214 Ellis Ave Maryville, TN 37804
Small employers (less than 50 full time equivalent employees) will not be faced with a tax penalty for not offering a qualified health insurance plan to their employees.
Large employers (over 50 full time equivalent employees) will pay a tax penalty if they do not offer a qualified health insurance plan to their full time employees.
Most insurance carriers require that 50% of the eligible employees participate in the group medical plan; however, small employers have the right to determine who is eligible. Dependent upon their business entity type, a small employer with 2 managers may even be able to have 1 employee on a group plan. We can help you figure out those details!
No, group medical plans can be started any month throughout the year. Keep in mind that your rates will stay the same for 12 months and then renew the following year. At the time of renewal, we quote all the carriers again to ensure that your company is receiving the best plan and pricing.
Insurance companies base their prices on the group’s average age, location, and SIC code. Once rates are determined, an employer is only required to pay 50% of the employee’s portion of the lowest priced plan. You may want to offer 2 plans, then allow employees to “buy up” if they would like a richer plan.
Most insurance carriers ask for your quarterly wage and premium report along with the first month’s premium to get started.