We are all familiar with healthcare insurance of some kind.  Whether you have an individually funded plan, Medicare, or are covered by an employer’s group health insurance policy, coverage is essential.  Because the need for healthcare coverage is crucial, many employers do opt to offer some sort of policy to their employees.  As an added compensation to employee benefit packages, health insurance at some level is one item that many require when searching for an employer.  This article will highlight a few features concerning New Hampshire policies with group healthcare coverage.

Are All Employers Eligible?

The simple answer to this question is, no.  Although most companies are eligible, New Hampshire requires a minimum of two full-time employees within the company to qualify for group coverage.  Further, 75% of all eligible employees and owners may be required to participate in the company plan; unless covered by other means.

Can Sole Proprietors Obtain Group Coverage?

The Affordable Care Act altered the way many healthcare coverage factors are handled.  One of the factors in which the Act eliminated was the designation of “business group of one.” In other words, the policy designed for sole proprietors looking for health coverage was terminated.  Sole proprietors can now obtain healthcare coverage by applying for individual coverage.

How Do Premiums Work?

Along with the altering of sole proprietor coverage, The Affordable Care Act also altered how premium rates are determined.  Although state laws and the size of the employer will mainly dictate which group health insurance policies may be offered, there are other considerations as well.  Factors such as age, demographics, smoker or non-smoker, and so on can affect the rate.

Who Pays the Premium?

At one time, many companies were able to offer 100% compensation for premiums.  However, in today’s world, the premium is typically split between the employer and employee.  How much the employees pay will be dependent on factors such as pay frequency, amount of coverage offered, and whether you have an individual or family plan.

Are Companies Required to Offer Coverage?

Small employers are those with less than 50 employees.  Although many do offer healthcare coverage, they are not required to provide coverage.  Small employers, should they choose to offer coverage, are protected by “Guaranteed Issue.”  However, the provided plan must meet specific requirements.  Further, insurance companies aren’t allowed to reject based on health status.

Large employers work a bit differently.  Again, they can’t be rejected based on health status and health history.  However, the rates change vary based on participation levels and claims submitted. 

For more information on group health insurance, contact the experts at Brownell Financial.  Committed to educating and helping those in need, we at Brownell strive to serve our clients in the best way possible.  Contact us at (603) 437-1992 or visit us online.