Are you a small business

owner with at least two

full-time employees?

Did you know that the money you spend on health insurance for your employees may be tax-deductible? 

When assessing the needs of your business, here are some key points to think about:

  • Understand the terminology when shopping for health insurance.
    • Premiums:
    • Deductibles:
    • Co-pays:
  •  Who will be covered?
    • Yourself
    • Your family
    • Employees
    • Their families
  • How much cost-sharing can you afford?
    • Employers are generally required to cover at least 50% of the monthly Employee premium.
    • Would your employees prefer lower monthly premium and higher deductibles OR higher monthly premiums with lower deductibles?  We can get quotes from several Carriers.
    • Compare the coverage and the cost.

Frequently asked questions about small business health insurance

  • How much does group health insurance cost?
    • The insurance company will assess your group using a number of criteria like size, location of the company and the ages of your employees to determine the final monthly cost for your group health insurance.
  • As part of the Affordable Care Act (ACA), the health of your employees, including pre-existing conditions, no longer impact group health insurance rates.
  • Can I reimburse my employees for the cost of a private insurance plan?
    • Under the Affordable Care Act (ACA), reimbursing employees for private insurance is no longer allowed as of July 1, 2015.
      • This type of arrangement fails to satisfy the market reforms and maybe subject to $100 per day excise tax per employee ($36,500 per year)
  • How does ACA impact small businesses?
    • Under ACA, businesses with fewer than 50 full time employees aren’t required to offer health insurance to their employees and won’t face tax penalties for not doing so.
    • If your business decides to offer employer group health coverage, you must offer insurance to all of your full time employees, generally those working an average of 30 or more hours per week and you are required to have at least 70% of your eligible employees enroll in group health plan your company offers.
    • Employers with 25 or fewer employees with average annual wages of less then $50,000, may be eligible for a special tax credit of up to 50% of the amount the employer contribution.
  • What types of group health insurance plans does Health Coverage Idaho offers?
    • Health Coverage Idaho offers 30+ group health insurance plans throughout Idaho.
    • We, as licensed agents, shop and compare products from multiple insurers to find a solution that’s optimal for each company’s specific needs.
  • Group health insurance plans are categorized as either indemnity plans or managed care plans.
    • With an indemnity plan, you typically have a broader choice of doctors, hospitals and other health care providers.
    • With a managed care plan, you typically have less out of pocket costs and paperwork.
    • Managed care plans now take up a much larger share of the general health insurance market especially in the west part of USA.
    • There are 3 basic types of managed care plans:
      • PPOs (Preferred Provider Organization)
        • ​Definition of a PPO
      • POS (Point of Service)
        • ​​Definition of  POS
      • HMOs (Health Maintenance Organization)
        • ​​Definition of an HMO