All Things you need to know about Small Business Health Insurance NY
If you have been thinking about offering small business health insurance that meets both your employees’ needs as well as keeping the company costs affordable, you probably have many questions on how to do so. You may have questions about what kinds of small business health insurance plans are available in NY, the costs and benefits of implementing a plan as well as how the plans are set up and serviced. I hope I can provide answers to some of the frequently asked questions employers like you have about small business health insurance.
What types of small business health insurance plans are available in NY?
While there have been so many variations on plan names over the years, you can look at your choices in two easy to understand options.
In network only plans. These can be HMO’s or EPO’s. In network only plans allow for you to see primary care and specialists that participate in the plan’s network only. Any service provided on a non-emergency basis is subject to you paying for that service 100% out of pocket. HMO plans usually require you to get a referral to see an in-network provider, whereas EPO plans generally do not require a referral. You must check closely as each plan and carrier might differ in this so it is best to get the advice of a licensed NYC or Long Island health insurance broker.
In and Out of network plans. These plans can be called POS or PPO plans, with PPO being the most popular today. Few carriers offer these options for NY Small Businesses, but Oxford Health plans is one of them. These plans allow you to see both in network and out of network providers. You get a lower copay and/or deductible when seeing in network providers and you pay a higher copay and/or deductible when seeing out of network providers.
How many employees do I need to offer a group health insurance plan?
You will have to have either another employee or another shareholder of your business who is not a spouse employed in your business to be eligible for small business health insurance NY. If you employ another employee (called a common law employee), that employee MUST enroll if you wish to enroll as the only business owner. If you have only shareholders eligible and no common law employees, then as long as you are not a partnership you can qualify to enroll just one of the shareholders if the other shareholder has other valid medical coverage. See owner only rules for more details.
How much do I have to contribute towards my employee’s health insurance premium?
You are free to decide how much you wish to contribute towards your employee’s health insurance premiums. There is no law stating you must pay anything, or you can pay the full premium. Most small businesses in NY offer some contribution towards employee health care costs. This amount depends on the type of business and what other businesses in that field often contribute. A licensed NYC insurance broker can help you come up with a contribution level for your company.
How can a broker help me search compare and buy a small business health insurance NY plan?
A licensed NYC or Long Island health insurance broker can help you analyze, search provider networks, do employee enrollment meetings, and process applications for your NY small business health insurance plan. They are also a source for year-round servicing of new hire enrollments, terminations, and billing questions. Since a health insurance broker in NY does not cost additional premiums and they do not charge a fee since they are paid directly by the insurance companies, using a broker is always in your best interest.