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Frequently Asked Questions About Group Health Plans

What is a premium?
A premium is the monthly payment you'll have to make to keep your group health plan in effect. The rate that your premium is set at depends on the health status of those who are covered in the group policy.

What is a deductible?
The deductible is the set dollar amount of a medical bill that your covered group must pay before their coverage starts. Let's say you have a bill of $5,000 and your deductible is $1,000 — you would have to pay the first $1,000 of the bill and your coverage would only be for the remaining $4,000.

What is a co-payment?
Your co-payment is the part of a medical bill that you're responsible for. So if you have to go to the doctor, you might pay $15 to see them. But say that the doctor's bill is $100. Because you pay your $15 co-payment, the insurance will pay the remaining $85.

What is considered a high deductible group health plan?
Any individual plan that has a deductible over $1,050 is a high deductible plan. And it makes you eligible to use a Health Savings Account.

Why would I need a group health plan?
Offering your employees health benefits is one of the best ways to keep a productive workforce and attract the brightest workers to your company. And you can do it affordably—with managed care group plans and Health Savings Accounts.

Is a group health plan good for my family?
To cover a family, most insurance carriers will add spouses and children as beneficiaries to an individual health plan.

Can I find affordable group health insurance?
We can help you find a group plan to fit your budget and keep your workforce healthy. Managed care group PPOs and HMOs are the most affordable group insurance plans you can find.

What is a cafeteria plan?
A cafeteria plan puts your employees in control of their own healthcare — and saves you money. Your employees will have a "menu" of healthcare options and they will choose which coverage they want.

What is a Health Savings Account (HSA)?
A Health Savings Account is a tax-free, value building bank account for your employees' healthcare expenses. And with your fringe benefits program your employees can put money into their savings account straight from their paycheck.

What is a Flexible Spending Account?
A flexible spending account lets your employees save money tax-free for healthcare just like a Health Savings Account. The main difference is that your money doesn’t earn interest every year. That means you have to use all of your savings before the year's end.

What does my business need to be eligible for a small group health plan?
If you have anywhere from 2 to 50 employees, you are eligible for a small group health plan. And you can find affordable options for your small business with managed care plans such as HMOs and PPOs, and Health Savings Accounts.

Are insurance premiums tax deductible?
Most business owners don't know that insurance premiums are fully tax deductible. Imagine all that money you can save on tax day.

Have more questions about insurance? Check out the rest of our insurance FAQs.

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