Large Group Health Insurance Plans

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: 

  • Federal and select state laws require accessible health insurance for all
  • Younger generations are starting to seek health insurance for their families.
  • Healthcare costs are on the rise across the country
  • Established insurance providers are always on the lookout for new customers to remain in business. 

But individual insurance plans are often unaffordable for most. 

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. 

Table of Contents

  1. Why You Should Work With Taylor Benefits Insurance
  2. What Is a Large Group Health Insurance Plan?
  3. What Types of Large Group Health Insurance Plans Exist?
  4. The Most Popular Plans
  5. How Does Group Health Insurance Work?
  6. How Much Does Group Health Insurance Cost?
  7. How Do the Insurance Costs Get Split?
  8. Financial Assistance
  9. What Does Group Insurance Cover?
  10. Typical Health Care Coverage
  11. Essential Health Benefits
  12. Don’t Get Caught Out of Network
  13. Which Health Insurance Company Is Best For You?
  14. Insurance Companies In Taylor Benefits’ Network
  15. List of Major Group Health Insurance Providers
  16. Your Next Steps
  17. Large Group Information & Resources

Why You Should Work With Taylor Benefits Insurance

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:

  • Access to essential healthcare and health maintenance services.
  • Affordable monthly premiums that will keep your insurance costs down.
  • Medical insurance coverage for major procedures.
  • Coverage for dental, vision, and prescription drugs.

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.

 

What Is a Large Group Health Insurance Plan?

A large group health insurance plan is an insurance plan that covers a group of over 50 people. 

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 larger 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?

We can help you find the right group insurance plan

Get in touch with us today

What Types of Large Group Health Insurance Plans Exist?

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.

The Most Popular Plans

  • Fully-Insured Plans. This is the traditional health insurance option that is risk-free for an employer. A fully-insured plan offers full coverage for an annual premium. Costs in this place are partially shared with your employees. Premiums are calculated by looking at the size of the group, average age, claim’s history, type of work, and what coverage and add-ons are needed.
  • Self-Funded Plans. Self-funded plans place the burden of risk on the employer. Employers charge premiums, pool the money, and use it to cover medical costs as they occur.
  • Level-Funded Plans. This plan includes paying set rates based on census data for your group. Payments are made monthly, and rates are adjusted at the end of the year based on group performance.
  • Health Maintenance Organization (HMO). An HMO requires members to pay monthly premiums for medical services. However, they will only have access to a specific network of healthcare providers and facilities. Receiving care out of network can result in significant extra costs for the individual.
  • Preferred Provider Organization (PPO). A PPO plan functions much like an HMO, but members are able to use healthcare services that our outside of their network. Out of network visits will require a higher co-pay.
  • High-Deductible Health Plan with a Savings Option (HDHD/SO). The HDHD/SO is a flexible and accessible insurance option that provides health insurance for a lower monthly cost. Employees will pay for medical expenses out of pocket and get a portion of them reimbursed by the company. Members can also pay into a savings account (tax free) and use this pool of money to pay for health costs.

 

How Does Group Health Insurance Work?

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.

 

How Much Does Group Health Insurance Cost?

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. 

 

How Do the Insurance Costs Get Split?

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.

 

Financial Assistance

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. 

 

What Does Group Insurance Cover?

If your group is large enough, the insurance plan will provide complete coverage to all of the insured at a competitive price. 

Here are just a few of the health benefits that a group insurance plan provides:

  • Pre-existing conditions
  • Deductibles
  • Coinsurance
  • Employer-sponsored (funded) Medicare/Medicaid enrollment
  • Dental plans and dental coverage
  • Health Savings Accounts (HSAs)
  • Vision insurance and vision care
  • Drug coverage
  • Co-pay
  • Comprehensive health insurance
  • Major medical expenses
  • Out of pocket expenses
  • Wellness programs
  • Other services including registered massage therapists (RMTs), physiotherapists, and more
  • Medical devices

 

Typical Health Care Coverage

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.

 

Essential Health Benefits

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:

  • Inpatient and outpatient hospital care costs for the insurer
  • Pregnancy and childbirth
  • Mental health services
  • Hospitalization
  • Emergency services
  • Low deductible
  • Prescription drugs

 

Don’t Get Caught Out of Network

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. 

 

Which Health Insurance Company Is Best For You?

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. 

 

Insurance Companies In Taylor Benefits’ Network

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.

Here are some of the insurance companies we work with:

  • Blue Cross
  • Blue Shield
  • eHealthInsurance
  • Humana Group
  • Kaiser Foundation Group
  • Unitedhealth Group
  • State Farm
  • Coventry Corp. Group
  • HIP Insurance Group
  • Carefirst Inc. Group
  • UHC of California
  • Metropolitan Group
  • HCSC Group

 

List of Major Group Health Insurance Providers

Kaiser Permanente

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.

 

United Healthcare

Unitedhealthcare 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.

 

Aetna

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.

HCSC (Health Care Services Corporation)

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.

 

Anthem

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.

 

Cigna

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.

 

Blue Cross Blue Shield Of Massachusetts

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.

Blue Shield Of California

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.

 

Blue Cross Blue Shield Of Michigan

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.

 

Highmark

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.

 

Blue Cross And Blue Shield Of Florida (Florida Blue)

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.

Independence Blue Cross

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.

 

Blue Cross And Blue Shield Of Kansas

Blue 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.

 

Harvard Pilgrim Health Care

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.

 

Centene Corporation

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.

 

Humana

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.

 

CareFirst Blue Cross Blue Shield

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.

 

Excellus Blue Cross Blue Shield

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.

 

HAP

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.

 

Horizon Blue Cross Blue Shield Of New Jersey

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.

 

Wellmark Blue Cross And Blue Shield Of Iowa

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.

 

Blue Cross Blue Shield Of Tennessee

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.

Priority Health

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.

 

Premera Blue Cross

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.

Tufts Health Plan

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.

 

Your Next Steps

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!

Large Group Information & Resources

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