Group or Individual Insurance: Which is right for you?

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By Esmeralda Mercado

Is group or individual insurance best for you?

Many small businesses are pondering whether or not to offer health benefits. Below are some things to consider, whether you are the employer or an individual with/without group insurance:

Business Owners: What you need to know.
1. Most individuals are required to have health coverage in 2014, but businesses are not required to provide it. If you employ 50 or more full-time employees, you will be required to provide medical insurance in 2015.
2. Group rates may be cheaper than an individual & family plan in 2014. We suggest comparing your options.
3. If you have had group insurance before March 23, 2010 (when the Health Reform mandate was passed), be extra careful of switching plans! Your plan may be grandfathered which may give you the best rates.
4. You may qualify for a Small Business Tax Credit if you have fewer than 25 employees, their average annual wages are less than $50,000, and you pay at least 50% of the employee’s premium.

Individuals or Employees: What you need to know.
1. Starting October 1, 2013, you may apply for an individual/family plan even if you’ve been denied before for pre-existing medical conditions.
2. Even if your employer offers group insurance, you may opt out in order to get an individual & family plan. However, if your employer offers coverage, you most likely will not qualify for financial assistance on any individual and family plan. Exceptions may apply for spouses and children. If you have the option of group coverage, we suggest you compare the rates for group vs individual insurance.

If you’re interested in going over your medical insurance options, give us a call at 1-877-752-4737. And, if you’d like to bridge the gap before 2014, we can have you fill out anĀ individual or groupĀ plan application today.

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