As businesses relocate from the state, Idaho employers are escalating the monthly costs for group coverage, if it exists at all. This is resulting in a growing number of employers in Idaho considering either dropping group coverage. Individual coverage is becoming a more attractive option for individuals and families who need affordable healthcare. In response, major insurance carriers are now offering a new line-up of individual policies that weren’t available before healthcare reform bills began circulating in Congress.
Individual policies are generally structured the same as group plans, but offer flexible co-pays, deductibles and networks from which to seek medical care.
Group health insurance in Idaho is sold to businesses and organizations that then provide coverage to their employees and members. These group and business health insurance plans are inexpensive when compared to individual or family coverage, because the cost of medical services can be spread among a larger group of people. Since the risk associated with small group health insurance is lower for the insurance company, they are also more willing to underwrite policies for those with pre-existing conditions. In fact, all small group health insurance plans are required to be guaranteed issue according to federal law.
Your protections will vary somewhat, depending on whether your plan is a fully insured group health plan or a self-insured group health plan. The plan’s benefits information must indicate whether the plan is self-insured. You have to be eligible for the group health plan. For example, your employer may not give health benefits to all employees. Or, your employer may offer an HMO plan that you cannot join because you live outside of the plan’s service area. You cannot be turned away or charged more because of your health status. Health status means your medical condition or history, genetic information or disability. This protection is called nondiscrimination. Employers may refuse or restrict coverage for other reasons (such as part time employment), as long as these are unrelated to health status and applied consistently. However, if you work for a small employer in Idaho, insurance companies must offer coverage to all eligible employees.
When you begin a new job with health insurance through an HMO, the HMO provider may require an affiliation period before coverage begins. During this affiliation period, you will not have health insurance coverage. An HMO affiliation period cannot exceed 2 months (3 months for late enrollees), and you cannot be charged a premium during this time. The reason for this requirement is that many of the carriers want to avoid applicants who anticipate expensive medical procedures that they would have to cover beginning the day you apply.
A group health plan can count as pre-existing conditions only those for which you actually received (or were recommended to receive) a diagnosis, treatment or medical advice within the 6 months immediately before you joined that plan. This period is also called the look back period. (If you are enrolling in an individual health plan or if you are self-employed, the definition of pre-existing condition is different).
Health Maintenance Organizations (HMO)
A HMO is the most affordable kind of group health insurance available in Idaho. HMO health insurance requires you and your employees to give up some flexibility. In order for those on your business health insurance to receive medical services at a discounted rate, they must use the primary care doctors, specialists, hospitals, and other providers within the HMO health insurance plan’s network. If you use a provider that isn’t in their network, you’ll have to pay full price. With this type of employee health insurance, they will also have to see a primary care physician for referrals to a specialist. HMO networks vary in size among your options for small group health insurance.
When buying group health insurance, VitalOne can help you select the most cost-effective HMO plan solution for your business.
Preferred Provider Organizations (PPO Plan)
PPO group health insurance plans are similar to HMOs, but they allow your employees more freedom. This type of employer health insurance consists of a comprehensive health care network of medical providers that are covered by the PPO plan, and a lower reimbursement rate for out-of-network providers. A preferred provider organization does not require your employees to select a primary care physician or receive a referral to see a specialist. This means that you will have a more efficient, healthier workforce. Employee co-payments are higher than other varieties of health insurance for small business. Some PPO plans also require that those covered pay an annual deductible. PPOs can be a great way to provide health insurance employers can afford, as well as a solution for those in search of self employed health insurance in Idaho.
At VitalOne, we can provide you with group health insurance quotes from multiple providers.
Point of Service Plans (POS)
Where business health insurance is concerned, a point of service plan gives your employees the best of both worlds; it includes aspects from HMOs and a PPOs. Similar to a HMO individual health insurance plan, this type of employee health insurance requires them to pick an in-network primary care physician. Then, their PCP can refer them to any in- or out-of-network specialist they wish. Like PPOs, POS plans allow you and your employees an unlimited choice of Idaho medical providers. However, going outside the network will result in higher out-of-pocket costs and the responsibility for filing claims to recieve partial reimbursement. Point of service plans are usually cheaper than PPO plans, making them suitable health insurance for self employed professionals.
In some ways, POS plans are the best of both worlds when it comes to health insurance for individuals. Wondering if a POS plan is right for you? VitalOne has an individual health insurance quote for almost any POS provider in Idaho. They can help you decide which business health insurance plan is appropriate.
