Lauren Jones

Hi! I am Lauren Jones, an expert in Insurance Industry and I am working in this Industry from past 5 years. I am not the owner of the content published here. This content is only for knowledge purposes. This content belongs to the respective ownersand I do not hold any right for this content.

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Affordable Health Insurance Enrollment

If you are seeking an individual health policy, you have several Special Enrollment Period (SEP) triggers, or qualifying events, that would qualify you for enrolling. Keep in mind that if you already started the application process on Healthcare.gov prior on or prior to the March 31st deadline then you have until mid-April to complete that process. Here are a few triggers, or qualifying events, that can still get you an individual policy throughout 2021:

Loss of minimum essential coverage.

Gaining dependent status through marriage, birth, adoption, or placement for adoption.

Gaining US citizenship (national or law).

Change in income that would either qualify you for a premium tax credit or which will make you unable to afford your employer- sponsored plan.

A permanent move.

Ability to show that the plan you are currently enrolled into substantially violated a material provision of its contract.

If you are of Native Indian decent, you are allowed to change your coverage once per month.

Ability to show your enrollment or lack of enrollment into a qualified health plan is inadvertent, unintentional, or erroneous and is a result of the error, misrepresentation, or inaction of the Exchange or HHS.

Ability to demonstrate you meet other exceptional circumstances (as defined by the Exchange).

If you are granted a SEP you will have 60 days to enroll into a plan. Most of the triggers will rely on the 15th of the month rule (some do not, but that is for another day and another blog). What is the 15th of the month rule you might ask? Answer- if you enroll in a plan between the 1st and 15th of the month you will be granted an effective date as the 1st of the next month. If you enroll in a plan between the 16th and 31st of the month you will be granted an effective date as the 1st of the following month. For example, a person who enrolls on 4/5 would receive a 5/1 effective date, while a person enrolling on 4/17 would receive a 6/1 effective date. So if you are eligible don’t delay, you could risk going without coverage for a month.

If you own a business, and you meet the requirements for Employer-sponsored business health insurance , you have a little more flexibility which will allow you to obtain a group health plan. There are advantages to having a group plan, such as:

Tax credit / deduction for the premiums paid,

some group market plans tend to still have more comprehensive benefits and/or provider networks than their individual market counterparts (especially in the HMO market),

you can still get a group plan throughout the year without needing a SEP,

they have increased the criteria for valid waivers (can be helpful for small employers with specific needs), and

the pricing gap has been narrowed between the group and individual health market through Healthcare Reform so the cost difference is not that different anymore.

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Best Health Benefits to Offer Employees

Employer benefits are one of the biggest considerations for employees and job hunters. Many of the most satisfied employees have cited benefits as the top reason for their satisfaction and one of the biggest reasons they accepted the job in the first place. Many workers are even willing to accept a lower salary in exchange for an excellent benefits package. What are the best benefits an employer can offer? Consider these key benefits:

Health insurance.

This one may seem obvious, but not all employers offer health insurance. Getting business health insurance through your employer is usually a more affordable option as group coverage often comes with lower premiums. It can be difficult to find individual low cost health insurance that is worthwhile and covers the medical expenses you need to have covered. Most group health insurance plans also cover your children and other dependents. Employee wellness programs can help reduce group health insurance premiums making it more affordable for employers and employees.

Dental insurance.

Another important benefit that is not always offered by employers is dental insurance. Everyone needs basic dental care and some require more advanced dental care. Unexpected dental work can set someone back thousands of dollars. By offering dental insurance that covers preventive care to your employees, it may prevent or reduce the need for more expensive dental procedures.

Plus, should a procedure be necessary for an employee, having dental insurance can really help them with their dental expenses. Imagine the sigh of relief and gratitude from your employee as she realizes the financial impact of her employer investing in dental care.

Vision insurance.

Hardly anyone has 20/20 vision these days and most people require corrective lenses of some kind, either glasses or contact lenses. Without proper vision correction, employees may suffer from a lack of productivity and even sustain headaches. Surprisingly, vision insurance is a perk that not all businesses offer to their employees. Offering vision as a benefit helps to attract more qualified, highly talented employees.

Life insurance.

Most employers offer life insurance to employees. Most plans are tiered, allowing employees to select the amount of coverage they wish to purchase. In many cases, employees can add additional life insurance coverage for a spouse and/or children.

Disability.

Salaried employees are typically offered the benefit of disability insurance from their employer. Hourly employees may have the option to purchase disability coverage from their employer, but the coverage is not always guaranteed.

