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NY Group Health Insurance
Small business owners have seen dramatic increases in the cost of providing group health insurance benefits to their employees. Over the past 20 years, the rates for group health insurance in New York rates have increased more than 130%. Group health insurance has become the second largest expense for the small business owner after their payroll.
Because premiums for group health insurance in NY and across the United States continue to go up, many small business owners have been forced to reduce the benefits offered to employees under their group health plans.
Many companies are even requiring their employees to pay a higher share of the monthly premium or requiring them to pay 100% of their dependent premiums. The number of small business owners that offer health insurance to their employees has drastically decreased over the last 10 years as reported by Benefits Selling Magazine.
Does My Company Qualify for Group Health Insurance?
Small Group Employer
In New York, if you employ 2 to 100 employees, you are considered a small group employer. If you have less than 30 full time employees, The Affordable Care Act (ACA), does not require you to offer health insurance – but you might want to anyway because a company health plan attracts and retains quality employees.
If you have more than 50 full time employees, you are required by ACA to provide health insurance. There are steep penalties for not doing so. For more info regarding this, check out our free resource, the ACA Compliance Center.
Health plans in New York are known as “community rated” which means, every employee pays the same rate regardless of their age or gender.
This makes New York a unique state for group health insurance because in most other states, health rates are based on the age and gender of your employees (if you have older workers, this could skew rates higher).
Large Group Employer
Also referred to as the “large group market” (100+ employees) large and mid-size companies, can offer more plan choices than those offered to small groups.
Each health insurance company may have their own terms and requirements for the number of employees required to fall into large size group health insurance, but large sized classification is usually offered to companies with more than 100 employees.
A larger selection of health plans are also available and based on claim history or experience in your industry. This often results in better plan designs and lower rates for large groups.
HealthPlansNY is Your Small Business Partner
We are a full service insurance agency which was formed by a partnership between Behr Insurance and The Gerlitz Group. We are two independent agents that have joined forces to help small business owners to rein in out-of-control insurance and supplemental benefits costs.
With 40+ years’ combined small-business insurance experience, HealthPlansNY.com serves clients across the entire tri-state area – NY, NJ and CT.
How can we help you?
Let’s face it: You can’t afford to watch your insurance rates balloon every year. HealthPlansNY has developed unique strategies to reduce small businesses’ health-insurance costs. We represent all the major carriers – from Aetna, Blue Cross, Emblem, Oxford and many more.
Contact us at 800-514-3513 for questions or if you need help.