Small Business Health Insurance Colorado
According to Forbes, Colorado has the uncommon distinction of being both one of the country’s healthiest states and one of the best places for doing business of any scale. This fact makes Colorado a desirable location for small business owners and entrepreneurs.
If you have a small group of employees that may qualify for health insurance for small businesses in Colorado, it’s best to invest in it to help your employees and yourself. The state offers several health plans, from the individual health plan to the group or company health insurance plan.
To help you determine which health insurance plan to get for your business, here is the lowdown of health insurance for companies in Colorado.
Colorado Small Business Insurance Health Overview
There are two main categories of health insurance plans that you can get:
Individual Health Insurance
Individual health insurance plans are a health plan bought by individuals to provide coverage for themselves. Employers that cannot offer group coverage because of minimum participation or contribution requirements are encouraged to purchase individual and family plans for themselves and their loved ones. There are also special tax incentives to businesses and employees when workers buy individual insurance.
Group Health Insurance
A group health insurance plan is an employer-sponsored benefit plan established and maintained by an employer or employee organization. Ir provides medical care for employees, participants, or their dependents directly or through insurance or reimbursement.
Types of Colorado Small Business Health Insurance Plans
Whether you are looking to get individual or group health insurance plans for your company, several health insurance plans are available. The four most common ones in Colorado are:
1. PPO Health Insurance Plans
The PPO (Preferred Provider Organization) is the most common one that employers get for their employees. Workers provided with a PPO plan need to acquire healthcare from providers or facilities on the insurance company’s list of preferred healthcare providers for claims to be received.
2. HSA-Qualified Health Insurance Plans
It is a plan explicitly designed to use alongside HSAs (Health Savings Accounts), an exclusive bank account that enables participants to save money, pre-tax, and use it for future medical expenses.
3. HMO Health Insurance Plans
The HMO (Health Maintenance Organization) plan provides an array of healthcare services through several providers contracted with the HMO in Colorado. Workers participating in this plan need to choose a PCP (Primary Care Physician) to provide most of their healthcare needs and refer them to HMO specialists.
4.Indemnity Health Insurance Plans
This plan allows members to direct their healthcare and visit any healthcare provider of facility they want. The insurance company will pay a portion of the total bill. Workers may be required to pay cash for certain services upfront then apply to the insurance carrier for reimbursement.
The plan type that is best for your business and employees depends on what you and your workers want, and how much you are willing to spend.
Colorado Health Insurance for Company Coverage
Below is the typical coverage that group and individual health insurance plans cover:
Group Plans
There are a maximum half a year look-back and one year exclusionary period for pre-existing medical conditions on members that don’t have before coverage. The benefits they will receive depends on the chosen plan. All pre-existing health conditions that enrollees have are covered.
Individual Plans
There is a maximum 60-month look-back period and two years exclusionary period for pre-existing medical conditions on members that don’t have before coverage. There are limits on pre-existing conditions, and coverage varies.
How to Qualify for Small Business Insurance in Colorado
If you want to help your workers and yourself by purchasing health insurance plans, below are the qualifications that the standard insurance plans require:
Group Health Plans – You are eligible for this plan if you own a company with 2 to 50 employees, including yourself. Eligible employees need to work at least 30 hours per week for you.
Individual Health Plans – Eligibility with this plan is subject to medical underwriting.
How Much is Health Insurance in Colorado
The following are the monthly costs that individuals in the state typically pay for health insurance plans:
Group Plans – The costs will depend on the employer’s contribution plus 20% of the company’s index rate. However, the average premium rate for group insurance plans in the state averages around $194.
Individual Plans – The costs for individual coverage health insurance plans vary on the person’s specific needs and the insurance company’s limitation.
Help your small business grow by investing in appropriate health insurance plans for your employees and yourself in Colorado, allowing you to ensure everyone’s safety with affordable premium plans.
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