Step 1: How BIA Helps
As an independent insurance broker we are licensed by the state of Oregon to represent and work for our clients in the purchase and service of their insurance products. Unlike a captive insurance agent who represents that insurance company alone, we as a broker are independent of a specific insurance company. By using an insurance broker you pay the same price for your insurance as you would if you went directly through the health insurance company.
You will get information on many companies in one place with no bias to sell one over another. You will also receive personal customer service with any issues you may have. We hope you will take some time to look through the group insurance information we have provided for you.
Step 2: What is a Group Insurance?
Group insurance is a guaranteed issue group policy. It covers employers and their employees working on average at least 17.5 hours per week.. Typically the employer contributes at least 50% and up to 100% of his employees premium. The employer can also choose to contribute between 0% and 100% of the employees dependents coverage as well.
The employer must have equal contributions between all of the employees, but can limit eligibility to the plan by setting certain benchmarks. They can set minimum hourly requirements that employees must work to qualify for coverage. The hourly requirement can range between 17.5 and 40 hours. The second benchmark they can use is to set a probationary period that must be meet before coverage can be offered. For small group that is between a 0 and 89 day waiting period.
We assist employers in developing a benefits package, which could include a wide variety of plan types such as:
Group Health – Health insurance can be a dynamic asset for your company because it attracts talented employees and encourages them to seek timely medical attention, thus minimizing the costs associated with absenteeism and major medical claims.
Group Dental – Dental plans are a common addition to employer benefit packages. Dental insurance encourages dental hygiene and maintenance, which often prevents more severe health problems from occurring.
Group Life – Group life insurance is coverage that employers offer to employees only. Coverage may be employer or employee paid. Often, employers offer a specified benefit that is cost free for employees, then offer the option for employees to purchase additional coverage.
Group Disability – This insurance provides income protection to employees who are unable to work due to injury or illness occurring outside of the work environment. These plans can be either short-term or long-term and can be funded by either the employer or employee.
Group Voluntary – Voluntary benefits add additional value to your core compensation and benefits package. When an employee is offered these benefits they are able to pick and choose which they would like to participate in. These benefits can be insurance based or non-insurance based.
Group Employer Assisted Benefits (EAB) – This category incorporates a variety of benefits including SPD’s, HSA accounts, FSA accounts, and Premium Only Plan (POP) agreements.
Once an employer has decided they want to offer group coverage, they need to get a quote from different insurance carriers to compare plans.
Step 3: Getting a Quote
When requesting a group insurance quote, be aware that the specific rating criteria used in calculating your rates has changed significantly. The factors an insurance company uses in their rate calculations can have a significant impact on premiums. This could affect new group premiums or premiums on the group's next renewal. The following factors can now affect your rates:
- Employee Age
- Dependent Ages
- Dependent and Employee Tobacco Use
- Geographic Location of the Business and/or the Employee's Residence
- Plan Benefit Design
- How Long You Have Been with the Insurance Company
- How Much the Employer Contributes to the Cost of Coverage
- How Many of the Company's Employees are Enrolled in the Plan
- Participation in a Wellness Program
If you are interested in looking at coverage for your business, please complete the group request form below and fax or email it to us and we will be in contact. If you should have any questions about this process or would like help completing the form, please give us a call toll free at 1-800-367-0241.
Step 4: Choosing and Enrolling in a Plan
Once we have run rates we will be in contact with you to schedule a meeting in person or to review over the phone. We will determine with you what plan will work best for your business. In assessing this we will look at several factors including what deductible your company wants, how much the co-pay to see the physician should be, what your out of pocket limit will be, and a variety of other factors.
Group Insurance Resources
- Group Request Form (Excel File .xls)