As it gets more difficult for small businesses to offer quality and affordable health insurance options to their employees, HealthPass NY (HP) has become an ever increasing ‘Go To’ option for many of our small business health insurance clients.
Started back in 1999 with a grant from the City of NY, HealthPass has grown slowly but steadily over the past 16 years by allowing small employers in NY to offer multiple insurance companies, and multiple benefit level plans to their employees. They do this while streamlining the administration of the plans using a single monthly invoice and application for ALL plans and employees. They offer Free COBRA administration for terminated employees, voluntary Vision, Dental, and Life/LTD as well as value added benefits including Health Advocate.
Where HealthPass excels is in its ability to allow a small group of say 10 employees to offer their employees approximately 20 medical plan options from multiple insurance companies, plus multiple dental, vision and Life/LTD options on a voluntary basis. Businesses contribute a fixed DOLLAR amount per month, and the employee essentially ‘shops’ with that money. Any premiums over and above the company contribution can be paid pretax from employee’s paychecks via simple payroll deduction.
While NYSOH has a small business SHOP program that essentially is set up to work the same way, the NYSOH SHOP program is notoriously difficult to work with, and multiple carriers have pulled their plans off of the SHOP exchange. NYSOH SHOP also does not offer most of the ancillary options that HP does.
There is a small admin fee associated with HP plans vs getting the coverage directly from the insurance carrier, however most times a small business in only able to offer one carrier and maybe 2 plans options from that carrier to their employees. HealthPass allows a myriad of options and one easy to understand bill each month that encompasses all employee medical, vision, dental, and/or life/ltd options.
By allowing employees to have more control over their health insurance choices, while allowing businesses to control their contribution costs each year has helped HealthPass account for the largest percentage of our small business health clients, and for a good reason. They get excellent feedback from our clients, and by having a ‘one stop shop’ for employee benefits keeps our clients, and us, happy!
For more information on HealthPass including plan rates and benefits, please visit us at https://peakinsuranceadvisors.com/2016-new-york-group-health-insurance/