Retirement benefits.

In most cases, retirement benefits are offered in the form of a 401(k) plan. Employees can decide how much they wish to have deducted from each paycheck pre-tax in order to save for retirement. Employers often match each employee’s deduction up to a certain percentage.

Flex Spending Accounts (FSA).

A flex spending account is designed to supplement an employee’s health insurance coverage. Employees can allocate funds to their FSA account from their paycheck pre-tax. The funds are available at the time the employee becomes eligible for benefits, but whatever is not used during the year cannot be carried over. FSA accounts can also be used for dependent care.

Health Savings Accounts (HSA).

Similar to an FSA, a health savings account is a savings account the employee can allocate funds to pre-tax to use for any health-related expenses. The main difference is that there are no funds available up front. The employee can only use what has been put into the account up to that date. The good news is that HSA funds can be rolled over from year to year.

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Shopping for Group Health Insurance for Your Small Business?

Whether you’re a growing small business hiring its first employee or an established company looking for better group health insurance, I can help you find the best small business health insurance plans and employee benefits that will satisfy your business’ needs.

Seriously. Our job is to simplify your job. We understand small business owners are stretched to the max. We handle everything from the shopping and analyzing of policies to the ongoing employee meetings for new hires; so you can focus on what you do best – growing your business.

Once we’ve setup a group health insurance plan for your business, we personalize the enrollment by meeting with each employee individually to ensure they understand their options, answer their questions in a private setting, and enroll them in the best insurance plan that meets their individual needs.

What To Expect When Getting Small Business Health Insurance

Determine the needs of the business and employees.

Shop and negotiate on your behalf.

Create a plan that works for your business.

Implement the enrollment process.

Handle communication between payroll and the insurance carrier for billing.

Handle New Hire benefits reviews.

Answer all your employees’ questions, anytime.

Re-evaluate every year.

After  you get business health insurance suited to your employees’ needs, the experts will streamline the enrollment process and communicate directly with your team members. This can help each employee get access to their benefits easily and understand their health insurance coverage.

Here To Support You And Your Employees

Setting up small business health insurance doesn’t have to be difficult. We know all the ins and outs of health insurance and employee benefits. Employee benefits packages need to work with your budget and your employees’ needs at the same time – a daunting balancing act. 

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Enroll in Medicaid & the Children’s Health Insurance Program (CHIP) any time

Medicaid and the chip insurance in pa provide free or low-cost health coverage to millions of Americans. If you qualify for these programs, your coverage can start right away, any time of year.

Who qualifies?

In all states, Medicaid and CHIP provide health coverage for eligible children, parents, pregnant women, elderly people with certain incomes, and people with disabilities.

Many states have expanded their Medicaid programs to cover all adults below a certain income level.

To see if you qualify, enter your household income and size, and we’ll tell you if expanded Medicaid coverage for people in your income range is available in your state.

Children in families with income too high to qualify for Medicaid may still be eligible to enroll in CHIP.

How can I apply?

You can apply through the Marketplace or directly with your state Medicaid or CHIP agency. Choose your state for your Medicaid agency’s contact information.

When you fill out an application through the Health Insurance Marketplace®, if it looks like anyone in your household qualifies for Medicaid or CHIP, we’ll send your information to your state agency. They’ll contact you about enrollment.

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National Small Business Week: Keeping small businesses healthy

If you’re the owner of a business with fewer than 50 full-time equivalent employees, you have choices that can make insurance more affordable, flexible, and easy to enroll in.

The Small Business Health Options Program can help

The Small Business Group Health Insurance Options Program (also known as SHOP) can help your small business offer quality health insurance that meets your employees’ needs and stays within budget.

5 benefits of SHOP

Access to tax credits: Buying coverage through the SHOP Marketplace is the only way for you to take advantage of the Small Business Health Care Tax Credit. The smallest employers can save 50% of the cost of their premiums.

Control over costs: The SHOP Marketplace lets you decide up front how much to contribute to premiums. Plans can’t charge higher premiums because of higher medical costs or pre-existing conditions.

Year-round enrollment: You generally can sign up for coverage any month of the year. So it’s easy to offer employees insurance when it’s right for the business.

Flexible coverage options: There’s a variety of plans available. You can let your employees choose among several (if they want to) so employees can select a plan that‘s right for them.

