Group Health Insurance Plans
Greystone Benefits has been providing small business health insurance throughout Pennsylvania for over 30 years. A quality health insurance plan is one of the most significant tools an employer has for recruiting and retaining employees. Health insurance benefits are second only to salary as the key factors in consideration of employment and comparison to outside offers.
Group health insurance plans are available for companies with two or more employees with a variety of designs, funding arrangements and features. Companies with over 50 “Full-time Equivalent” employees are mandated by the "Affordable Care Act" to offer benefits to all employees working 30 hours or more per week. Group health insurance plans for groups below this threshold are not mandated. As a group health insurance broker, Greystone Benefits has expertise in selecting the right health plan for your small business.
Health Plan Customizations
Group Health Insurance plans can be customized to the needs of the company and its employees. The initial decision should be on the type of funding that will be used. These vary from fully insured or ACA (Affordable Care Act) plans to self-insured plans and participating contracts.
ACA plans are age rated plans with no medical underwriting. Initial and renewal rates do not consider the companies claims experience and cannot adjust rates based on specific Claims utilization. These plans are normally managed at the State level.
Self-insured plans take the opposite approach. These plans require either individual or group underwriting in order to qualify and determine costs. For small groups a short medical underwriting form is required to be completed by each individual. For large groups Census data is sufficient.
There are many levels of self-funding, from Healthcare Reimbursement Accounts (HRA) and Level Funded plans to true self-insured, Administrative Services Only (ASO) programs. An evaluation of demographics and claim-utilization will determine which method would be most beneficial.
Health Reimbursement Accounts: HRA‘s are a creative way for employers to reduce medical plan cost by self-funding specific/limited out of pocket expenses that employees face. These plans limit the policyholders liability and provide an opportunity to participate in the companies claim experience potentially resulting in significant premium reductions.
Health Savings Plans: Known also as High-Deductible Health plans (HDHP) these lower cost plans provide premium savings for those who are willing to take more liability for their healthcare expenses. When enrolling in a qualified HDHP/HSA plan an employees can take advantage of a Health Savings Account. Greystone partners with HSA vendor Health Equity, allowing participants to contribute pretax dollars to a qualified savings account. In 2022 employees can contribute up to $3650 as an individual and $7300 as a family. These accounts roll over a year to year if the funds are not spent and are owned by the employee.
Flex Spending Accounts: For plans that are not HSA eligible, Greystone partners with the Harrison Group to offer Flex Spending Accounts and Dependent Care Spending Accounts. FSA's allow employees to contribute up to $2,850 pre-tax annually to be used on medical, dental, vision and other expenses and roll over $570 of unused funds for to the next plan year. The Dependent Care FSA allows employees to contribute $5,000 annually in pre-tax dollars into an account that can be used for child or adult daycare expenses.
Ours services don’t end after your enrollment. Our promise as a group health insurance broker is to be there every step of the way for you and your employees
New Hire Enrollments: Greystone provides one on one consultation for new hire to explain their health benefit options and ensure they are making an informed decision when electing health benefits
Claims and Billing: Greystone will work directly with the insurance companies to resolve employee claims issues and employer carrier billing issues
Annual Enrollment: Greystone offers an in person or online meetings for all employees to review the current health benefits program, advise on plan changes and answer health specific questions. Greystone also offers one on one consultations for employees to discuss personal health benefit situations