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Group Health Insurance

SHOP
Small Business Health Option Program

  • SHOP Plans are tailored for small businesses with 1-50 employees that are seeking to provide health insurance to their employees for the first time.

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  • Employers have the flexibility to determine the coverage they provide and the amount they contribute towards the employees' premium.

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  • Qualified employers may also benefit from the small business health care tax credit potentially saving up to 50% on their contributions.

Level Funded Plan

  • A level funded plan is a health insurance plan that combines both a fully insured plan with a self funded plan.

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  • ​ Employers pay a consistent, fixed amount each month. This covers the costs of administration, expected claims, and stop-loss insurance.

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  • The fixed payments go into a fund used to pay for employees’ healthcare claims. If the actual claims are lower than expected, the employer may get a refund at the end of the year.

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  • A Stop-Loss Insurance is purchased that protects the employer from very high claims by covering costs that exceed a certain threshold, ensuring financial stability.

HRA
Health Reimbursement Arrangement

  • The two types of HRA plans for an employer to choose from is an ICHRA (Individual Coverage Health Reimbursement Arraignment) or a QSEHRA (Qualified Small Employer Health Reimbursement Arraignment).

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  • Employer Contribution: Employers decide how much money they want to contribute to each employee’s health expenses.

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  • Employee Choice: Employees use these funds to buy their own health insurance plans that best fit their needs, either through the marketplace or directly from insurers.

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  • Reimbursement: Employees submit proof of their insurance payments and medical expenses, and the employer reimburses them up to the set amount.

Get a Free Quote

Interested in exploring what a level funded plan can do for your business?

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