Anthem Blue Cross Health Insurance

At HealthCoverageQuotes.com we know it can be confusing and frustrating trying to find the right group health insurance plan for your business. Many people may not understand exactly how health insurance works and may not be familiar with health insurance terminology.
 
The best way to help yourself decide which plan is best for your business is to understand the health care needs and financial constraints that you and your employees face. To get started, you and your employees should answer these questions:

• How often do you utilize medical services?
• Will you need coverage for benefits such as prescription drugs, chiropractic care or maternity?
• Is coverage for preventive care checkups important to you or are you more concerned about coverage in case of a major injury or illness?
• What kind of monthly premium can you afford?
• What kind of deductible, if any, are you willing to pay on an annual basis before your coverage begins?
• Is it important to you to be able to see any doctor you want to, or are you willing to work within a provider network or through a primary care physician?

Once you have an understanding of your health care needs and your financial constraints, you'll be more prepared to examine the benefits and costs of the plans offered in your area. For example, you may want to avoid a health insurance plan that offers benefits that you and your employees never use since these unnecessary benefits may translate into higher premiums. If you're looking at a health insurance plan that requires you to use the insurance company's network of doctors and hospitals, you may want to make sure that your current doctor --if you have one-- is on the list and that network facilities are located near your home or office.
 
If you're looking for an answer to a specific question, or if you just want some advice to help you narrow down your options, please contact our Customer Care Center. We have licensed professionals available to help you with just this kind of issue. You can reach a Customer Care representative Mon - Fri, 6AM-5PM PT at 707-578-333. If you prefer, you can also send us an email.

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Group health insurance plans are categorized as either indemnity plans (also known as "traditional indemnity," "fee-for-service," or "FFS" plans) or managed care plans. Indemnity and managed care plans differ in their basic approach. Put broadly, the major differences concern choice of providers, out-of-pocket costs for covered services, and how bills are paid. You will typically have a broader choice of doctors (including specialists, such as cardiologists and surgeons), hospitals, and other health care providers with an indemnity plan while you will typically have less out-of-pocket costs and paperwork with a managed care plan.

Indemnity plans once dominated the American health insurance market, but are no longer as popular as they used to be. They are most common on the east coast. Managed care plans now take up a much larger share of the general health insurance market and are especially dominant in the western parts of the country. There are three basic types of managed care plans: PPOs, HMOs, and POS plans.

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Your company will probably be eligible for a small business plan if it meets the following criteria:

1. Your company consists of at least two full-time owners, officers, partners and/or employees, as verified by officially-filed state quarterly wage and tax statements (e.g., NYS-45 in New York and DE-6 in California) or annual federal tax return documents;
2. Your company is a legitimate business entity (i.e., your company was formed for a purpose other than to obtain insurance), as verified by one of the following documents:
• A business license or fictitious name filing (proprietorships and partnerships);
• Articles of incorporation (corporations); or
• Articles of organization (limited liability company).
3. Your company meets the minimum employer contribution percentage set by the insurance company.

Please note that eligibility criteria may vary among insurance companies and by state. If you have any questions about your company's eligibility for a particular small business plan, please call one of our licensed representatives Mon - Fri, 6AM-5PM PT at 707-578-3333.

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Significant tax advantages may be available to employers who offer group health insurance coverage to their employees. Employers can generally deduct 100% of the health insurance premiums they pay on qualifying group health plans. Providing health insurance coverage to employees as part of a total compensation package may also result in reduced payroll taxes for employers. Additionally, when the employer offers group health coverage, it's possible for an employee's share of the premium to be paid with pre-tax dollars, resulting in tax savings for the employee. Check with your accountant or tax advisor for specific tax benefits for your business and employees.

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Typically, an employer is required to cover 50% of the employee's monthly premium. In these cases, the employee covers the remainder of his or her own premium and then covers the full premium for any of his or her dependants. Minimum employer contribution levels may differ from state to state and from one insurance company to the next. Also, some employers opt to cover a higher percentage of the employee's monthly premium and sometimes a portion of the premium costs for an employee's dependants.

During the application process, you'll be able to indicate how much of your employees' (and their dependents') monthly premiums you would like to cover.

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It's no secret that employees value health insurance benefits. Surveys have shown that workers value health insurance coverage second only to monetary compensation. By offering group health insurance benefits to your employees, you may find it easier to hire and retain the best workers for your company.

As a business owner, you may not have health insurance coverage yourself. Perhaps you've considered shopping for an individual health insurance plan for yourself and your family, but did you know that by obtaining insurance through a company, you may get better rates than through the individual market?

Additionally, there are various tax incentives available to you and your employees when you participate in a group health insurance plan. For example, businesses can generally deduct 100% of the premiums they pay on qualifying group health plans and, by offering group health insurance as part of a total compensation package, you may be able to reduce payroll taxes. Plus, your employees can pay their portion of the monthly insurance premium with pre-tax dollars. Make sure that you take these incentives into consideration when determining the affordability of a health insurance plan for you and your employees.

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