the other employees. individual health insurance florida plans are actually more affordable then group health insurance Florida, but you will have to go through medical underwriting and there is no guarantee that coverage will be granted. Health care reforms mandating guarantee issuance even for individual plans will go into effect on January 1, 2014, but it is unclear how that will affect the health insurance industry. If your team would rather purchase individual health insurance florida, then you may want to consider setting up a defined contribution plan.

Defined Contribution Plan

There are no minimum participation requirements with these contribution plans. Integrated with the payroll system, the plan can be customized to meet the individual needs of your company and employees. The employer would pay a fixed amount towards employee health insurance into the account. The employees then choose the individual health insurance Florida plan they would like to use, and payments are made out of the account. If plan expenses exceed what the employer has paid in, then the difference may be billed directly to the employee. The funds provided to employees through the plan are still tax-deductible for employers, and benefits are received tax free to the employee.

Choice and Effective Health Insurance

Employers appreciate the defined contribution plans because they are effective at controlling expenses. Employees appreciate being able to choose the health care plan that most closely matches their individual needs. It’s becoming a popular option, and it’s especially appealing if you cannot get enough employees to participate to meet the 75 percent threshold for group health insurance Florida plans.

There are several benefits to choosing a defined contribution plan. It’s an excellent alternative if you are unable to get 75 percent of your employees to sign on for group health care. Work closely with an agent to find the best rates and the plans that will perfectly suit your company’s needs. Whether you have a large company or a small one, there are attractive insurance options available to help you keep everyone on the payroll covered.

health insurance options

To get more information about group health insurance Florida, please call today to speak with a licensed insurance agent, 1-888-773-1181.

 

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