Support: Get in-person assistance from agents and brokers or trained navigators. They can help make the buying process even simpler

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Small Business Health Insurance For The Right Employee Health Coverage

It is important for a small business to be able to use their investment well enough. That is why it is important for them to have to use the resources that are available in the right way. A Small business health insurance needs can be fulfilled  in the cheapest of ways.

You can get the best of coverage at the most cost saving of premiums. This works out to be the best option for ensuring that the employees have adequate protection. This is one excellent way of being able to retain and attract the best of employees.

The way the insurance works is that they are able to offer a high amount of high quality coverage that is concentrated on a small group of employees. The employees at whatever health stage all get the same kind of coverage coming their way. There are several different plan options that a small business can opt for.

This could be in the form of a preferred provider option which is given by the provider to the employees and enables them to be able to consult a large network of doctors and specialists who have tied up with the insurance providers.

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What is Medigap insurance – and do I need it after I retire and have Medicare?

We all want to cut our expenses when we retire to help us have a comfortable standard of living on our more limited income. Generally, the last thing we want is to add another new expense.

And many people intentionally wait to retire after they turn 65, so they will have Medicare to cover their health expenses. But the free part of Medicare alone may not cover everything you’ll want and need as you age during your retirement.

For example, if you want prescription drug coverage, you’ll also want to purchase a Medicare Part D plan. And that’s still true even if you buy a Medigap policy since any Medigap policies sold since 2006 cannot include prescription drug coverage.

Medigap (also known as Medicare Supplemental insurance) is intended to supplement your Medicare. It should help you to pay some of the expenses not covered by Original Medicare, such as copayments, coinsurance, deductibles, and medical care in foreign countries (some plans cover this, others do not).

It only covers one person, so if you and your spouse both want Medigap coverage, you’ll need separate policies. And the premium you’ll pay for your Medigap policy is in addition to the premium you pay to Medicare for your Medicare Part B – it’s an additional expense, not a replacement.

And it’s an expense you’ll be paying to a private insurance provider – not to Medicare. To qualify, you must already have Medicare Part A and Part B. Part A (hospital insurance) is the part that is free for some people. Part B (medical insurance) helps with some of the doctor expenses you’ll incur for ongoing healthcare and for on-demand visits when you are ill.

The standard Part B premium in 2018 is $134 per month but it may be higher or lower depending upon your income. And it has an annual deductible, after which you’ll still need to pay 20 percent of doctor visit costs. It’s important not to confuse a Medigap policy with a Medicare Advantage Plan (Part C). They’re not the same thing.

If you already have a Medicare Advantage Plan, be sure you are able to leave it before signing up to begin your new Medigap policy. It is illegal for anyone to sell you a Medigap policy unless you are switching back to Original Medicare. A Medigap policy is just one of the expenses you may need to contemplate when deciding when to retire and how much you’ll need for ongoing expenses thereafter.

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What are the Small Group Benefits When it Comes to Insurance Coverage?

Traditional Plans vs. “Managed Care” Small group benefits offered by a particular group health insurance plan depends on many different aspects, including whether it’s a traditional plan or a “managed care” plan. Traditional plans often come with higher premiums, but offers access to wider option for medical practitioners, services and institutions. On the other hand, a managed care plan would usually cost considerably less, however the choices would be a little limited when it comes to medical services. Both type of plans are sold by major health insurance providers, and most states require that the employer covers at least 50% of the premium costs. However, many employers think that they need to pay 100% of the premium costs, discouraging them from offering this crucial employee benefit. Most of the employers agree that not offering adequate health insurance coverage affects their relationships with the employees in an adverse way, with 75% revealing that their business suffers due to not offering small group benefits related to health insurance coverage to their employees. Reasons for Providing Health Insurance Coverage to Your Employees After going through the information above, it could be concluded that providing employees with business health insurance coverage may not be as expensive as many employers think, and not doing so may not allow the business to grow at its full potential. Let’s take a look at why a small business should consider providing health insurance coverage, though it isn’t required to. Recruiting and Retaining Top Talent As mentioned,  group insurance coverage is currently considered to be one of the most important employee benefits, it displays a great impact on attracting new talent. This is especially true when it comes to small companies, as most new employees may be interested to join a large business instead of a small business. Similarly, even some of your best employees may consider joining another company that offers better employee benefits at some point in the future, but with the help of a great group health insurance plan may prevent them from doing so. Tax Benefits Offering a group health insurance coverage would also present a considerably wide range of benefit for both employees and employers in terms of taxes. Firstly, all the expenses incurred for providing the insurance coverage would be 100% tax-deductible for the business. If the employer exerts effort in taking care of the legal formalities, even the employees’ contribution can be made on a pre-tax basis. The employer can also make the employees’ contribution BEFORE paying them, so that they won’t have to deal with any tax liabilities related to their contribution and end up with a higher take-home pay than they otherwise would.

