See how to purchase Long Island small business health insurance.
If you’re considering a health insurance plan for your small business, there are some things that you’ll need to know first. After all, it’s important to have the most up to date information before you choose a plan. You should first check out if your group will qualify for the kind of group health insurance you want. Here are some of the most important items to consider when looking for Long Island small business health insurance and how this health insurance works for small businesses.
How Many Employees Do You Need for a small business Health Plan?
When you buy small business health insurance, you must have a group. In other words, a single individual can’t sign up for this kind of plan. However, a small business can consist of as few as two eligible people to qualify for coverage. Your group must include at least one non owner/non owner spouse employee to qualify.
What is Considered a “Small” Business for Group Health Plans?
In the context of a group health plan, in NY a small business is one that has from 1-100 employees. Sole proprietorships with only one employee (the owner and no other employees) aren’t eligible for small group health insurance. If you have more than 100 employees you’re now considered a large group. While small businesses aren’t required to give their employees health insurance, many of them do to attract and retain quality employees.
Is Group Health Insurance More Affordable?
Small group health insurance is generally more affordable simply because there are more people participating in it. As the number of employees in a group health insurance plan gets bigger, the cost of that group health insurance plan comes down.
To get a Quote for Long Island small business health insurance.
Who pays for a small group health insurance plan?
The cost of a small group health plan can be paid in many ways, depending on what the business is trying to accomplish and what they can afford. It can either be paid in full by the employer, by the employee, or by a combination of both. Employers can also offer different benefit cost splits for different employee classes. For example, a small employer might pay the full premium for their management team members, but only 50% of the premium for non-management employees.
How do you shop for a Group Health Insurance Plan?
When you decide you want to investigate offering your small business a group health insurance plan, look no further than Peak Advisors. We have helped thousands of NY and Long Island small businesses shop for, compare, and implement a small business health insurance plan. We are an independent NY health insurance broker and have been working with NYC, New York, and Long Island businesses since 1990. We don’t charge a service fee. We are compensated in full by the insurance companies and you won’t pay anymore to use us as compared to going directly with an insurance company. As a boutique insurance brokerage, we are here to provide you with local, honest, and knowledgeable small group and business health insurance advice and service.