816-400-4477Small Business Health Insurance in Maryland
Affordable Coverage for Your Employees
Individual Health Insurance
Insurance can be complicated. Between the dozens of providers, changing laws, different kinds of insurance, and so many options, it's a challenge to navigate and find the right plan for your budget and needs.
That's where an insurance broker can help. Apollo are the experts in health insurance and will fight for you. There's no extra cost to you and you'll have an insurance person to always turn to.
Group Health Insurance
Do you want to provide an affordable insurance option for your employees?
Or maybe your employees are already insured but the cost has increases. It may be time to shop for a better group plan. Having health insurance through an employer is an additional way to acquire and keep talent. Connect with Apollo to find the best group insurance plan for you and your employees.
Life Insurance
Let's be honest, we often don't think about the extremes of what could happen in life. Life insurance is the least purchased kind of insurance even though plans start at only a few dollars a month. If you want to make sure your family is taken care of, this simple insurance can have a huge effect in case of death.
Dental Insurance
A good smile can be worth a million dollars.
Everyone can benefit to good oral care and the cost of emergencies can be quite large. Luckily there are flexible dental insurance plans for everyone. Contact us to get a dental plan that works for your budget.
Vision Insurance
Our eyes are one of our most precious organs, and we only have two, so proactive protection and care is key to maintaining these vital organs! Particularly for children, they don’t yet know how beautiful the world is through perfect vision, it is our responsibility as parents and caretakers to be in-tune with the world through their eyes. On the flip side, as we age our eyes do as well, and thus the frequency for vision checks increases exponentially.
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What is a Small Business?
In Maryland, a small business is defined as a business with fewer than 50 employees. This definition is used by the Small Business Administration (SBA) and by the state of Maryland for a variety of purposes, including eligibility for government programs and tax breaks.
There are many different types of small businesses in Maryland, including:
- Retail businesses: Retail businesses sell goods directly to consumers. Examples of retail businesses in Maryland include grocery stores, clothing stores, and hardware stores.
- Service businesses: Service businesses provide services to consumers or businesses. Examples of service businesses in Maryland include restaurants, hair salons, and accounting firms.
- Manufacturing businesses: Manufacturing businesses produce goods. Examples of manufacturing businesses in Maryland include food processing plants, furniture factories, and electronics manufacturers.
- Construction businesses: Construction businesses build or renovate buildings. Examples of construction businesses in Maryland include general contractors, plumbers, and electricians.
Small Business Health Insurance in Maryland
Whether you’re a small business owner or a freelancer, you may be wondering if you’re eligible for health insurance in Maryland. If you are, you’ll need to understand the different options available to you. There are self-insured plans, as well as small business health insurance options that can be financed through your general funds, hospital uncompensated care savings, and federal funds.
Self-Insured Health Plans
Among employers with 50 or fewer employees, 58 percent of those who have health plans are self-insured. This is one of the reasons the Affordable Care Act created SHOP exchanges, where small businesses can choose from various health plans. This allows them to reduce their costs and still offer adequate coverage.
Some companies with fewer than 25 employees may also qualify for a tax credit of up to 50% on their insurance premiums. This credit is available to both employers and non-profits.
Currently, the federal government mandates that organizations with more than 50 employees have to provide health insurance coverage. However, some states have allowed smaller organizations to participate in state-run health insurance purchasing pools. In other states, such as Maryland, a company with fewer than fifty employees is not required to provide coverage.
The use of self-insured health plans is increasing, especially among smaller establishments. This is because it is cheaper than purchased health insurance. In addition, it gives employers greater flexibility in plan design. It can allow them to take a risk and meet the needs of their employees.
The Health Care Financing Administration (HCFA) conducted a study to examine the prevalence of self-insurance among employment-related health plans. The study compared the number of organizations offering HMOs and self-insured benefits, and surveyed the amount of money organizations paid for third-party administrator services. The results revealed that 27 percent of employers did not establish a 501(c)(9) trust for self-insured medical plans.
Small Business Health Options Program (SHOP)
Providing group medical insurance is not a trivial proposition. Many small employers struggle with the cost of coverage. Fortunately, the Affordable Care Act introduced a tax credit for businesses that provide health insurance to employees. This credit can help a small business owner reimburse up to half of the cost of employee premiums.
The Affordable Care Act also introduced the Small Business Health Options Program (SHOP), which allows workers to choose from a variety of health plans. This allows small companies to get better rates. In some states, this is done through health insurance purchasing cooperatives, which were created by groups of small employers to buy health coverage.
Another option is to establish a state health exchange. This would allow small businesses to participate in a pool of other small businesses and negotiate lower rates. This can save money for small employers and keep health care costs stable. Currently, small firms pay a lot more than large firms for the same health plan.
In the Maryland legislature, a bill has been proposed to expand the reach of the SHOP. SB632 would establish a Small Business and Nonprofit Health Insurance Subsidies Program. The law would provide up to $45 million in subsidies annually to small businesses in the state.
While the health plan of the year has yet to be revealed, the Affordable Care Act has made substantial changes to the small business insurance market. The new law includes an expanded definition of a small employer. It will affect 96% of all employers. In addition, it reformed the underwriting of small-group markets. This has resulted in a 10 point drop in the offer rate of companies with less than 50 employees.
Employer Shared Responsibility Payment
Whether you’re a small business owner, a health care professional, or a consumer of health insurance, you’ve probably heard of the Affordable Care Act (ACA). But what’s the law, and what does it mean for you? The law impacts every region, and it has a big impact on the 96% of employers that don’t offer health coverage.
