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Medical Insurance
Unlike individual insurance which has an open enrollment period each year, businesses can change or apply for employee group medical coverage any time during the year and do not have to wait for open enrollment. Reed Insurance Group can provide quotes and help you find affordable and creative options for your employees' health coverage.
Group coverage has a number of benefits. Besides offering access to affordable health services, group coverage retains valuable employees and is a tax deductible expense. With group insurance, your broker is always there to help you and your employees with any billing, enrollment or claims issues, and offer Human Resources assistance.
Reed Insurance Group provides broker services to a wide variety of business professionals and industries.
As your broker, we have access to all the different carriers, and will negotiate the best rates possible for you and your employees.
Medical Options:
Fully Insured Medical:
Fully insured medical is the most traditional way to structure an employer-sponsored health plan. The company pays a fixed premium to the insurance carrier, and the carrier pays all the employee's claims based on their insurance policy.
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Self-Funded Medical:
With a self-funded health plan, employers operate their own health plan as opposed to purchasing a fully-insured plan from a carrier. With self funding there is the potential for savings because premiums are lower, however, there is greater risk if claims exceed what is expected.
To limit the risk, employers purchase stop-loss insurance which reimburses the employer for claims that exceed a predetermined amount.
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Level Funding:
Level funding is basically self-funded insurance with the stop-loss built into the plan. Level funding allows the Employer to benefit from the advantages of self-funding with level monthly premiums without the risk of paying anything more no matter what the claims are. With level funding, the Employer could possibly receive a refund in premiums paid if claims are less than projected and what the premiums are based on.
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Minimum Essential Coverage Plans:
MEC Plans were designed for employers with a large number of low-wage employees. MEC plans offer some of the same benefits as a major medical plan with limited or no hospitalization coverage, and the price is a fraction of the cost of a major medical policy.
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Telemedicine:
Telemedicine offers employees 24/7/365 access to physicians by phone or video chat without having to leave their home or office. Telemedicine is extremely low-cost and saves the Employer and Employee time and money.
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Health Savings Accounts:
Health Savings Accounts are used by Employers along with a qualifying High Deductible Health Plan. The Employer and Employee can contribute to the employee's health savings account pre-tax and the employee can use the funds to cover copays, deductibles, etc.
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Health Reimbursement Accounts:
Health Reimbursement Accounts are set up and maintained by the Employer to reimburse employees for certain out of pocket medical expenses up to a specified amount.
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Flexible Spending Accounts:
Flexible Spending Accounts are pre-tax dollars in an amount the employee chooses set aside to reimburse the employee for out of pocket medical expenses throughout the year.
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Reasons to Purchase Group Coverage
Better Access to Care
People who have health coverage are in a better position to obtain medical care, including preventive services that may help avoid more serious health problems down the road. Having health coverage encourages people to actively maintain their health and improves their access to services that may otherwise be unaffordable.
Manageable Costs and Financial Security
Besides the health benefits that come with improved access to care, health coverage also ensures that the costs for services will be manageable. People with health coverage are protected financially from burdensome debts arising from major illnesses or injuries. The need for medical services often arises unexpectedly, and the costs typically exceed what most people can afford to pay.
Tax Benefits for Your Business and Employees
Generally speaking, any expenses an employer incurs related to health insurance (for employees or for dependents) are 100% tax-deductible as ordinary business expenses, on both state and federal income taxes. It is also possible to provide tax savings to employees through pre-tax plans such as Premium Only Plans and Flexible Spending Accounts.
Better Employee Recruitment and Retention
Businesses that offer group medical coverage have better employee retention with several advantages:
Having group medical coverage may:
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Lower your hiring costs. Seeking, hiring, and training new employees takes time and costs money. Having insurance helps you to recruit and retain talented employees.
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Reduce absenteeism and decrease risks associated with poor health. Healthy, productive employees increase the productivity and health of the company.