NY SMALL HEALTH FAQs
Answering All of Your Questions About Small Business Health Insurance
Navigating the maze of the United States healthcare system can be frustrating. Because NY Small Health has years of professional and personal experience partnering with, starting and managing small businesses, we have the expertise needed to give small businesses the guidance and advice for choosing the right plans for their organizations that are affordable and have great benefits for the employees.
What is a group health insurance plan?
Group insurance plans are provided to groups whose members all work at the same company or organization. Members often have access to reduced rate, since the risk is shared among the entire group of policyholders.
Does my small business qualify for group health insurance?
If you have in between 2 and 50 (100 in New York) employees at your small business, you are qualified for a group plan.
How much does health insurance cost for small business owners?
The cost of health insurance and the way in which expenses are shared between employees and employers varies. NY Small Health is happy to work with you on this. There are different small business health insurance plans available for companies with different budget needs and benefits requirements.
What is an HMO?
HMO health insurance gives less of an option and choice to employees. Employees must use the doctors and healthcare providers that are within their organization.
How much do employees pay for health insurance?
The amount that your employees pay for your insurance depends directly on the kind of health insurance plan that you choose to provide at your small business. There are various options that you can offer that include different payment plans and amounts.
If I buy a group health insurance plan, is this a tax deductible?
Health insurance premiums paid on behalf of your employees is a tax deductible business expense.
Some group health insurance plans are eligible for tax credits as well. By visiting heathcare.gov you can learn more about this. Usually, businesses with less than 25 employees who meet other stated requirements can be eligible.
Am I required to provide small business health insurance at my company?
Small businesses are not always required to provide health insurance. The Affordable Care Act now mandates that organizations with 50 employees or more offer health insurance or take a tax penalty. However, health insurance plans with attractive health insurance benefits are becoming more of an incentive for employees to stay with their small business employers or for individuals looking for jobs to consider small business roles.
What are the benefits of offering a group plan for my employees?
Because the risks are shared among many policyholders, there may be more opportunities for affordable group plans.
What is considered a small business?
Depending on the industry and organization type, the consideration for what qualifies as a small business can vary. The U.S. Small Business Department considered companies outside of government-related offices with less than 500 employees to be small businesses.
What is a PPO?
PPO Health insurance allows employees to choose from a set list of doctors that are all within their network. Some employees enjoy that they are able to have some choice in this plan.
What is POS?
POS could be considered a halfway point between HMO and PPO. Employees have to assign their primary care provider, and often experience lower costs out-of-pocket in comparison to an HMO or PPO plan.