Small businesses have more ways to offer health benefits than they used to. A benefits broker can compare them, but it helps to know the basics first.
Traditional small-group plans
The employer picks one or more plans from an insurer and pays part of the premium. Employees get the same network and benefits. Most carriers require that the employer contribute a minimum share and that a minimum percentage of eligible employees enroll.
Licensed agents compare plans from several carriers, check your doctors and estimate your subsidy. Free to you.
Call 866-645-8540Level-funded plans
A middle ground between fully insured and self-funded plans, sold by many carriers to small groups. Monthly costs are fixed, and the employer may get money back if claims are low. Underwriting rules vary.
ICHRA (individual coverage HRA)
The employer sets a tax-free monthly allowance, and employees buy their own individual plans. Works for any size business and lets each employee pick the plan that fits them.
QSEHRA
For employers with fewer than 50 full-time employees that don't offer a group plan. The employer reimburses individual premiums and medical costs up to annual limits set by the IRS.
How a benefits broker helps
A broker can quote several carriers and funding options side by side, handle the setup and renewals, and answer employee questions during the year. Most are paid by the insurer.
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