How many employees are required for group coverage?
You need at least two full-time eligible employees or owners. The two eligible employees can be an owner and an employee, two partners of a partnership, or two officers of a corporation (but they cannot be a husband and a wife)
Which employees are eligible for benefits?
Any full-time W-2 employee who works at least 30 hours per week is eligible to enroll in benefits.
How many employees need to enroll in the benefits program?
A minimum of two employees need to enroll in your plan to qualify as a group.
How much is the business required to pay toward benefits?
As a general rule, most insurance companies require the employer pay at least 50% of the employee health insurance premium.
How much do group benefits usually cost?
The cost of health insurance varies depending on a number of factors including business industry, size, claims history, plan design and provider network.
Is one insurance company better than another?
There can be big differences in rate competitiveness, benefit choices, network access, administrative services, and financial stability. We will conduct a comprehensive review of the market and provide recommendations to best meet your needs and budget.
Will I pay less premium if I buy directly from an insurance company?
No. The rates are the same regardless of which broker you have or even if you have the services of a broker at all.
Can a group health insurance application be denied?
For a business with less than 50 employees: Insurance companies must offer ACA quotes if they work in that segment. However, your business must comply with contribution and participation requirements to be eligible for coverage.
What types of insurance are available through Bailey Risk Management?
We offer employee benefits including health, dental, vision, life, disability, critical illness, cancer, long-term care and accident plans.
What can our business do to reduce annual insurance increases?
Bailey Risk Management communicates directly with your employees to help lower costs. We provide education and resources on everything from wellness discounts to prescription coupons. We help employees get the most out of their benefits wihile keeping your renewal increases as low as possible.
Are pre-existing conditions excluded?
Since the passage of the Affordable Care Act, all pre-existing conditions are now covered on group health insurance plans.
Does my business qualify for COBRA continuation of benefits?
COBRA applies to employers with 20 or more employees, on average, during the prior calendar year.
Is my business required to offer health insurance because of the ACA law?
For a business with less than 50 full-time equivalent (FTE) employees: You are not required to offer health insurance to your employees.
Bailey Risk Management's free HR technology takes all the guess work out of ACA. Our technology will track variable hours, conduct real-time affordability testing, populate all the ACA Reporting, and e-file to the IRS.
Is my business required to file a 5500 form?
Businesses offering health plans that cover more than 100 participants are subject to filing the ERISA Form 5500, and it must be done electronically. (Also businesses who offer quialified retirement plans are required to file a 5500 Form.) We provide this service by outsourcing to a third-party legal company.