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Understanding Your Company Insurance – Is it a sufficient coverage for yourself?

Generally, companies provide coverage that is as comprehensive as possible, however, due to the nature of group health insurance plan claim limits that apply. In severe cases, Employee Benefit alone may not be sufficient. Let me share with you a personal experience, my friend met with a traffic accident during lunch time, and she had to spend almost 2 months in the hospital with several surgeries to mend her spine and leg.

Although her company did provide insurance for her, it was limited. Furthermore, she had already reached the maximum limit of her insurance, which meant that her family had to bear the remaining cost of her medical bill. As her injury was on her spine, it affected her ability to walk. She was bedridden for months, and wheelchair-bound for even longer. She had to learn how to walk again, which took her almost two years. Her parents could support her financially and her company retained her position and put her under unpaid leave until she could return to work.

Now, maybe it is time to ask yourself as well, is your company insurance enough to cover you in such an instance? Will you be as lucky as my friend who had supportive parents and a company that kept her position?

In the worst-case scenario, most of us who rely only on company insurance, will only be able to cover the hospitalisation bill to the maximum claim limit. We may even find ourselves in a dire situation where we are no longer employable due to our injuries, leaving us solely responsible for the cost of daily expenses and post-hospitalisation bills.

Why would I need other insurance other than my company health insurance if it does cover to a certain extent?

Personal expectation

Important milestones in your life may change life’s priorities. Example, when you get a house, you will worry about the mortgage and what happens if you fall ill or unexpected death happens. It is a bigger responsibility and your company insurance may cover for death or critical illness, but it may not be enough to cover for your mortgage.

Company insurance do not provide for Early Critical Illness which covers early stages of critical illnesses. This is useful to people who are concerned about alternative treatments and income replacement while recovering from illnesses that they will most likely to recuperate from.

It is important to review your Company Insurance and see if it matches your personal expectations of coverage and if there are any gaps that you will need to close.

Changing of jobs

What happens when you change jobs? Will your previous company’s insurance be portable to the new company? These are the rather common questions that salaried workers ask me.

If your company is under one of MOM’s Portable medical benefits, then yes, you are covered with limitations, example – the Transferable Medical Insurance Scheme which is a group insurance that has inpatient coverage up to a maximum period of 12 months when an employee leaves his employment. It is important to understand how these scheme works and how portable they are as they may have limitations and may not be sufficient for your personal expectations of being adequately covered.

Unfortunately, company insurance generally only covers you during the time you are employed with  them and once you leave your company, you will lose your coverage. It will be good to acknowledge that company insurance is an Employee Benefit and that it is possible that your employer can cancel this benefit anytime. Lastly, when you change jobs, your future company’s insurance may not be as comprehensive as your previous company, or worst, they may not have company insurance. These are real concerns that can happen, and you must always plan ahead and not be caught in a situation like this.

Planning for Retirement

We all know that as we age, our body will need more repairs and we will meet with more health issues. It is important that we have sufficient medical coverage, long term care and retirement planning to take care of ourselves.

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How to Start an Insurance Career as a Group Insurance Agent (varies by state)

Before an agent starts an insurance career in group health insurance, they must understand what it is and how it works. Group Insurance plans are sold to businesses as employer sponsored benefits. There must be an employee/employer relationship with a minimum of two full-time employees to provide this type of coverage to a business. An Employer will generally provide group benefits to attract and maintain quality employees. These group insurance plans may include medical, dental, vision, disability and life.

Why Choose an Insurance Career in Group Insurance?

Many agents choose an insurance career in group insurance because the premiums and commissions are higher than most personal lines of coverage. Since group policies deal in bulk, providing coverage for all the fulltime employees, the commissions are paid on many policies at one time. These commissions are usually paid on a monthly basis as long as the company remains active and continues to pay their premiums. Agents with a job in group insurance must obtain licenses in life and health insurance. With both of these licenses, an agent is allowed to sell multiple types of policies, which increases his/her bottom line.

Who Would Excel at an Insurance Career in Group Insurance?

