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Large Employer Group Health Plans

Medium and large employers are required by the federal Affordable Care Act to offer health insurance to their employees. Under this rule, employers with 50 or more full-time or full time equivalent employees must offer health insurance or coverage. 

Large employer group health plans are often more affordable than small business health insurance plans because large companies have more negotiating power with the insurance companies. If you are the owner or administrator of a large company that needs to update its health insurance plan, Proinsurance Hawaii can help you find an appropriate plan. 

But before you call, keep reading to learn more about group health plans for large employers.

Group Health Coverage Is Required

If your company takes on more than 50 employees, you will be required to provide them with health insurance options. That doesn’t mean you have to choose a plan that is out of your reach. An insurance agent can help you navigate the health insurance marketplace to find a reasonably priced plan that offers your employees the benefits they need. If you choose not to provide your large company’s employees with health insurance coverage, your business may be subject to penalties.

Small Employer Insurance Plans vs. Large Employer Plans

Small employers have less employees, therefore there are less people who will potentially enroll in their group health policy. This makes the plan more expensive for each individual, because the risk is spread amongst fewer people. By that logic, you can assume that large employer plans will have lower costs than small business plans. 

The larger your company, the better you will be able to negotiate a deal with the insurance company. Keep in mind that a team of insurance agents can be essential in the negotiation process, so contact Proinsurance Hawaii to get help finding the optimal plan.

Large Employer Plan Tax Rules

In regard to tax costs, large employer insurance plans are a win-win for both employers and employees. On the employer’s side, their contribution to their employees insurance premiums are tax deductible. For employees, there is the benefit of premium payments being made using pre-tax income.

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Qualifying For Large Group Health Insurance Plans

People prefer large group health plans because they offer the same benefits as smaller plans, but at a lower cost. However, some businesses are not eligible for large group health plans. You can only buy a large group health plan if you have 51 or more full-time equivalent employees, though, some states have an even higher threshold of 100 employees. If your business has part-time employees, there is a different formula for determining who is eligible for large group coverage.

Cost For Large Group Health Plans

If you are looking for a large employer group health plan, the knowledgeable agents at Proinsurance Hawaii can help you find qualifying coverage. We will assess your business needs and direct you to the ideal plan for your company. Just give us a call at 808-735-0106 to get started with a free quote.