July 2022 - Healthedly Insurance Services

Small Group Health Insurance Frequently Asked Questions (FAQ’s)

There are often many questions regarding the qualifications and specifics of small business health insurance (or group) policies. We want to provide some insight so you have the information pertinent to cover your employee’s health care needs.

How many employees do you need for a group policy?

Surprisingly you only need two employees including yourself to qualify for a group policy. This often means the owner and one full time equivalent employee, or common law employee, basically someone who works at least 30 hours weekly, and is not your spouse. If you have a small business with three employees and one isn’t your spouse, then you still may qualify for group coverage. In certain states, you may even qualify for a group policy with only 1 person. According to the Affordable Care Act (ACA) the maximum amount for small group coverage is 50 employees.

How do group insurance policies work?

These plans are purchased by organizations and companies, then offered to their members or employees. Plans can only be purchased by groups, meaning individuals cannot purchase this coverage. 70% participation is required for these plans to be valid. No two plans are ever the same due to many differences in insurers, types, costs, and terms and conditions. When a group or organization chooses a plan, the members or individuals are given the option to accept or decline the coverage.

What are the benefits of a group insurance plan?

The main advantage of a group plan is that it divides risk across a pool of individuals. This is beneficial due to the fact that it keeps the group member’s premiums low, and insurance companies can manage risk because they have a better idea of who they are covering. Insurers can gain even greater control over the costs through Health Maintenance Organizations (HMO’s), where providers contract with insurers to administer care to members.

HMO’s tend to keep costs low, with a pre-selected network of providers for your care. Preferred provider organizations (PPO’s) give the patient a wider choice of doctors and more access to specialists but tend to have higher premiums than an HMO.

49.6% of the U.S. population is covered by group health insurance. [1]

How Much Does Group Health Insurance Cost?

$7,400 is the average group health insurance policy cost for an individual annually. Employers pay approximately 80% and employees the other portion. Family policies averaged slightly more than $21,000. [2]

Is Group Health Insurance Required?

There is no law requiring small business owners to provide health insurance. However, the ACA made significant changes that small business owners should be aware of when deciding whether to provide insurance for their employees.

Large companies may face penalties if they do not provide coverage under the Affordable Care Act. A small business will not be penalized if they have less than 50 full-time-equivalent employees. If you have at least 50 full-time-equivalent employees but none receive an individual premium tax credit or cost-sharing reductions (both based on income), there’s no penalty—whether or not you offer health insurance.

For more information, quotes, and enrolling your business in some of the nation’s best small business health benefits click here!

Works Cited:

“Group Health insurance” www.Investopedia.com
“2020 Employer Health Benefits Survey” KFF.org

July 28, 2022

Is Dental Insurance Worth It?

Dental

Buying dental insurance can be immensely important, but what you really need is a plan that fits your needs. Some insurance coverages can be expensive, offering things that you’re never going to need. Other oral insurance plans can be much more reasonable and offer the services that you’re going to use regularly.

Let’s look at some numbers: whether you’re buying dental insurance through your employer or independently, dental insurance monthly premiums will cost somewhere between $40-$60 per month. That means that you’re spending around $600 in 12 months on dental insurance, whether you use it or not.

So what’s the answer? Well, if you care about your teeth then you’re probably going to want some form of dental insurance. Your mouth health can affect everything from your gut health to your mental health, so making sure that you take care of your teeth is something that is essential. Will you need $600 per year in coverage? That’s a question you’ll need to weigh against your dental history and your family’s needs. But you’re going to need something, just to be on the safe side.

The answer is going to be getting the best dental insurance at the best price–because we know it can be expensive. So how do you solve that problem? How do you get necessary medical care for your mouth without breaking the bank?

Why Is Dental Insurance So Expensive?

Insurance companies are good for dentists because they bring new patients into the dentist’s office (most people have dental insurance and then look to see which dentists accept their coverage and pick one that does). But insurance companies then put the squeeze on the dentist, giving them little reimbursement and sometimes not paying for procedures altogether.

If you’re in a unique situation, you may wonder about the efficacy of dental coverage. Is dental coverage worth it for the self-employed?

Although if you know a dentist you may see it as a very profitable business that can make the dentist a lot of money. And that’s true—in some cases. But there is so much overhead that goes into a oral practice and, unfortunately, much of that money is not coming from the insurance companies and into the dentist’s office accounts receivables.

As a result, patients get the brunt of dental care costs. The dentist’s office takes their cut, and the insurance company pays back some, but most of the cost gets passed onto the consumer.

Is Dental Insurance Worth It for Seniors?

Is this type of coverage worth it in retirement? It depends. Most of these insurance plans for seniors will cover 100% of preventative care, like cleanings, exams, and x-rays. But the dental plans only cover a small portion of other important types of care like fillings, root canals, and, especially important for seniors—crowns, implants, and dentures.

Seniors are more likely than younger people to have poor dental health: gum disease, tooth decay, and lost teeth. According to one study from the Kaiser Family Foundation, 53% of seniors have said they’ve had to delay or go without dental care because of high cost.

It’s important to note that for most Medicare plans, dental coverage is not part of the program. Medicare Parts A and B do not cover dental work. Medicare Advantage plans (Part C) may involve dental plans.

Still looking for the right health insurance plan? Browse our plans here. Get a quote for dental insurance today.

