Health Care Plans For Small Business

Health Care Plans For Small Business-29
It's important that your benefits deliver more than just the basics.We start by taking the time to learn what matters most to you and your employees.Then we help you build a sustainable, winning benefits strategy that is designed to improve individual health and employee productivity while achieving long-term cost savings.

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In most states, Cigna offers group insurance coverage to employers with more than 50 full time employees, as well as administrative services for self-funded plans with as few as 25 full-time employees.

For information about your state, contact a Cigna representative.

The employer has the option to offer coverage to part-time employees (defined as those working fewer than 30 hours per week).

If the employer offers coverage to any part-time employees, all of them must be offered coverage.

With individual coverage, the insurer has historically based its premium rates (or denied coverage) on the detailed medical history of the person or family.

(The Affordable Care Act brought important changes to the individual market, including eliminating the ability of insurers to deny coverage based on preexisting conditions.) With groups such as small businesses, the insurer determines a premium price based on risk factors balanced over the entire group, using general information on members of the group, such as age or gender.Below, we outline the basics behind group coverage.Group medical coverage refers to a single policy issued to a group (typically a business with employees, although there are other kinds of groups that can get coverage) that covers all eligible employees and sometimes their dependents.A “small employer” is defined as a business with 2 to 50 full-time employees.Owners are generally counted as employees, so sole proprietorships with one employee usually fall into this category, as do partnerships without any employees (by definition partnerships have two or more partners).If you do choose to offer coverage, there are regulations you will have to follow—the most important of which we explain on this site.Though large companies may face penalties if they do not offer coverage under the Affordable Care Act, small businesses with fewer than 50 full-time-equivalent employees will not be penalized if they do not provide coverage.Insurers are required by law to offer coverage to small groups.While there is no law requiring small business owners to provide health insurance, the Affordable Care Act makes substantial changes that small business owners should be aware of when deciding whether to purchase insurance for their employees.If you have at least 50 full-time-equivalent employees but none receive an individual premium tax credit or cost-sharing reductions (both based on income), there’s no penalty—whether or not you offer health insurance.Under federal law, small employers are guaranteed group coverage should they choose to purchase it, regardless of the employees’ health status.

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