Small Business Group Health Insurance

Washington Small Business Health Insurance


Medical insurance costs for Washington small business health insurance can be decreased when you shop online. When you compare rates for Washington group health insurance online, employers and employees can find the best rates that apply to their particular situation. Companies in WA and other states are looking for ways to offer healthcare, but sometimes the financial side can make things difficult. Fortunately, a quick search online can generate rates from both local WA medical coverage providers and national providers as well.

Companies in Seattle, Spokane and Tacoma are looking at their healthcare options more closely, just as businesses in Vancouver and Bellevue are trying to do. Medical coverage is a universal concern, as no one is immune to sickness. Employees have to deal with the stress of the nine to five grind, rush hour, family stress and trying to have a personal life in the meantime. There is a lot to juggle and that can lead to someone feeling under the weather. When an employer can help their employee be better able to afford medical care, they can increase the quality of the work environment and the productivity level at the same time.

Washington small business insurance is a great way to offer affordable healthcare coverage for companies who are not large in size. Large businesses often have an edge on a small business as they have more overhead and expendable income. They also have a larger employee base who can contribute to premium and deductibles. There are several benefits for companies who offer Washington group health insurance. There are also several Washington small business health insurance options that a company can choose from for their employees.

Companies Who Offer Washington Group Health Insurance

It takes more than just a desire for a company to be eligible to offer Washington group health insurance. Companies must have at least two and no more than 50 full time employees to be considered for small business health insurance. The employees must work at least 30 hours a week and cannot be seasonal or contract. Unfortunately, this leaves part time employees ineligible to participate in the group health program.

Most medical coverage providers require that a certain percentage enroll in the Washington small business health insurance plan before it goes into effect. There is also usually a window of time for open enrollment that gives employees a chance to reconsider. This most often happens just once a year. New employees though usually can enroll after a 30-day trial period. Providers usually want at least 50 percent of the eligible employees, not the total employee base, to participate in order to offer the overall Washington group health insurance coverage.

Companies in WA usually choose between managed care plan or indemnity coverage. Either option can work, but it really depends on what works for the employees. If the employees do not participate then companies cannot receive the discounted rates that Washington small business health insurance offers. Therefore, companies really take into consideration what their employees will want to opt-into.

Benefits for Companies with Washington Small Business Health Insurance

Businesses in WA are trying to compete with other states to attract the best candidates for their jobs to live in their state. Having Washington small business health insurance can help attract a potential candidate to the job. It is true, that companies need employees and people need work, but companies with a long-term goal are looking for the best of the best. The saying goes surround yourself by a winning team and you too will win.

Candidates like to look at their options and that involves quality of life in the community, transportation, location, salary and of course group health benefits. Often times, benefits can add thousands to the overall salary because of the money he or she will be saving. This is because it helps an employee’s family have coverage. Washington group health insurance is extended to the employee’s spouse and dependants regardless of their medical coverage. This works out better financially then trying to get them on an individual plan.

Companies in Washington can also receive tax breaks for offering group health insurance. The amount a business pays out in premiums for their employees can be used at the end of the year to receive a better tax credit. Businesses wishing to take advantage of this and other tax options should consult a tax professional.

Types of Coverage for Medical Coverage in WA

Health Managed Organizations (HMO) is one of the more popular forms of managed medical care. This type of Washington small business health insurance requires employees to receive only medical care within a specified network. Even if emergency care is required, this form of Washington group health insurance will not cover the costs of care received outside of the network. This only works if employees do not require flexibility. The upside to this group health option is the affordability. Employees could see a doctor in Washington for the same price as two value meals at the local fast food chain.

Preferred Provider Organizations (PPO) is the same in affordability as an HMO, but offers greater flexibility. Employees can go outside the network, but if they do, it must be by referral only and their Washington group health insurance benefits would be reduced. A PPO Washington small business health insurance plan also uses coinsurance, which means the employee would pay a deductible before the provider would make a contribution. To keep the premium rates low, most companies choose a higher deductible. This keeps more money in their employees’ pockets, but it can be a greater out-of-pocket cost.

Point-of-Service (POS) is more costlier than an HMO or a PPO, but it offers greater flexibility. Any doctor can be your primary care physician, regardless of the network. Employees can also go outside of the network and receive full benefits from their Washington small business insurance as long as they were referred by their primary care physician. If they are not referred then they will still have benefits, but they will be reduced. As for PPO, a POS plan uses coinsurance, so make sure to review the premium rate and deductible options before choosing a coverage plan.

An independent plan is another Washington group health insurance option that employees have and it is not under the managed care umbrella. This offers the greatest flexibility in Washington group health insurance coverage and no referrals are needed, but it can be restrictive to family members. Employees who have a spouse and/or dependant who has a troubled medical history may be denied group health coverage. They could only be covered themselves and not their family members like Washington small business health insurance allows.

A final small business health coverage option in Washington would be a Health Savings Account (HSA), which is basically like any other savings account. Money is taken from the employees’ paycheck, just as it would be for health coverage, and placed into an account to pay for routine medical services. More often than not, companies will contribute a portion or even a matching amount to make the HSA a full Washington small business health insurance benefit for employees.