Large group benefit plans are available to companies with more than 50 employees and offer similar protections to small group plans including health, dental, life and ancillary coverage. However, unlike small group, companies with more than 50 full-time employees are required to provide health insurance coverage options for those employees and their dependents. Failure to do so could result in penalties from the state. There are other major differences between the two types: small group plans have a set price, but we can work to negotiate prices with large group health insurance providers to get you the best price.
Benefits of a Large Group Plan
In addition to negotiable prices, large health plans also don’t follow the same benefit mandates. Small group plans have to abide by the Affordable Care Act’s 10 Essential Health Benefits for detailed health benefits, while large employers have more flexibility in the design of plans for their employees. The Dowd Agencies will help to ensure you are taking advantage of the additional options available to you as a large employer. These plans usually offer managed care plans through health maintenance organizations (HMO) preferred provider organizations (PPO health insurance), or through indemnity plans.
Since large group plans must appeal to a broad spectrum of employees, the rates are generally lower, making your company’s health plan even more affordable. It benefits both you and your employees.
How Dowd Can Help
In addition to preparing a custom package and obtaining quotes for your plan, our expert team will:
- Assist with enrollment and any issues that may arise
- Explain benefits to your employees
- Review options at the time of renewal to be sure your package still works for you
- Develop employee handbooks to establish policies, culture and expectations while providing your company with legal protection
- Offer HR consulting services including operational review, policy development, training programs, organizational planning and more
- Prepare and provide Employee Retirement Income Security Act (ERISA) documents to impart employees with knowledge of plan rules, plan management and financial information
- Match your company with the best third party administrator for health savings accounts (HSA), flexible spending accounts (FSA), and Consolidated Omnibus Budget Reconciliation Act (COBRA) plans to coordinate the calculation, verification, and adjustment of payroll deductions as needed