Today’s marketplace has many competing insurance companies. The pool of customers is finite, so competition is active in the market.
The Affordable Care Act (ACA) changed the way many individuals approach health insurance. Whether it helped the uninsured find health insurance or changed the way an existing plan function, the ACA changed the insurance market.
The demand for proper medical insurance is rising for many reasons:
But individual insurance plans are often not affordable.
And for individuals with preexisting conditions, finding an affordable insurance plan is near impossible.
Many insurance providers have started offering cheap plans through the state and federal exchanges as required by the ACA. These insurance plans are not sustainable at competitive rates, so these companies end up withdrawing from the exchanges or raising their prices.
This leaves many Americans without adequate coverage for their ongoing needs and potential medical issues.
Established insurance providers are not always reliable over the long-term. As an employer, you are looking to set up a large group health insurance plan that your beneficiaries can rely on.
The best option today is to get help from an independent agency like Taylor Benefits Insurance. We can help you build a plan that suits your needs, including things like:
Our goal is to reduce your out of pocket costs by working with you to build the right plan. We know that insurance isn’t one-size-fits-all. That’s why we take the time to get it right.
A large group health insurance plan is an insurance plan that covers a group of over 50 people for large businesses or small.
There is no legal maximum number of group members when it comes to large group health insurance plans. Whether you run a local business, or you run a Fortune 500 firm, you can find group insurance that will cover your employees.
Recipients of insurance with specific health care needs may prefer an individual insurance plan to be tailored to their needs.
But keep this in mind.
Group health insurance plans are easy to work with and provide coverage for all recipients. Every person covered by the policy receives the same benefits, so individuals are processed quickly and efficiently.
You don’t have to worry about getting denied coverage because you have a specific condition.
Group health insurance is the best option if you are running a large business with at least 50 employees. A large plan is a good deal and keeps your insurance costs down by providing you with a bulk discount for your plan.
Another great use for a large group health insurance plan is for student health insurance. Group health insurance is ideally suited to large groups of individuals that can’t afford individual health insurance. Employee and student health care is best taken care of with a group health insurance plan.
Do you have questions about group health insurance plans and what Taylor Benefits Insurance can do for you?
There are several types of group health insurance plans that you can choose from. Each of them have unique pros and cons based on the coverage you require for you and your employees.
Group health insurance provides a streamlined way to link all of your employees with the same benefits. It’s perfect for a business with many employees, each of which needs to be insured.
The modern insurance market keeps insurance companies always on the lookout for new customers. Insurance providers are happy to give generous discounts off their standard rates for group health insurance since they are getting a lot of guaranteed business over the terms of a contract.
Group health insurance is a good deal for employees, but how much does it cost an employer? Most states mandate health insurance for employees, so taking care of your employees is in your interest.
The average group insurance premium for each employee is between $1,500 to $4,000 per employee. But you can split these costs with your employee based on the percentage of the monthly premium that they pay.
Costs are split the cost for your employees’ group insurance premiums between you and each employee. Both you and your employee will save money when you implement a group health insurance plan.
Employers will pay between 70 and 90 percent of the group health insurance premium, depending on what the employee can afford. There are also subsidies available for employees who can’t pay for their healthcare by themselves.
Employees that want to opt into your group health insurance plan but can’t afford it themselves can still enroll. The government provides subsidies and financial assistance to individuals who are below a certain level of poverty.
These subsidies apply to a group health insurance plan just as much as to an individual plan. The ACA requires that everyone have some level of health insurance. Government grants have been put into place precisely for this exact reason.
If your group is large enough, the insurance plan will provide complete coverage to all of the insured at a competitive price.
Typical health care coverage varies when it comes to large group health insurance plans. Most plans will cover the basics, like life insurance and disability coverage, and may provide various coverage options based on your group’s specific needs.
It isn’t easy to find affordable health insurance plans that also cover all the health benefits and coverage that you need. Independent insurance agencies are most capable of providing you with the insurance policy you need. They can offer you large group health insurance plans you will not find anywhere else.
