All businesses must comply with local, state and federal insurance laws. The ACA insurance standards must also be met at all times. The requirements your business must meet are determined by its group size. The state usually sets the limits for group size eligibility. However, the ACA also has its own definition for group size.
In California, the large group health insurance laws aren’t too strict. They are set to create fairness and affordability to all individuals of the state looking for health coverage. According to the ACA, a large group contains 51 or more full-time employees. California sets their large group size limit at 101 or more employees working full-time. Any individual working 40 or more hours per week and earning twice the salary of an individual earning minimum wage is considered a full-time employee according to California.
A business that meets the health insurance requirements set for their large group size will qualify for tax breaks and other forms of financial relief. Large group health plans are harder to modify towards the needs of employees but the experience of an insurance broker can make it possible to satisfy everyone at lower rates. Affordable health insurance is something desired by almost everyone in the world. The ability to seek medical attention at a low cost isn’t easy to come by and it is one of the best ways to attract qualified individuals seeking employment. It also increases the longevity of those already employed, making them more interested in the company’s success.
Insurance companies don’t offer their customers the quality care and attention that insurance brokers do. An insurance broker is someone educated in the industry that will always be there to assure your large group health plan meets the stipulations of the ever-changing laws. They usually do this through routine audits and will edit your plan as necessary. Your broker will always inform you of any changes made.
Not only will an insurance broker assure compliance with laws for large group health insurance but they’ll provide you with constant guidance and advice after presenting you with the most affordable yet comprehensive health plans created for large group size companies. The connections made as an insurance broker make it easier for them to work with leading insurance agencies on a more professional level.
We’re ready to help! Call today: 800-903-6066