Florida Group Health Insurance Blog

While many believe that employee paid group health insurance only has great benefits for employees, it can also have great benefits for employers. Employers can use this benefit as a means of attracting employees.

Having a group health policy available for employees is a great way for employees to build their reputation as an employer of choice. Potential job seekers will more likely be attracted to a company that offers health benefits than one that does not. Employers who choose to offer a benefit package will then be able to attract the top professionals in the field.

In addition, offering group health insurance will help with employee retention. Employees who have benefits are less likely to leave a job that offers good benefits. While some employees may be tempted to leave their job for one that offers higher pay, they would be more likely to stay at a job with lower pay and good benefits rather than taking a higher paying job with little or no benefits.

Another benefit of purchasing group health insurance for employees is that it will help to keep employees healthy. People who have medical insurance will be healthier than those who go without it. They will take the opportunity to engage in preventative health measures, as it will be covered by their benefits. Also, if employees do get sick, they will be able to see a doctor and recover faster than those who are not able to see a doctor for lack of benefits. This means that they will miss less time from work and can be more productive.

Finally, offering employers insurance through a group plan offers businesses opportunities for tax breaks. Under the new health care bill, small businesses are eligible for tax breaks for offering coverage to their employees.

While getting group coverage for employees can be expensive for employers, it will actually pay off in the long run. Contact a licensed insurance agent who can provide your small business with information about group health policies.

To learn more visit: http://www.grouphealthflorida.com

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http://www.healthink.com/florida/newsfromblue/PDF/HealthCareReformKeyHighlights.pdf#zoom=100

Call 1-800-873-5713  Grouphealthflorida.com Floridas #1 Group health agency for a Blue Cross Blue Shield quote in Florida .

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The Internal Revenue Service has come out with guidelines for small commercial and nonprofit employers that want to take advantage of a new health insurance tax break.

The small employer health insurance tax credit guidelines, given in IRS Notice 2010-44, include examples that can help employers and their benefits advisors determine whether the employers are eligible for the tax break, and exactly how much of the new federal health insurance tax credit the employers can claim.

Calculating exactly how small an employer is for tax credit purposes will depend partly on the definition of “full-time equivalent” employee, officials write in the notice.

“In general, employees who perform services for the employer during the taxable year are taken into account in determining the employer’s FTEs, average wages, and premiums paid,” officials write.

But “partners in a business and certain owners are not taken into account as employees,” officials write. “Specifically, sole proprietors, partners in a partnership, shareholders owning more than 2% of an S corporation.

Owners and partners need not count family members or other dependents who are members of their households as employees when they are trying to qualify for the tax credit.

Season workers count toward the FTE total only if they work for an employer on more than 120 days during the taxable year.

IRS officials devote another section to computing workers’ hours.

The IRS issued the notice to implement a new tax law, Section 45R of the Internal Revenue Code, which was added by Section 1421 of the new Patient Protection and Affordable Care Act.

PPACA and a companion act, the Health Care and Education Reconciliation Act, are part of what federal agencies have dubbed the Affordable Care Act.

This year, the new ACA small business tax break will offer small employers a tax credit equal to at least half the cost of single coverage, if the employees earn average wages of less than $50,000 per year.

The tax credit is not available to ordinary government employers, but it is available to small businesses, small tax-exempt employers, and government-affiliated tax-exempt employers that can be described as section 501(c) organizations.

“For tax years 2010 to 2013, the maximum credit is 35% of premiums paid by eligible small business employers and 25% of premiums paid by eligible employers that are tax-exempt organizations,” officials write in a summary of the notice.

Employers with 10 or fewer FTE employees that pay annual average wages of $25,000 or less can qualify for the maximum credit.

Employers with 10 to 25 FTE employees that pay annual wages of $50,000 or less can qualify for a smaller tax credit.

 http://www.irs.gov/pub/irs-drop/n-10-44.pdf

Call 1-800-873-5713 , Grouphealthflorida.com Floridas #1 Group health agency .

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If you own a business and are looking for an affordable group insurance plan that has versatile coverage, then a group point-of-service (POS) plan could be an option for you. POS plans are a form of managed care hybrid plans, and are similar to group HMO plans or group PPO plans.

A basic principle governs POS plans: employees get lower medical costs in exchange for restricting their health care choices. A group POS plan will give your employees the option to decide when, where, and how they receive benefits and will give them control over their out-of-pocket expenses.

Group POS plans operate using a “two-level” benefits system: in-plan and out-of-plan. In-plan refers to the care received from a list of doctors who are in the plan’s pre-approved network. Out-of-plan refers to care received from doctors who have not been pre-approved and are thus not in the network. In-plan care provides employees with savings, while out-of-plan care can provide flexibility and freedom in choosing the right healthcare provider.

Group POS plans are not the right choice for all employers and employees, so employers must carefully weigh the benefits and disadvantages of the plan before making a choice.

Some advantages of group POS plans are:

Employees will not be limited to network care providers.

For in-network care, co-payments will be low and the plan’s deductible will not be applied.

Out-of-pocket costs for employees will be limited.

Employees will have more freedom than members of other managed care plans.

Employees will not need a referral from their primary caregiver for any necessary, emergency services.

Some disadvantages of group POS plans are:

Co-payments for any out-of-network care employees receive will be high.

The plan deductible will be applied to employees’ out-of-network care.

Employees may experience problems getting a referral to a specialist.

If employees are traveling outside of the plan’s network-area or have a dependent living outside of it, benefits will cost more out-of-pocket.

Choosing a group POS plan may be the right choice for your employees. A licensed Florida insurance agent can help you decide if this type of plan is right for your employees.

Bradley Palmer is with Grouphealthflorida.com offering Florida Group Health Insurance. To learn more about group health insurance, visit http://www.grouphealthflorida.com.

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