Small Group Health Plans in Michigan
The economy of the state of Michigan is shifting as new industries, such as information technology and life sciences, move to the area or expand. Businesses of all sizes enjoy this favorable business climate. Small businesses have special needs as they start or grow, and as they try to meet state and federal regulations and retain quality employees. Michigan businesses can find affordable group health insurance today from a number of providers.
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Different Kinds of Small Group Solutions:
- Employer-Sponsored Coverage – Employers pay premiums to the provider on behalf of their employees. These premiums are tax-deductible for the business.
- Employee-Elected Coverage – Employees share the cost of some benefits but still enjoy the rates of a group package.
- Dental, vision, prescription, and life insurance packages
- Small Business health insurance for the self-employed, including a business of one.
Group Health Insurance Plan Options:
- HMO –a health management plan with an emphasis on preventive care. This is the least expensive group plan option.
- PPO – a health management plan with an emphasis on discounts from selected providers and the flexibility to choose deductibles, copays, and coinsurance rates. Out-of-network provider costs are covered but at a lesser amount.
- POS – a combination plan with the network requirements of an HMO, but the flexibility to be reimbursed for point of service medical expenses with out-of-network providers.
- SDHP – A self-directed savings account for preventive care, paired with a high-deductible PPO
- HSA – a health savings account paired with a high-deductible PPO
- Fee-for-Service – a traditional health insurance plan with the most flexibility but the highest cost.
Small Group Solution Details
Michigan is a state that requires almost all businesses with two or more employees to carry employee health insurance. In fact, insurance companies who write policies for small business are required to also write policies for sole proprietor businesses.
Businesses with 20 or more employees also must offer a COBRA (continuation of coverage) health insurance policy for any employee or former employee. Employers with 50 or more employees are also subject to the Federal Family and Medical Leave Act. All small businesses also need to comply with the Health insurance portability and Accountability Act (HIPAA). Requirements vary, depending on the business.
Individuals may not be denied coverage because of pre-existing conditions, but there may be a waiting period of not more than two months before a new employee or new business is covered.
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