Since the passage of Obamacare, or the Affordable Care Act (ACA), you are entitled to essential health benefits in your group health insurance plans. The Affordable Care Act covers most basic medical necessities, but not all. It’s essential to be informed about what services you need your insurance policy to cover.
The benefits that the Affordable Care Act provides include:
Getting caught out of network can drastically increase insurance costs for beneficiaries. The people relying on your group health insurance might end up having to pay out of pocket costs. Uninsured services can cost your employees tens of thousands of dollars.
Taylor Benefits Insurance offers centralized access to all of the most significant insurance networks on the market.
Your plan members can’t always control where or when an injury occurs. The most important thing is receiving essential medical care during an emergency. But sometimes that means you get treated out of your network.
We make sure that your employees are covered by an insurance network no matter where they happen to be.
Different insurers specialize in various types of insurance. Some companies may offer excellent dental insurance, while others specialize in handling major life events. Which is the right company for you and your employees?
The answer to this question depends on what you need. Most insurers are primarily interested in closing a deal, so you might not be able to rely on their information. That’s why it’s best to have an insurance broker choose your health insurance company for you.
Taylor Benefits Insurance connects you with several of the largest insurance providers in the country. No matter what happens, you can always rely on us to negotiate you a favorable deal on your group insurance plans.
As your insurance broker, we take care of all the details for you, leaving you with more time to focus on running your business. With our full range of insurance providers, you can be sure you’re getting the best deal on the market.
The market for health insurance is a complex matter for consumers. With so many providers competing for the same clientele, it can be challenging to find a company that serves your own needs well enough.
Here’s a breakdown of some of the most popular health insurance providers out there, including their advantages and drawbacks.
Kaiser Permanente is one of the largest provider network options for group coverage. As of 2018, Kaiser Permanente provided health insurance coverage to more than 12.2 million health plan members. It also has more than 690 medical facilities spread throughout the United States for managed care services, preventive care and more.
An experienced company for group coverage, Kaiser boasts over 12 million members and 690 medical facilities around the country.
United Healthcare provides group coverage to a huge number of Americans. It offers everything from basic health coverage to prescription drug coverage, eHealth services, HSA (health savings account)-eligible plans and more. It has more than 115 million customers across the world, mostly located in the United States, and has many group plan options available for customers.
This insurance company serves over 115 million clients worldwide, though most of them live in the United States. It offers group options as well.
Aetna is a very popular provider of business health insurance. It’s a subsidiary of CVS health, and offers a wide variety of plans including health insurance for employees and dependents, dental benefits, vision insurance Medicare plans and more. There are also options to compare plans and find a plan with tax credits and subsidy benefits, thanks to health care reform.
A popular and long-standing healthcare solution for businesses wanting coverage for their employees, Aetna serves as a subsidiary of CVS health.
Health Care Services Corporation is based in Illinois, but you can get a quote anywhere in the United States. It has more than 15.3 million members, with a wide variety of copay options and different group health insurance plans to fit organizations of any size, including indemnity health insurance plans. Get a summary of benefits and a quote now to learn more.
The HCSC, operating from Illinois, provides insurance to customers all around the nation. The company gives varied options to over 15 million members.
With an Anthem ID card, you can get medical care just about anywhere. Anthem is of the largest group health providers in the United States, and it’s part of the Blue Cross Blue Shield alliance, with more than 40 million members in the US alone. With a huge variety of group insurance options, Anthem is a good choice for companies of all sizes.
Anthem is a member of the Blue Cross Blue Shield alliance, meaning that clients can receive care from many hospitals around the country. Businesses of all sizes can benefit from this solution.
Based in Pennsylvania and Connecticut, Cigna provides medical insurance, dental, disability, life and accident insurance. It has more than 86 million customers worldwide, and more than 37,000 employees. With a wide variety of group plans available, you can easily find one that meets the needs of your organization.
The coverage Cigna provides runs in compliance with the Affordable Care Act, and the business’s offerings range from global coverage to dental plans.
