What Is the Definition of a Large Group Health Plan?

Tuesday, August 21, 2018 16:41 Posted by Admin

For decades, insurance agencies have designed their group health and benefit plans for businesses according to group size. There are health insurance plans designed for both small and large businesses. The group size of a business is usually state mandated and the insurance laws will also vary according to state. In most cases, a business with 50 or less employees is considered small in size. Some states consider a business with 100 or more employees as large, meaning they’ll need a large group health plan.

Definition of a Large Group Health Plan

The group size your company falls under will bring about different laws, perks and rates. Although an insurance agency can be of help, it’s always wisest to hire an insurance broker. A broker is very familiar with the state’s stipulations for small and large business sizes and their insurance needs. They’ll make sure your company offers adequate insurance plans at affordable rates. They can even help you qualify for tax breaks through yearly audits of your large group health plan.

What a Large Group Health Insurance Plan Can Do for Your Business

There’s no doubt about it, a large group health plan from a reliable insurance agency can do wonders for your business. It is one of the best ways to thrive among your competition and will only help you attract qualified employees and make them more liable to stay around longer. Keeping them happy definitely improves the work environment, making it easier for everyone to focus on their tasks. Aside from the obvious advantages, there is a lot more that a comprehensive plan can do for your company. Here are some examples…

  • Reasonable Deductibles and Tax Breaks
  • Preexisting Conditions
  • Coinsurance Options
  • Dental Insurance
  • Vision Insurance
  • Great Employee Benefits
  • Small Co-Pays
  • Coverage of Major Medical Expenses
  • Flexible Health Insurance
  • Prescription Drug Coverage
  • HSA and FSA
  • Basic Health Plan Options
  • Workman’s Comp.

The one way you can assure that your business is getting the absolute greatest care and personal attention is by going through an insurance broker. A broker will modify plans and negotiate rates with the top insurance companies around. They’ll tend to your needs more efficiently and assure consistent compliance with all laws including the stipulations of the ACA.

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