If you own your own business, you might be eligible to enroll in health coverage as an employer group. In many cases, a small group health plan can be set up with as little as two eligible people*,even if only one of those chooses to enroll in coverage!
The benefits of a group plan are:
More enrollment flexibility: You can start a new group plan at any time of year. You do not need to wait until open enrollment.
Tax Deductible: Employer paid premiums are tax deductible as an employee benefit.
More options: In Oklahoma, there are more carriers, more networks, and more plan options available to employer groups.
Lower premiums: In most cases, the premiums are lower for employer group coverage versus individual coverage.
The typical requirements for starting a group health plan are:
Proof of entity and ownership, such as articles of organization
Proof of employees on payroll, such as an OESC quarterly wage and tax report or payroll records
For husband-and-wife-only groups, the only way to be covered on a small group plan is if they are owners in a partnership entity. A copy of the partnership agreement or K-1 1065s must be submitted as proof of entity and ownership.
75% participation of eligible employees. This requirement can be waived if the eligible employees waiving coverage have coverage elsewhere or during the special enrollment period.**
50% employer contribution to employee portion of premium unless during the special enrollment period.**
Please be aware that offering affordable coverage to employees receiving a subsidy may disqualify them for future subsidies.
Contact us today for more information and to see if your company is eligible.
*These two eligible people can be both owners, or one owner and one employee (part time employees meet this requirement).
**Most group plans are subject to a minimum 50% employer contribution and 75% participation requirement. However, we can help you set up a group plan with these requirements waived during a special enrollment period between November 1 and December 15.
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