July 21, 2022

Is It Worth It To Buy Travel Insurance?

Travel Medical

Travel will always have uncertainties, and you should be prepared for whatever comes up. But one of the worst things to experience while traveling is a medical emergency. It’s very likely that your personal health insurance won’t cover much–if anything at all–of your foreign medical bills. And getting caught in China or Germany or South America with an emergency appendicitis–or worse–can be financially devastating. Even travel health insurance when you’re traveling within the United States can be a very good idea, as almost everywhere you go is going to be out-of-network for the insurance you have. And health insurance companies are not known for being forgiving or willing to work with you. An uncovered medical emergency can cost you thousands of dollars, or tens of thousands of dollars.

What Does Travel Medical Insurance Cover?

To be clear, there are two different types of travel insurance. There’s the kind of insurance that will cover your expenses in case of a trip interruption, emergency evacuation, trip cancellation and more. What we’re talking about here is a medical travel insurance plan that provides medical coverage, should a health emergency arise.

Some of the plans that you find through travel insurance companies will have up to $500,0000 per person for medical expenses. This will include emergency medical and dental treatment, doctor and hospital bills, emergency transportation by ambulance or related vehicle. This also includes some amount of travel assistance, including working with you on rearranging your trips.

Is it Worth it Getting This Insurance For Europe and Other Places Abroad?

The truth is that you may have an outstanding health insurance plan in the United States. However, almost all U.S. health insurance, including Medicaid and Medicare, are not recognized outside the country. Even in countries that have good national healthcare systems, a medical emergency for a foreign traveler could be financially devastating.

Europe is known for having better-than-average healthcare systems (though don’t count on them to be cheap). But the further you go away from healthcare hubs, the more likely you are to be spending more money. For example, while a hospital stay in Sweden might be surprisingly affordable, don’t expect the same level of subsidized care if you travel further in Europe. For example, you will not get the same care in countries like Romania, Bulgaria, and Slovakia.

Is It Worth it Getting Health Travel Insurance For South America? Asia? Africa?

The answer is an emphatic “YES”. There are some places in each of these continents with top-notch medical care. Singapore, Japan, and South Korea have some of the best doctors and medical facilities. However that doesn’t mean they’re free. Although the further you get off the beaten path, for instance, on a safari to the Serengeti, or to an island in the South Pacific; standards of care can drop and costs can skyrocket.

Is It Worth It For Domestic Flights?

Yes, this type of insurance is even important if you’re not leaving the country. It may be easier to find a doctor who is in-network, but many times when people travel they stretch their expenses, spending the most they can afford and not leaving much of a buffer for emergencies. It’s wise to plan ahead and have the peace of mind, even on domestic trips, that you’ll get the care you need.

Is It Worth It Getting Travel Insurance For Flights?

While we believe in getting travel insurance that will cover things like lost baggage, rental cars, and interruption coverage, Healthedly provides the most important type of travel insurance: travel health insurance.

Get a quote for travel health insurance today.

July 20, 2022

What Health Insurance Is Most Accepted in Florida?

Life Insurance

A sign that says “welcome to Florida, the Sunshine State”

The most accepted health insurance in Florida is Blue Cross Blue Shield (Florida Blue) and Cigna. These insurance carriers are accepted almost everywhere in the Sunshine State. This makes them some of the best health insurance plans in Florida.

That said, Aetna is currently ranked as the best medical coverage in the Sunshine State. That is, assuming that it is accepted by your doctors. It is one of the most affordable insurance plans, both for individuals and companies.

Aetna has Affordable Care Act (ACA) plans that can be as little as a few hundred dollars per month. Of course, this depends on your age. They also have special student coverage, with plans covering university students.

Is Blue Cross Blue Shield the Same as Florida Blue?

Florida Blue is a subsidiary of Blue Cross Blue Shield, which is a nationwide provider. Florida Blue offers PPO plans (as opposed to HMO plans). This gives participants significantly more flexibility in choosing their doctors and providers.

PPO plans are especially good if you have long-standing or chronic conditions. You might have come to rely on a certain set of medical providers who know your personal challenges intimately. Being able to rely on the same doctors even if you take a job with a new company is a major benefit.

Florida Blue is also considered one of the best coverages for people who are on a fixed income.

How Much Is Health Insurance in the Sunshine State per Month?

When it comes to the best health insurance companies in the Sunshine State, as far as monthly premiums and affordable health insurance, things are a little different. Checking the Florida Health Insurance Marketplace can give you good ideas of what is available for short-term plans. Also check this marketplace for individual and family plans, and prescription drugs.

For health insurance quotes, the average cost of health insurance for a 40-year-old is $554 per month. It goes on to say that “over all age groups, average cost of health insurance is $203 per person for a major medical individual health insurance plan.”

The same study states that the best price for healthcare plans in the Sunshine State is through Blue Cross Blue Shield or Cigna. This holds in virtually every county in the state.

They rate the cheapest health insurance coverage in the Sunshine State as being Florida Blue or Cigna. The best for fixed-incomes is Florida Blue. If you want to get the best health insurance in Florida overall, Aetna ranks as superior. However, Cigna has the best prescription coverage plan.

Want to see what options you have for health insurance in the Sunshine State? Request a quote today.

July 20, 2022