Agents must be proactive and have good marketing skills to succeed

Those interested in a group insurance career need to be self-motivated and thrive in a fast-paced and dynamic environment. To be successful, an agent needs to learn the ins and outs of the policies they are selling and work to understand and listen to the specific needs of their clients. Agents must be proactive and have good marketing skills to succeed. The group insurance industry is very competitive and service-oriented, as clients request for the agent to shop and compare for better rates every year.

There is usually no requirement that those looking for a group insurance job need to hold a college degree to obtain a license. However, an agent must prepare for and pass a state exam to obtain both Health and Life Insurance licenses before starting to write business. In some states you may need to register your fingerprints. The section below outlines how to get started in an insurance career selling group insurance.

How to Start an Insurance Career as a Group Insurance Agent (varies by state)

An agent in a group insurance career is required to obtain Health and Life insurance licenses from the state that he or she wishes to sell policies in. The following is a short list of the basic process of starting an insurance career in group insurance.

Complete Pre-Licensing Education: Learn the rules and regulations of your state’s insurance industry. You may be required to attend classes, but some states allow you to study at your own convenience. You will be issued a certificate for completing these state certifications and at that point you are permitted to take the state exam to become licensed as a Group insurance agent.

Take the State Exam: Contact your state’s insurance department to find information on your state’s requirements and local testing centers.  In addition to the self-study option, there are in-person and online schools/courses that you can attend. Once you have completed the course, bring the course completion certificate to the testing center on the day of your exam. After you have successfully completed the state exam and paid the licensing fees, you are then issued a Life and Health License.

Buy Errors and Omissions Coverage:  As an individual insurance agent, most carriers require you to have Errors & Omissions insurance. This liability policy protects you and your career against financial loss related to your involvement in the sale or service of an individual insurance policy.

Get Established:  Getting started in Group insurance is more difficult than most insurance careers because there are a lot of sales, regulations and servicing skills needed to be successful. In truth, more people begin their career in this field working with a mentor. To start selling Group insurance you can either decide to work for a company as a captive agent or choose to work through a broker. Many agents find that working through a brokerage firm typically provides greater opportunities for success because they can offer multiple carriers. This helps agents to shop for the best options for their clients, which results in high customer retention.

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Health and Medical Insurance for Groups

If you’re a business that offers relocation opportunities, either to existing employees or to those looking to join your company, then whatever industry you’re in it’s likely to be a competitive one. Competitive not only from business, revenue, and profitability standpoint but from a people perspective too.

Companies looking to attract the best talent from around the world are constantly looking to improve their employment and benefits packages, and one of the best ways to do this is by offering the  best health insurance in pa to your employees.

If you’re a business with an existing or growing overseas workforce, investing in group health cover for these individuals can be a cost-effective means of improving your attractiveness as an employer.

Why Should You Invest in Group Private Health Cover?

While there is a cost-benefit to your business of taking out private health and medical cover on a group basis, rather than for each individual at a time, the main reasons for taking this path are all about the people who will benefit.

Let’s think about relocating overseas. International relocation is an incredibly exciting opportunity that many global citizens will grab with both hands.

At the same time, there are several considerations individuals must make prior to moving, and there will also be a lot of questions they want to ask, particularly if they’re relocating with their family.

One of the biggest questions is likely to be around how the healthcare system works in your location. By offering private health cover to your employees, you’re immediately addressing this, putting potential applicants’ mind at rest, and making your business stand out and be more competitive in the jobs market.

What are the Benefits of Investing in Group Private Health Cover?

In addition to the factors already described, there are many additional benefits of taking out group health and medical cover for your employees.

By ensuring your relocating employees are covered, you save them the time and effort of learning how the healthcare system works in your location, as well as needing to take out their own international health insurance. Depending on where your employees are relocating from, you may find they have differing levels of experience and knowledge of different healthcare systems. Relocating from a country with universal, free public healthcare to one mainly reliant on the private sector, for example, can be a culture shock.

Your employees will subsequently be able to access the healthcare they need quicker, minimising the time they are ill and may need to spend off work, while there will be no stress and worry about how they’re going to meet their medical costs.

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Things to be Considered before Buying a Health Insurance Plan

People who are new to the word health insurance need to understand a lot of terms. Read this blog completely. By doing this, anyone can easily understand the things they should consider before buying a health insurance plan.