The law includes a small business health care tax credit that can cover up to half of the cost of premiums. However, not every company qualifies for the credit. In order to determine if your business qualifies for this credit, you need to know the rules of the small business health insurance marketplace.
The ACA also expands the definition of a small employer. Previously, a small business was defined as having no more than 100 employees. But under the ACA, a small business is now defined as having no more than two to 50 employees. This expansion allows for more flexibility for businesses that aren’t quite large enough to offer full-time benefits. In addition, companies that grow past this size will be grandfathered in.
The ACA also offers a few other programs to help small businesses, such as the Small Business Health Options Program and the SHOP Exchange. The SHOP Exchange is designed to be a one-stop-shop for health insurance. There are federal rules for the program, and there are state-based SHOP pools in about half of the states.
Being a Qualifying Employer
Currently, employers who have fewer than 50 full-time employees are not required to provide health insurance. In addition, small businesses can participate in state-based purchasing pools. In some states, these pools can only serve a limited number of workers.
The Affordable Care Act also offers subsidies to qualifying small businesses. These subsidies are based on a small business’ average annual wages. The amount depends on how accurate an employer is when reporting taxable wages.
In addition, the ACA offers a penalty for companies that do not offer coverage. This is officially known as the Employer Shared Responsibility Payment (ESRP).
The ACA has also expanded the definition of a small employer. This includes subchapter S corporations and close corporations. However, the definition does not include minority-owned businesses.
Several state laws require health coverage providers to accept small employers. Depending on the industry, the premium price for small businesses may be higher. Moreover, some health coverage providers may charge small employers a premium based on the employee’s previous health claims. This is the “earned rate,” or the experience rate, and it is calculated after an employer has been in business for two years.
In addition, a new law is in place that defines a small business as a company with two to 50 employees. It also defines a group as an association of three or more individuals. These businesses do not have the purchasing power of larger firms, but they do have the ability to negotiate lower health insurance rates with health coverage providers.
Tiers of Small Business Health Insurance Plans
Unlike the individual market, small business health insurance plans are typically divided into multiple tiers. These tiers are based on how much the insurer contributes to the cost of care. The table below shows the average monthly cost for each tier.
The Bronze tier is the cheapest. It is available for applicants of any age and has the lowest premiums. The deductible is also the highest, so you’ll pay more out-of-pocket costs before coinsurance.
The Silver tier is a bit more expensive, but it’s still a good deal. It has modest deductibles and out-of-pocket maximums, but it’s also eligible for cost-sharing reductions, which will lower your copays. The Gold and Platinum tiers are pricier, but they offer some of the best coverage and are the most cost effective.
The Platinum plan is the most expensive, but it’s also the richest. The insurer pays 90% of the cost of your care. In addition, the Platinum tier has the highest premiums, so it’s a no-brainer to get this if you have very high medical bills.
The smallest metal tier, the Bronze tier, is the cheapest. The monthly premium is also the smallest, so this tier is a great choice for small businesses.
The ACA (Affordable Care Act) also divides the various types of health insurance plans into four tiers. The table below lists the most affordable individual health plan for each tier.
Factors to Consider When Choosing Small Business Health Insurance in Maryland
- The cost of premiums: The cost of small business health insurance premiums can vary depending on the size of the business, the number of employees, the age of the employees, and the health history of the employees.
- The level of coverage: Small business health insurance plans offer a variety of levels of coverage, from basic plans with low premiums to comprehensive plans with high premiums.
- The deductible: The deductible is the amount of money that an employee must pay out of pocket before the insurance company starts to pay for covered services.
- The copayment: The copayment is the amount of money that an employee must pay for covered services after the deductible has been met.
- The out-of-pocket maximum: The out-of-pocket maximum is the maximum amount of money that an employee will have to pay for covered services in a single year.
If you are a small business owner in Maryland, you should carefully consider your options when choosing small business health insurance. By understanding the key factors involved, you can choose a plan that is the best fit for your needs and budget.
Frequently Asked Questions for Small Business Health Insurance
When is it required to offer health insurance to employees?
It is required to offer health insurance when you have 50 FTE (full-time equivalent) employees. Full time equivalent can be the combined full-time with part-time. For instance, 50 Part timers generally is considered 25 Full time equivalent.
How much does group health insurance cost for a small business?
The first step is to figure out what’s important to you. Do you need a plan with a low monthly premium? Does your budget allow for a plan with a lower deductible? Are you looking for a PPO or EPO plan? Do you have any preexisting conditions that must be covered? Once you know what’s important to you, it’ll be easier to find the right health insurance plan.
What are ways a small business owner can save money on health insurance?
There are a few different ways that people can save money on their insurance premiums. One way is to purchase a plan that is not based on the individual’s income. These plans can be found on the private market, and they typically have lower premiums than the traditional group or ACA plans.
Another way to save money on insurance is to shop around for the best deals. Different insurers offer different rates, so it’s important to compare and contrast the different options available.
Finally, it’s also important to be aware of the subsidies that are available through the Affordable Care Act. Many people are eligible for subsidies, which can help reduce the cost of premiums.
Maryland Health Insurance – Find a Plan That’s Right For You
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Stacia's Story: Overcoming Cancer Treatment Costs with Apollo Health Insurance
Apollo Insurance Group is a health insurance brokerage located in Lee’s Summit, Missouri and Chicago, Illinois. We have been around since 2010, and our mission is to positively impact people’s lives. We do this by fighting to find the best option for our clients, create relationships with our employees, and give back to our communities. Apollo also specializes in Medicare, life insurance, dental, and vision plans. We have agents that are experts on group health insurance and are ready to help you find the right plan. Fill out our contact form to get in touch with an agent today.