What You Need to Know Before Implementing a Group health assurance Plan

Health - What You Need to Know Before Implementing a Group health assurance Plan

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Some things to reconsider when implementing a group condition assurance plan. There are not that many red flags when it comes to group condition insurance; all condition assurance is heavily regulated by the state so there are a few gotcha items. The only one that might apply is a pre-existing limitation which limits coverage for healing conditions that an employee received treatment for prior to coming onto the plan.

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If you run into this with any of your employees, there is a way nearby it. If the employee had healing coverage from another group condition assurance plan prior to coming onto your plan, they can invite from their old plan a Certificate of Group condition Coverage (Cghc). Under Hipaa (Health assurance Portability & responsibility Act) if they present a Cghc to your new insurer, and if they met the pre-existing condition limitation on their old plan then they will not have to meet a new one under your new plan.

If you do not plan to pay for 100% of the employee and house premiums, you will want to buy a section 125 premium only plan document (one-time fee of about 0). By having this document all premiums that your employees pay can be deducted from their pay checks on a pre-tax basis. Aside from the employee tax savings, this also lowers their gross chargeable salary so you can save money on payroll taxes.

In terms of group assurance condition plans ask your broker for quotes from every health/Hmo assurance enterprise in your area. I would advise that you reconsider either high co pay Hmo which will cost to for office visits and a hospitalization co pay as well, or a high deductible condition plan.

High deductible condition plans (Hdhp) are a good selection because it allows the employee to have healing coverage for the high end losses and pay for the smaller items themselves. If you do a Hdhp I would by all means; of course incorporate it with a Hsa (Heath Savings Account) or Hra (Health reimbursement Account).

Hsa allows the owner to contribute and the employees can contribute on a pre-tax basis to the Hsa catalogue (again everyone saves on taxes like they do on the 125 premium plan document). This money can be used to pay for the employees out of pocket expenses as they meet their deductible. The Hsa also can be used for other healthcare expenses such as dental, foresight and chiropractors. The bank who handles the banking for the Hsa will issue a debit visa card for the employees to use to pay for these expenses.

If you have Kaiser in your area, then check to see if they have an Hsa. If it does then it is the cheapest deal. From my own experience, I find Kaiser to be the best healthcare model available. Ask for a tour of the Kaiser facility. You will be surprised.

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