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Best Group Health Insurance Companies for Small Business

Best Group Health Insurance Companies for Small Business

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At least 2 employees are needed for a group.

Please contact us directly at (914) 633-1717 to inquire.

If you have more than 100 employees, you could qualify for discounted group rates.

Please contact us directly at (914) 633-1717 to inquire.

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Best Group Health Insurance Companies for Small Business

Looking for the best group health insurance companies for small business in New York? Here are some of the companies we work with and recommend. In this article, you can review the top health plan providers and get a quote for your business.

What is Group Health Insurance?

Group health insurance is a type of health insurance plan that covers a group of people, usually more than two individuals. A group health plan can help small business owners attract and retain talent and claim tax benefits for their businesses. However, choosing the right group health insurance plan can be challenging, as there are many factors to consider, such as budget, number of employees, age, location, plan options, etc.

Factors That Decide the Choice of The Right Group Health Insurance

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Here is a list of important factors that are by no means exhaustive but serves as a pointer when hunting for health insurance for employees by small businesses.

1. Budget: The budget is an important factor in choosing the group insurance plan for a company. It determines the cost of the policy and the level of coverage that can be afforded. Without a proper budget, a small business may end up either overpaying for insurance that is not needed or under-insuring their employees.
2. The number of employees: Many insurance companies have a minimum requirement for the number of employees needed to qualify for group insurance. The number of employees to be insured can affect the group health insurance company choices in two ways:

– By determining the eligibility and coverage options for group plans.
– By influencing the premium rates

3. Age: The insurance premiums and benefits can vary significantly based on age. Older employees may require more comprehensive coverage, which can increase the cost of the policy, while younger employees may not need as much coverage. Additionally, some insurance companies may have age restrictions or limitations on certain types of coverage, which can impact the eligibility and options available to employees of different age groups.

4. Location: The location of the insured can affect the availability and accessibility of the group insurance plans while influencing the cost and coverage of the policy.

5. Insurance plan options: There are multiple group health plans available to small businesses. However, the needs and preferences of the group and its members, as well as the coverage options of the insurance policy, can determine the choice of policy.

Group Health Insurance Companies for NY Small Business

1. HealthplansNY: We are health insurance brokers that specialize in providing affordable and comprehensive health insurance plans that cater to the needs of small businesses with two or more employees. You can choose from a variety of plan options, including: Health maintenance organizations (HMOs),Preferred provider organizations (PPOs), Exclusive provider organizations (EPOs), Point-of-service (POS) plans, High-deductible health plans (HDHP)

2. UnitedHealthcare: Oxford Health operates in New York under the umbrella of UnitedHealthcare and is one of the leading providers of group health insurance plans for small businesses in New York. They offer a range of coverage options, including medical, dental, and vision insurance.

3. Aetna: Aetna is another popular choice for small business health insurance in New York. They offer a variety of plan options, including traditional HMO and PPO plans, as well as high-deductible health plans (HDHPs).

4. Cigna: Cigna is a global health insurance company that offers coverage to small businesses with more than 100 employees. They offer a range of group health plans, including traditional HMO and PPO plans, as well as HDHPs and health savings account (HSA) plans.

5. Empire Blue Cross Blue Shield: New York subsidiary of Anthem Health offers group benefits programs through Blue Access, Blue Card, and the Blue Priority Network. The company covers all health insurance plans such as EPO,PPO, HMO, POS and Medicare Advantage.

6. Oscar Health: Oscar Health is a newer entrant to the health insurance market in New York, but they have quickly gained popularity among small businesses because of their competitive pricing. They offer affordable and customizable health plans, as well as a range of digital health tools.

How Employees Can Be Motivated by Providing Group Health Insurance

Providing group health insurance can help keep employees motivated by:

● Enhancing their physical and mental well-being: Group health insurance can help employees access quality health care services and preventive care programs that can improve their physical and mental health. This can reduce absenteeism, stress, and burnout among employees and increase their energy, morale, and resilience.

● Increasing their financial security: Group health insurance can help employees reduce their out-of-pocket expenses for health care and protect them from unexpected medical bills or emergencies. This can increase their financial security and peace of mind and reduce their anxiety and worry.

● Improving their job satisfaction: Group health insurance can help employees feel valued and appreciated by their employer and show them that their employer cares about their health and well-being. This can improve their job satisfaction and loyalty and reduce their turnover rate.

● Attracting and retaining talent: Group health insurance can help small businesses attract and retain talented employees who are looking for competitive and comprehensive benefits packages. This can help small businesses gain a competitive edge in the industry.

Important Things to Consider When Selecting a Small Business Health Plan

When selecting a health insurance plan, it’s important to research plans that meet your business’s needs and budget. Consider the needs of your employees as well. Things to look for are:

Cost of premiums – Can your employees afford the monthly cost? Will you contribute a percentage to your employees health premium?

Deductibles – Are the out of pocket costs too expensive for your employees to pay? Consider that many employees live paycheck to paycheck.

Co payments and Coinsurance – Calculate “worst case scenarios” in case your employee(s) become seriously ill and incur large medical bills.

Benefits – look at the details of the coverage to ensure that it covers the medical services that you and your employees need, such as prescriptions, doctor visits and emergency care.

Tax Benefits

Small businesses can also enjoy significant tax benefits when offering health insurance. The premiums paid on group policies are 100% tax-deductible as ordinary business expenses, reducing the overall tax liability for the business owner.

The HealthPlansNY Difference

Choosing a group health insurance company for your small business can be a daunting task, as there are many factors to consider, such as cost, coverage, customer service, and extra benefits. However, some companies stand out from the rest and offer high-quality plans that can meet the needs and preferences of your employees.

While most insurers tend to offer plans for group employee insurance, few go deep to understand the particular issues that often are faced by small businesses. It thus works to the advantage of the employer or a small business to hunt out a health insurance company that provides bespoke solutions. And, Healthplansny is one such group insurance provider that helps small business owners in managing the escalating expense of group health insurance & supplemental group benefits.

A comprehensive group health insurance policy is an important benefit that can help you attract and retain talented employees and improve their productivity and morale. By choosing a reputable and reliable group health insurance company for your small business, you can provide your employees with access to quality health care and peace of mind.

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