With the 1st of November, every small group should have received their group health insurance by now. A small group is under 50 employees for Indiana, but some would consider under 100 to fall into the same category.
When it comes to exploring group health options, size does matter.
Micro Groups- under five employees face challenges with obtaining competitive options. The ACA offers group health plans that will provide you access to an existing PPO network. Micro groups have a few carriers options that offer medically underwritten plans that can produce savings vs. the ACA market.
Companies with 10-49 employees have additional carrier options, resulting in competition, reducing cost. With just ten employees on the health plan, a group can quickly underwrite through a member-level census, which allows a group to finalize rates without collecting employee applications.
Member-level census underwriting pulls the pharmacy utilization and determines the carrier’s risk factor to calculate the premium. This type of underwriting is relatively new for small groups, and not many employers and decision-makers are aware.
Plan design also plays a crucial role in obtaining competitive costs. The insurance industry continues to launch new product designs that are incentivized by reducing premiums. There are now plans where video medicine is your starting point for healthcare. We are also seeing multiple high-performance (narrow) networks that carry significant savings.
Small group health insurance has a lot of options, and most are not aware.
If you are searching the internet for small group health insurance options, you have come to the right place. Contact us today.