Type of health insurance: 

This thing generally depends upon the situation and need. If the buyer is a bachelor then there is no point of purchasing a family health insurance. But if the buyer has a family then he should purchase a family health insurance or can get a  group health insurance plan from his employer. Considering the age and previous diseases of family members is much important before buying. By considering this he can choose a better health insurance plan.

Process of claiming: 

The plan chosen must have a faster process of settling claims. Here lacking this feature can cause the buyer a lot of problems. Since there is a huge amount of money spent on treatment, slower claims may cause compromising health. Thus as soon as a person can claim the money, he can avail much better treatment.

The network of the provider: Checking the cashless Medicare network of the insurance provider is important. If a person wants to avail treatment from a hospital, a lot of them are offering cashless transaction option. This means the hospital and the insurance provider can settle the transaction. This way no one has to use any cash from their side.

Before buying the insurance policy, the tie-up between medical professionals and insurances provider should be checked. This way anyone can avail treatment from the medical professional of his choice also (Medical professional should be available in the list).

Pre and pro hospitalization charges:

Except treatment in the hospital, there are a lot of other expenses like visiting doctors, undergoing tests etc. A person should choose an insurance provider which covers all these expenses.

Renewability: 

This aspect matters a lot. As soon as a person grows old, the risk of getting ill again and again are high. Thus the plan chosen must offer lifetime renewal.

Free medical check-up: 

This is one of the topmost benefit if any individual can avail. Having an option of free medical check-up can help in avoiding the cost of pre-tests and check-ups.

Choosing the right amount: Before choosing the plan, select amount wisely as it can affect the savings or monthly salary. Consulting more than one provider can help in purchasing an affordable health insurance plan.

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Benefits of an International Group Insurance Plan

Any time you group your insurance risk, there will be significant savings and benefits for both the employer and employees of an international group insurance plan. Expat group insurance plans usually offer life insurance, international health insurance, dental, evacuation and disability insurance to expatriate employees and even some key local nationals. We have compiled reasons why any international employer will want to set up a group benefit program for its international employees:

PROTECT EXPATRIATE EMPLOYEES

BETTER ACCESS TO CARE

COVERAGE FOR PRE-EXISTING MEDICAL CONDITIONS

LOWER COSTS FOR THE EMPLOYER

BETTER COVERAGE AND PLAN TERMS

PROTECT YOUR EMPLOYEES IN HIGH RISK COUNTRIES

FLEXIBLE AND WIDE RANGE OF INTERNATIONAL HEALTH OPTIONS

PROTECT EMPLOYER’S BUSINESS

BETTER EXPAT EMPLOYEE RETENTION

LOWER EMPLOYER’S HIRING COSTS

GREATER EXPAT EMPLOYEE PORTABILITY

More and more companies are sending expat employees abroad with the increased globalization of multinational organizations around the globe. While the expat employees are working and living overseas, employers are investing in companies resources on them and want the employees are protected. Therefore, obtaining an international expat group health insurance plan is very important prior to relocating to a new country or destination.

Although some expat employers might be tempted to have the expatriate employees covered by a local or government group insurance plan, it is generally much better to have them covered under a global benefit program. When your employees are sent overseas and experience a medical emergency that can’t be handled in the host country due to limitation of medical facilities and shortage of equipment or medications, it is very important to have an international health insurance plan that provides international emergency evacuation and repatriation coverage. A group plan will also offer international evacuation insurance plan that will enable urgent treatment abroad if required.

Individual expat health and life plans have to be medically underwritten and employees who are under separate individual plans may have restricted coverage, exclusions or even be declined. Whereas an international benefit plan can offer full coverage for pre-existing medical conditions because the risk is shared among healthy and unhealthy employees and their dependents. Many expat assignments will not get off the ground if the employee or dependents can’t be covered by an individual plan.

A group benefit plan will always be much less expensive than a group of individual expat health or life insurance programs. By pooling the risk, you can obtain better economies of scale and significant savings

A group benefit scheme for your expat employees will always be able to offer superior coverage and plan terms versus an individual health or life insurance program because the risk is spread across a wide group of people. Many exclusions that might be part of an individual health plan for example, will not be included in an international group program.

Many companies operate in some regions of the world that have conflicts or war and terrorism threats. Expat employees working and living in these high risk zones should be covered by special risk insurance plans, war and terrorism risks coverage, and kidnap ransom insurance for expat employers.

Sending an employee overseas is a huge financial commitment for an expat employer, which takes on a fiduciary responsibility to protect and provide for an employee’s healthcare and other insurance needs, such as LTD, AD&D, and life insurance. If an employer doesn’t provide coverage, any large claims could become a huge legal liability.