With more than 2.8 million policyholders, Blue Cross Blue Shield of Massachusetts is the largest single health care provider in Massachusetts. It’s a non-profit, and the majority of its customers are subscribed through group plans, though health care reform has made some individual plans available.
The largest provider in its titular state, this company is a non-profit organization serving approximately 3 million Americans. It specializes in group plans, but some individual ones are accessible as well.
Blue Shield of California covers more than 4 million members in California, and is one of the largest insurers in the state. It works with nearly 65,000 physicians across the state, providing it with a very large and extensive network for California residents, and it works with more than 340 hospitals. It offers a wide variety of group health plans.
Over 4 million policyholders use Blue Shield of California and have access to 65,000 physicians and 340 hospitals.
Blue Cross Blue Shield of Michigan is one of the largest state insurance companies in Michigan, and offers group plans, individual plans, Medicare and Medicaid plans, and more. It has more than 900,000 members and works with more than 6,000 doctors in the state of Michigan, making it a top choice for health care coverage in this state.
Blue Cross Blue Shield is the top choice for Michigan clients, with over 900,000 members and 6,000 doctors on board throughout the state.
Highmark is a not-for-profit healthcare company based in Pittsburgh, and it primarily serves Western Pennsylvania, as well as some in Delaware and West Virginia, with a total of 4.5 million members. It offers individual plans as well as group plans.
Highmark is a non-profit operating in Pittsburgh. It’s a relatively small company serving 4.5 million clients across Pennsylvania, West Virginia, and Delaware.
One of the largest Blue Cross and Blue Shield affiliates, Blue Cross And Blue Shield Of Florida has more than 4.2 million members, providing it with a market share of nearly 30% in the state. It offers large group plans, as well as individual, Medicare and Medicaid plans.
Florida’s division of Blue Cross Blue Shield is one of the alliance’s largest. 4.2 million clients make up 30% of the insurance market in the state.
Based in Philadelphia, PA, Independence Blue Cross serves more than 2 million members in Pennsylvania and more than 7 million people nationwide, and it works with more than 160 area hospitals and 42,000 physicians in its network. It also has a number of subsidiary insurers.
42,000 physicians and 160 hospitals make up the network of Philadelphia’s Independence Blue Cross. The company serves 9 million policyholders, a decent percentage of whom come from Pennsylvania.
lue Cross And Blue Shield Of Kansas has been operating for more than 75 years, and covers more than 925,000 people in Kansas with large group coverage, individual plans under health care reform, Medicare and Medicaid and more. It serves all of Kansas except for Johnson and Wyandotte counties.
Blue Cross Blue Shield of Kansas is a well-experienced organization, having served for over 75 years. It currently has 925,000 users in its state.
Harvard Pilgrim Health Care is based in Massachusetts and was founded in 1994. It offers large group health insurance plans. Harvard Pilgrim Health Care is a not-for-profit company that serves more than 2.4 million members in New England including Maine, Connecticut, New
Hampshire, Massachusetts, and Rhode Island, making it one of the largest insurers in the area.
Known for its large group insurance coverage, Harvard Pilgrim is another non-profit organization with 2.4 million members. It’s most active in the New England area.
Based in Missouri, Centene Corporation provides Medicaid insurance, ACA health insurance marketplace coverage, large group plans, Tricare and Medicare. It has more than 15 million enrolled members, and is one of the largest providers of Medicare in the United States, but also offers traditional commercial insurance for companies.
From the standard commercial insurance for businesses to plans for individuals, Missouri’s Centene’s 15 million member count makes it one of the largest Medicare providers in the nation.
Humana has over 13 million customers in the United States, making it one of the largest insurers in the country. It primarily offers large group plans and other types of employer-sponsored coverage, but also offers individual plans, Medicare, Medicaid and more. Thanks to its size, it works with tens of thousands of doctors, healthcare facilities and hospitals across the United States.
Humana is a well-established health brand with companies and individual clients alike, bringing in 13 million customers in the United States.