Health Savings Accounts (HSA)
Many small business group health insurance policies in Idaho now include health savings accounts. HSA plans transfer more control and responsibility for health care to the employees themselves. Pre-tax dollars (usually a portion of salary) are deposited into an HSA plan, as opposed to being paid out in taxable income. Some employers choose to match health savings account contributions, though doing so is not required. The balance can only be spent on qualified medical products and services: doctor visits, hospitalizations, prescription co-payments, and over-the-counter medications are among the approved expenses. Your business and employees can save money with the tax breaks.
In most cases, HSAs are offered with a high deductible individual health insurance plan. The group health insurance premiums are lower with these plans, since the deductibles reach up to several thousand dollars per year. This means that your business’ health insurance costs will decrease. HSA group health insurance is best for a relatively young and healthy workforce, because their increased out of pocket expenses will most likely be less than their savings on premiums. It is the often the right choice for small business health insurance, as well as for self employed health insurance. Ask VitalOne to help you select the best health savings account and high-deductible individual health insurance plan for you.
Guaranteed Issue Health Insurance
If you or any of your employees suffers from a pre-existing medical condition, you may think that self employed or small group health insurance is out of reach. Guaranteed issue business health insurance plans may be the solution for your company, because such plans must take anyone who applies, regardless of health status. People with cancer, diabetes, high blood pressure, or currently pregnant are among those who can benefit from employee health insurance with pre-existing conditions. Premiums are typically more expensive, since for-profit individual health insurance providers do not want to cover someone who is already sick. However, VitalOne can still help you find affordable group health insurance in Idaho.
Guaranteed issue business health insurance plans are available in Idaho. They allow your employees to take advantage of comprehensive PPO networks like Multiplan, which costs less when in-network health care providers are used. Compare guaranteed issue group health insurance quotes with us today.
Life Insurance
Life insurance allows you and your employees to care for your families after their passing. It pays out a specified lump sum upon their death. You may also want to buy a small group policy for your employees, with the company as the beneficiary. The loss of a valuable employee is both tragic and expensive. Eventually, you will need to find and retrain a replacement for your business. The main types of life insurance sold in Idaho are term life, whole life, variable life, and universal life. Term life insurance is the most affordable; it includes coverage for a set time period, usually anywhere from one to 30 years. Face value amounts for term life insurance policies begin at $5,000 and can reach millions of dollars.
How much life insurance do you and your firm need? Several factors should be taken into consideration. A life insurance policy should cover at least several years of your annual income. Higher incomes mean greater impact on your loved ones’ financial well-being after they stop coming in. If you have many outstanding debts, including mortgages, leases, or business loans, you may want to take those into account when deciding on the amount of your life insurance policy. When you are self employed, there are often many people depending on you and your business for their livelihood. It is also important that the cost of monthly premiums for the policy is affordable. VitalOne and our licensed Idaho insurance brokers are here to help you select the right life insurance plan for you or your business.
Critical Illness Insurance
Critical illness insurance pays out a lump sum if you or an employee experience a major medical condition covered in the policy. Diseases, surgeries, and injuries included in typical critical illness insurance policies range from cancer, heart attacks, organ transplants and strokes to severe burns, paraplegia, blindness, or deafness. Sometimes, Idaho group health insurance doesn’t pay for all of the costs associated with a critical illness. For example, patients are sometimes transported to distant hospitals that specialize in certain types of treatment. The payout from critical health insurance could pay for their family and friends to stay with them during their hospitalization. The money can also be used for mortgage payments, or anything else that would help reduce stress and allow you or your employees to focus on your recovery and return to work sooner.
Several conditions can be bundled together in one business critical illness insurance policy. A certain percentage of the coverage can be paid out upon initial diagnosis, while more can be paid in the case of a recurrence or developing another condition. Critical illness insurance is most affordable for younger, healthier self employed professionals or small business groups. You also need to be careful to know what conditions are excluded, and how long the waiting period before receiving payment is. Similar to buying a life insurance policy, the amount of coverage you get depends your income and outstanding debts. VitalOne can help you decide which critical illness insurance policy is right for your business.
Accident Insurance
There are two main types of accident insurance available in Idaho: accidental death and accidental death and dismemberment (AD&D). The former is similar to life insurance, except that it only covers a person’s death that directly results from an accident (such as a car crash) as opposed to health-related deaths. On the other hand, AD&D coverage also pays out upon serious injuries that are specified in the policy. Although most businesses already have a workers’ compensation policy, it only covers on-the-job injuries or deaths. An accident that occurs outside of work can have a detrimental impact on that person’s employer and/or employees. Group accident insurance is available in higher amounts for less standard life insurance because there is a smaller chance that you will die or be severely injured from an accident. Therefore, insurance companies are less likely to need to actually pay out on many of those claims. However, you must be extremely careful when selecting a policy; they do not apply to any medical illnesses, drug overdoses, surgical errors that result in severe injury or death.
