SMH Insurance is focused on finding you the best Small Business Group Health Insurance Plans available in Richmond, VA and throughout Virginia. Steven Hughes our president has specialized in the small business group health insurance plans market with 2-50 employees’ since 1991. We will provide group health insurance plan quotes from several top companies for your business free of charge with no obligation to purchase.
Small business group health insurance plans for your employees come in various forms. In order to be eligible for this kind of coverage, your business needs to have at least two employees. Buying a group policy helps your employees get health insurance coverage at lower premium rates, when compared to individual policies.
Here are the main types of group insurance plans that businesses can provide their employees:
The HMO type of insurance coverage can be considered as a prepaid health plan because policyholders are paying for specific types of health services in advance via monthly premiums. HMO group health insurance policies are cheaper than other types of group insurance plans, but the health care services are limited. Moreover, beneficiaries under this plan can only get services from doctors and medical facilities that are included in the HMO list, or policy guidelines.
The limited health care services offered under HMO plans gave rise to PPO plans. Under PPO insurance plans, policy holders can enjoy more flexibility when it comes to choosing their doctors and health care facilities. Like an HMO plan, PPO’s also have a guideline or list of preferred health care providers. However, PPO policy holders can opt to use doctors or facilities that are not included in the preferred list without the risk of totally forfeiting the insurance benefits. You should be aware, though, that getting medical services from providers that are not included in the preferred list would result in more expensive co-payments and extra health service costs.
A Health Savings Account (HSA) helps you save money on health care. By making you a part of the medical services decision process, Health Savings Accounts are designed to help you manage medical expenses and reduce the continuing raising of health care expenses.
The money you save in a Health Savings Account are used to your cover medical expenses before the plan deductible has been met. Unspent account balances accumulate and accrue interest from year-to-year. Unlike amounts in Flexible Spending Accounts that are forfeited if not used by the end of the year, unused funds remain available for use in later years. Once the health plan’s annual deductible has been met, coverage resembles conventional insurance, typically in the form of a preferred provider organization with little-to-no cost sharing for in-network.
Equally as important, the money you save remains part of your retirement account, even if you leave your present employer. You can also save the money in your account and grow your account through investment earnings. Funds in the account can grow tax-free through investment earnings, just like an IRA. If you don’t use all the money in your HSA for medical expenses, it can accumulate as tax-free savings for your retirement.
Now Small to medium businesses can get control of health care cost while still providing quality benefits to their employees. National General Benefit Solutions Self-Funded program gives simplicity and cost savings you are looking for without the hassle of administrating the plan yourself. By combining savings of self-funding with the stability of more traditional plans, their Self-Funded Program gives you cost savings without the hassle of administering the program yourself.
Monthly premiums are determined upfront and guaranteed not to increase for one year.
Payments of claims, customer service and reporting is all done for you.
All employer-established benefit plans are minimum essential coverage, so employees will not be subject to the individual penalty. When your employees receive Preventive Health Care services from our in-network providers they are covered at 100%.
This plan behaves just like a traditional fully insurance health plan. You provide your level monthly payment and National General handles the programs three components.
Contact us for a free Self Funded Program quote for your business!
If you are ready to start shopping, please contact us. AT SMH Insurance we do not charge for quotes or service. By federal law you will never be charged an extra premium to use SMH Insurance as your agent and get expert advice.
We are located in the Metro Richmond area and service clients throughout all of Virginia.