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Small Business Health Insurance Frequently Asked Questions

How are costs split between the employer and the employee?

Usually, an employer is required to split health insurance costs right down the middle, covering 50% of the employee's monthly premium; however, different states and insurance companies have different minimum employer contribution levels. In the case of the 50/50 split, the employee is responsible for the remainder of his or her own premium and then covers the full premium for any of his or her dependants. It is up to the employer to decide whether or not to cover more than the minimum contribution. While completing an application with the insurance company of your choice, you will have the opportunity to change our websiteýs default setting of the minimum contribution and specify your level of contribution for your employees and their dependents.

At what point do I have to decide on the percentage of the employer contribution?

In order to complete an online application, you will need to make an educated guess about how much you plan to contribute to your employeesý healthcare costs. Until you make your first premium payment, you still have the option of changing your contribution level, but once that payment is made, the percentage is set for the remainder of the contract. However, in order to obtain the most accurate costs for both employer and employee, you might want to consider making this decision earlier in the process.

If I haven't completed the application process yet, but I want to change my current plan, what should I do?

Call Compare-Health-Quotes.com customer service at 888-423-6437, select option 2, anytime to speak to a health insurance advisor who will assist you with the process.

Can I make changes to a group health insurance plan that I've already purchased?

Changes can only be made to plans on which you have not yet paid the first premium. Once you make your payment to the insurance company, alterations to your policy are only possible when your plan is up for renewal.

What is considered a qualifying event?

Examples of qualifying events are the birth of a child, an employee getting married, or the hiring of a new employee. Qualifying events are the exception to the rule when it comes to making changes to health insurance plans mid-contract. To make any changes based on a qualifying event, call your personal health insurance advisor at 888-423-6437.

Can I still get a quote even if I don't have all the requested information about my employees?

The main items necessary to obtain an accurate premium quote are gender, home ZIP code, age, the number of family members enrolling, and in some cases, spouse's date of birth. Although you can get quotes by providing less information than this, the most precise quotes will be found by including all of it. You might find it to be worth your while to collect this information from your employees so that you will have the opportunity to make the smartest, most well-informed choices. Your employees will also have the opportunity to update this information through the enrollment process.

Why do I need to include the names of eligible employees who do not want insurance?

You should enter ALL eligible employees, regardless of whether or not they plan to utilize the insurance you offer because the total group size is often a factor in determining your eligibility for certain plans. A general rule of thumb is that a higher number of eligible employees almost always partners with a wider selection and more flexibility in your choice of plans.

Is there any obligation for me to buy an insurance plan once I have applied?

There is absolutely no obligation to buy an insurance policy. Using Compare-Health-Quotes.com is a safe, easy method of finding the best health insurance plan for the individualized needs of your company. You may cancel your plan at any time, even during the underwriting process and up to ten days after you actually receive your policy. Although you will provide payment information while completing your application, most insurance companies wonýt charge your account until you are approved. Some insurance companies may charge a minimal application fee but you will be notified during the application process if this is the case. Due to insurance company policy, these fees are generally non-refundable.

Is there a reason I should change the employer contribution level?

Usually, an employer is required to split health insurance costs right down the middle, covering 50% of the employee's monthly premium; however, different states and insurance companies have different minimum employer contribution levels. In the case of the 50/50 split, the employee is responsible for the remainder of his or her own premium and then covers the full premium for any of his or her dependants. It is up to the employer to decide whether or not to cover more than the minimum contribution. While completing an application with the insurance company of your choice, you will have the opportunity to change our websiteýs default setting of the minimum contribution and specify your level of contribution for your employees and their dependents.

When will my group's costs be finalized?

During the underwriting process, insurance companies factors such as age, location, and health of the employees for whom you are applying for coverage to determine your final rates. Using criteria such as number of enrollees and preexisting conditions, the insurance company will assess your group as a whole to arrive at a final monthly premium. It is important to note that lease note that regardless of whether you purchase a plan through a local insurance agent, Compare-Health-Quotes.com, or directly from the insurance company, you will still pay the same monthly premium.