Employees working on global assignments have diverse needs and a quality benefit package will help your organization both attract and retain vital expat employee talent. The cost of a failed expat assignment can be in the hundreds of thousands, so it make sent to provide a high quality benefit program. With international expat group insurance plans, they will receive coverage from medical professionals, multi-language translation services, quality health care around the world 24/7, etc,. The international expat group insurance plans can be tailored to meet the needs of your employees working globally, so that your business objectives can be achieved.

When employees working and living overseas don’t have adequate health insurance, they may have to wait longer to seek medical treatment from local specialists. On the other hand, due to financial concerns, they may tend to stay home from work to prevent long term health risks. All these situations will increase absenteeism and increase hiring costs of employers. Hiring and training new employees and send them overseas takes time and costs money. Therefore, having international expat group health insurance will help retain your talented employees and reduce hiring costs.

Expat employees are by their nature highly mobile individuals. It is critical that an expatriate employer set up an international group insurance plan that will allow the free movement of members from one country to another without having to switch from one local plan to another, especially if he or she has developed a sickness or injury that will prevent them from obtaining coverage. Portable expat coverage is a huge benefit for multinationals.

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How to decide whether to provide group health benefits

Deciding whether or not to provide small business group health insurance for your employees is not a “no-brainer.” Here are some factors to look at as you make your decision:

1. Look at the costs now.

The first step is getting a realistic picture of how much it would cost, by obtaining a variety of premium quotes for your group. A local broker will be able to show you a variety of options and help you work out how much you’d have to pay and how much your employees would pay under various contribution splits. From there, ask yourself whether you can afford the coverage.

2. But also consider future coverage costs.

You’ll also want to consider whether continuing to offer coverage is likely to be a viable option for your business in the long run. Will you still be able to afford to offer coverage as premiums rise with time? (Keep in mind that there are cost-saving measures available, including switching plans, increasing out-of-pocket costs, or requiring employees to pay a larger share of their premiums).

3. Check up on your competition.

Do other similarly sized employers in your industry tend to offer coverage? If they do, you may need to offer coverage in order to remain competitive.

4. Get feedback from your employees.

HR leaders at large organizations routinely survey their employees to determine their level of satisfaction with their overall benefits package. Seeking feedback from your employees is a good place to start, and can give you an idea of their willingness to join an employer-sponsored plan, the type of coverage they’d like to see, and the amount they’d be willing to pay for it.

5. Consider the ‘family glitch’

Some employers pay the entire premium for their employees’ coverage, but that’s the exception rather than the rule. Employer-sponsored health insurance premiums are typically funded via a combination of employer contributions and employee contributions, with the latter being deducted from each employee’s paycheck.

If you’re a small-business owner and you’re setting up a group plan for your employees, you’ll want to understand the ramifications of who pays what.

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Insurance brokers vs agents: Key differences explained

Those on the hunt for corporate insurance will quickly discover that not only do countless plans exist, but so do a variety of different distribution channels in the market. There are insurance companies that you can buy from directly, agents who will sell plans on the insurers’ behalf, and brokers that search and compare coverage for you. 

Buying directly from an insurance company

Insurance companies only have the authority to sell their own policies. When searching for insurance solutions, buyers often assume that because it is the most “direct” approach to purchasing insurance, buying directly from an insurer is likely cheaper and less time consuming than buying through a broker/agent. While this can sometimes be true if you have a solid understanding of the insurance market and its products, it is often not the case.

For one, the process of researching and comparing plans without the help of an advisor can be arduous for any business owner or HR team, as it requires a significant amount of time to understand each and every option to determine whether they’re the right fit for the business. Without assistance from an expert, there’s also a greater risk of securing an ill fitting plan for your business and staff, which can be incredibly costly in the long run. A good broker or agent can advise you at no extra cost.

While the absence of an intermediary, such as an agent or a broker, could result in a cheaper premium, it is usually not the case. This is due in part to the reliance on third parties to drive business to insurance companies. If the insurer offers plans that are significantly cheaper than what they offer clients through brokers or agents, those intermediaries will find the prospect of selling their products less advantageous – and may even choose to stop selling their policies altogether. This could lead to a significant loss in potential customers, leaving insurers with the costly task of increasing investment in their own sales teams and efforts.

What do insurance agents do?

