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Health and Voluntary Benefits
If you are employer with 50 or more eligible employees, you are required to provide health insurance benefits or otherwise face penalties. Insurance can be obtained on a group basis and there are several different types of health plans available. The four you should absolutely know are:
- PPO Health Insurance Plans,
- HMO Health Insurance Plans,
- HSA-Qualified Health Insurance Plans, and
- Indemnity Health Insurance Plans.
The plan type that is best for you and your employees depends on what you and your employees want and how much you are willing to spend. We can work with you to explore the different plan types and determine which is best for you and your employees.
If you have less than 50 employees, you are not subject to penalties if you choose not to offer medical benefits. However, if you decide to offer medical benefits, you have some options:
- You can offer a group plan where you pay the premium or cost share the premium with you employees.
- You can create a Defined Contribution plan where you make tax-deductible contributions to the plan and employees choose to spend the money on private health insurance and other medical expenses tax-free.
- Offer Supplemental benefits and allow employees to select and purchase coverage through payroll deduction.
If you choose to offer health insurance benefits, you can also decide how much you want to contribute toward the cost of the benefits. Some employers cover all the premium, a portion of the premium, or have their employees pay the full premium.
Let us help you explore the different options and find the right program for your company.