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.
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.
Click Here to learn more about self-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.
Click Here to learn more about level-funding.
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.
Click Here for more information on MEC plans.
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.
Click Here for more information on HSA's.
Reasons to Purchase Group Coverage