This Blue Cross Blue Shield subsidiary is located in Maryland and Washington D.C., and is one of the top insurers in the area. It covers more than 3.3 million people with large group plans and individual policies, and is part of the Federal Employees Health Benefits Program. It has a 75% market share in Maryland, making it the largest insurer in the state by far.
Blue Cross Blue Shield owns this division for over 3.3 million Maryland and Washington D.C. citizens, taking up the largest market share in the former.
Based in Rochester, NY, Excellus Blue Cross Blue Shield is the largest nonprofit health plan in Upstate New York. It’s been operating for more than 80 years, and offers large group plans and other employer-sponsored plans, as well as individual coverage, with more than 1.5 million customers.
Few providers can boast the 80 years of operation that New York’s Excellus has. The company is a long-running non-profit with over 1.5 million customers.
HAP was founded in 1956 in Detroit, Michigan. It offers both small group plans and large group plans, as well as individual and family insurance. It’s available throughout the entire state of Michigan, with hundreds of thousands of customers in the area. It offers unique features like discounts for healthy lifestyles, digital ID cards and electronic benefits statements.
This Michigan-based provider specializes in business, group, and family insurance plans, having served the state for over 50 years.
As the only licensed Blue Cross Blue Shield member in the state, Horizon Blue Cross Blue Shield Of New Jersey provides individual and group coverage to more than 3.3 million people in the state. With thousands of doctors and a wide range of medical facilities, it remains the top choice for health care coverage in New Jersey.
Over 3.3 million residents of New Jersey are under an insurance plan from this provider. The network in question involves thousands of doctors across multiple hospitals in the state.
Based in Iowa, Wellmark Blue Cross And Blue Shield Of Iowa is the largest insurer in both Iowa and South Dakota, with more than two million members. It offers health insurance, dental insurance, life insurance and ACA insurance, and is a great option for large group health insurance plans in Iowa and South Dakota.
2 million policyholders across Iowa and South Dakota enjoy health insurance from Wellmark. If you’re looking for large group plans, Wellmark should be on your list.
One of the dominant insurers in the state, Blue Cross Blue Shield of Tennessee offers large group plans, Medicare and ACA individual & family insurance. This not-for-profit company serves more than 3.5 million covered individuals in Tennessee, and is one of the best options for health insurance in the state.
A non-profit responsible for over 3.5 million individuals, Blue Cross Blue Shield’s Tennessee division remains as one of the best providers in the state.
Priority Health is another top Michigan health insurance provider for large group plans, small group plans, family & individual insurance, and Medicare and Medicaid, and it currently serves the entire Lower Peninsula of Michigan. It has more than 830,000 covered individuals under its various plans.
Priority Health primarily serves 830,000 clients in the lower section of Michigan. It’s widely regarded as an excellent option for health insurance in the area.
Premera Blue Cross is based in Washington, and it primarily operates in Washington, Oregon and Alaska. It serves a total of more than 2 million people with group insurance coverage, individual and family plans, and Medicare plans. In total, it has more than 38,000 partner physicians, hospitals and health care facilities in Alaska, Oregon and Washington.
This Washington-based provider serves not only the titular state but also Oregon and Alaska. Over 2 million clients enjoy the company’s many doctors and health care facilities.
Tufts Health Plan is based in Massachusetts, and is part of Tufts Associated Health Plans, Inc. It had more than 1 million members as of early 2019, with a network of 110 hospitals and 51,000+ health care providers, making it one of the largest providers in New England, along with Harvard Pilgrim Health Care.
Tufts owns a network of over 50,000 physicians and 110 hospitals, making it one of the largest New England health insurance companies.
Decide whether a large group health insurance plan is right for you.
If you have no need for extended coverage, and the essential health benefits required under Obamacare are enough, you may decide to go with a smaller plan.
Are you looking for broader and more comprehensive health care coverage? Consider contacting an independent agency that specializes in the large group health insurance marketplace.
Let Taylor Benefits be your broker, contact us today!
We’re ready to help! Call today: 800-903-6066