Insurance agents have the authority to sell and, sometimes, adjust coverage on the behalf of one or multiple insurers – usually with the goal of maximizing insurer sales and profit. Some key features that sets agents apart from brokers include:

An agent is either captive, or independent. Captive agents are those that can only represent one, single insurer, whereas independent agents represent multiple insurers.

Agents operate on behalf of insurers, and not the buyer. Their aim is to match you with coverage from the insurers they represent.

Some agents, but not all, can “bind” coverage under certain circumstances. This allows buyers to obtain coverage before the insurance company has finished processing the application and issuing policy documents.

Agents earn a stable commission from the insurers they’re contracted with; sometimes, captive agents are salaried.

What do insurance brokers do?

Brokers leverage their expertise to understand their clients’ needs, and help them select the right insurance solutions at the best possible price. Unlike agents, their duty is to act in the buyer’s best interests, rather than the insurance companies’. Additionally, brokers:

Are independent of any insurer, and tend to offer a wide range of plans from many different insurers

Will prioritize your interests where there is a conflict with their own interests

Make impartial recommendations based on your business’ insurance needs, and may even leverage their close partnerships with insurers to negotiate better premiums or specific conditions to be met

Explain aspects of your policy or note things that you may not have considered

Like agents, brokers can operate very differently too. For example, smaller brokers may simply offer a review of the best plans, match you with a solution that best fits your needs – and that’s it. Larger brokers, on the other hand, have the capacity to offer a range of value-added services such as claims assistance and renewal support, often at no extra cost.

Some brokers are also specialists in certain products e.g. group health insurance plan, and even offer additional services depending on their area of expertise. HR administrators, in particular, will love a comprehensive insurance broker. From claims analysis, to employee education and orientation, a full-service broker does all the legwork for you, thus saving you time to focus on more worthwhile projects.

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What is an employee benefits market review?

Nowadays, it’s not just a salary that keeps your employees loyal and happy. Other employee benefits such as company medical plans, flexible working hours, and paid time off are now as important, if not more so than pay. HR teams are thus facing a number of new challenges, chief among them being identifying the right employee benefits programs, and knowing whether their company is getting a good deal for what they’re paying. Here’s where Pacific Prime’s employee benefits market review comes in handy.

What’s an employee benefits market review?

An employee benefits market review is an analysis document prepared by team to help  prospecting clients identify their current employee benefits plan’s strengths and weaknesses, and benchmark it with the current market trends. In a nutshell, our employee benefits market review is an opportunity for your company to find out whether what you’re offering is both cost-effective and competitive.

The benchmarking process will take into consideration a number of aspects of your current plan to match it against what’s currently being offered in the market. The analysis will include:

Benchmarking your current employee benefits package with what similar organizations on the market are offering

Current plan premiums vs. benefits – what are you getting for the money you pay, and is it in line with what other companies are paying?

Benchmark of medical benefits by employee groups – top management, management, and regular staff

Network provider facilities analysis – are you and your employees getting access to the best clinics and hospitals for the price you pay?

Analysis of claims data to identify your plan’s usability and cost

Upon completing the employee benefits market review, we would then present it to the HR teams, together with our recommendations based on our analysis, and proposed next steps.

Why is the employee benefits market review performed?  

The primary goal of the comprehensive employee benefits market review is to see whether your current group health insurance plan is both competitive from the employees’ perspective, as well as in terms of the benefits you receive for the premiums you pay.

The report is created to help you make sound recommendations on benefits provisions to management, and at first, it will help you answer questions you might have been already asking yourself on several occasions:

Are you and your employees pleased with the current benefits platform?

Is the premium fair and competitive compared to market and claims data?

Are you and your employees satisfied with the level of service you receive?

Once you find out whether your plan is competitive or not, and compare the data with answers to the above questions, you can use our employee benefits market review to dig deeper into the subject. Utilize our expertise to develop further recommendations for your company’s benefits plan, and make sure that it is both sufficient and adequately designed, and most importantly in line with your company budget.

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Selecting Health Insurance Plan

Obtaining health insurance is a preventive measure that cannot be ignored. Even if you live a healthy life, you should get health insurance because if you have to go to the hospital, it will save you from a lot of trouble. Hospital bills may be a heavy burden, and medical bills may pile up quickly, which is a huge cause of bankruptcy. Also, it is very beneficial for attracting new employees and retaining the old employees of your business. There are many business health insurance plans available, and it may be difficult to determine which one is best for you. If you know what to look for and important considerations, then choosing the right strategy is not difficult.