Horizon Small Business Health Insurance Benefits and Costs

Horizon small business health insurance plans can be customized to fit your company's needs, with options for group health, dental, and vision coverage.

You can choose from a variety of plan designs, including HMO and PPO options, to suit your business's unique requirements.

With Horizon, you can also offer your employees a range of benefits, including preventive care, prescription medication coverage, and mental health services.

The costs of Horizon small business health insurance vary depending on the plan you choose and the number of employees you have.

New Jersey small business owners have a variety of choices for providing health insurance coverage to their employees. Employers in New Jersey must provide health insurance if they want to attract and retain skilled employees.

For smaller businesses with limited budgets, securing affordable health plans can be a challenge. However, forgoing health coverage can lead to even greater costs.

Traditional group health insurance plans are often the go-to option, but they may not be the best choice for every small business. These options vary significantly in terms of flexibility and cost-sharing arrangements.

Employers can streamline their budget and benefits administration by using an HRA, or defined contribution health plan. This can be a more effective solution for businesses that struggle to meet minimum participation requirements.

Reviewing health insurance options can be difficult, especially when considering the networks of different carriers. Amerihealth, Horizon BCBS, and Health Republic are three carriers that are commonly reviewed in the market.

New Jersey small business owners can offer a defined contribution health plan like an HRA to their employees. This can help them save time and money on benefits administration.

Offering health insurance to your employees is a crucial aspect of running a successful business. It's not just about complying with regulations, but also about creating a positive work environment that fosters employee loyalty and well-being.

Here are some key reasons to offer health benefits to your employees in New Jersey: fostering employee loyalty and promoting well-being in your workforce.

Having fewer than 50 full-time employees (FTEs) means you're not required to offer health insurance, but it's still a great idea. It can benefit your business in many ways.

Attracting and retaining qualified employees is a significant advantage of offering health benefits. According to our 2024 Employee Benefits Survey, 81% of employees said an employer's benefits package is an important factor in whether they accept a job.

Tax benefits are another perk of providing health insurance to your employees. You can also expect better health outcomes, increased productivity, and a more positive work environment.

Here are some of the advantages of offering health benefits to your employees:

Health benefits are an important factor in employee satisfaction, with 92% of employees rating them as important.

If you're a small business owner in Maine, you're likely looking for ways to offer health benefits to your employees without breaking the bank. That's where HRAs come in – specifically, the Qualified Small Employer HRA (QSEHRA) is a great option for businesses with fewer than 50 full-time employees.

With a QSEHRA, you can offer tax-free reimbursement for eligible health expenses and insurance premiums, but there's a maximum limit on employer contributions. You can vary allowances based on an employee's age and family size, but they need health plans that provide Minimum Essential Coverage (MEC) to participate.

Here are some examples of HRA-eligible expenses: Monthly premiums for health, vision, and dental plansPrescription drugsOver-the-counter medicationPreventive careEmergency careMental health counseling

Stipends are a flexible way to help your workers pay for out-of-pocket medical costs, including premiums, copays, and healthcare services.

You can apply a stipend to your employees' paychecks to help cover expenses that an HRA or group plan doesn't cover.

A stipend is considered taxable income by the IRS, which means your employees will have to report it on their tax returns.

Stipends don't meet the employer mandate's requirements, so ALEs who offer stipends instead of insurance or an ICHRA may face financial penalties.

Here are some key differences between stipends and HRAs:

Stipends can still be a useful addition to your current health benefits, especially for small organizations or those with employees who have premium tax credits.

If you're considering a Qualified Employer Reimbursement, you have two main options: the Individual Coverage HRA (ICHRA) and the Qualified Small Employer HRA (QSEHRA).

The ICHRA offers the most flexibility for employers, with no annual cap on employer contributions, allowing you to offer your workers as much as you'd like.

You can differ allowances and eligibility with 11 employee classes, such as full-time and part-time workers, and eligible employees need their own individual health insurance plans to participate.

The QSEHRA is only for small businesses with fewer than 50 FTEs, and it's a great option for organizations that want to provide benefits for the first time or lower their premium costs.

With a QSEHRA, you can offer tax-free reimbursement for eligible health expenses and insurance premiums, but there's a maximum limit on employer contributions.

Here are the key differences between the ICHRA and QSEHRA:

By offering a QSEHRA, you can save money by reimbursing employees for their individual health premiums instead of offering them a group plan.

Maine's unique health insurance landscape offers a treasure trove of options for small businesses. Maine's innovative health insurance marketplace is opening doors for businesses to introduce Health Reimbursement Arrangements (HRAs).

HRAs are employer-sponsored health benefits that offer reimbursements to employees for eligible medical expenses. Given that ACA's individual mandate penalty is no longer active, businesses in Maine have the golden opportunity to present HRAs as a viable alternative to conventional group health insurance models.

Businesses can significantly reduce health insurance premium costs by implementing HRAs. They can also continue to grant their workforce essential health benefits. This is especially appealing to small businesses looking to cut costs without sacrificing employee well-being.

HRAs empower employees with the choice of their preferred health insurance, ensuring greater autonomy and alignment with their personal healthcare needs. This flexibility is unmatched in traditional group health insurance models.

Here are the key advantages of HRAs for small businesses in Maine:

HRAs offer a refreshing approach to health benefits, providing flexibility and cost-effectiveness for businesses and employees alike. They're specifically designed to reimburse employees for qualified medical expenses, such as deductibles and out-of-pocket costs.

In Maine, businesses can consider two types of HRAs: Individual Coverage HRA (ICHRA) and Qualified Small Employer HRA (QSEHRA). ICHRA allows employees to purchase their own health insurance, with employers reimbursing them for the cost. QSEHRA, on the other hand, is best suited for businesses with fewer than 50 employees, allowing employers to reimburse staff for various qualified medical expenses.

Employers can set an annual limit on HRA reimbursements to maintain control over expenses. This flexibility is a major benefit of HRAs, allowing businesses to customize their offerings based on their financial landscape and workforce needs.

Here are the key benefits of HRAs:

As a small business owner, you'll appreciate the simplicity and cost-effectiveness of HRAs. They're a great alternative to traditional group health insurance setups, which can be complex and expensive.

When choosing between a group plan and an individual plan, consider the ease of doing business. A group plan often comes with a broker who can help with the process, whereas an individual plan requires more work, even with a broker.

Dealing with claims and billing can be time-consuming and tiresome when going it alone. With a group plan, you'll have the support of a broker to help navigate these tasks.

A group plan may not be an option for everyone, but it's worth considering if you have a choice.

Empowering businesses to manage their health insurance effectively is crucial for their success. Take Command's user-friendly software is a game-changer in this regard.

With their state-of-the-art software, businesses can manage HRA contributions, claims, and reimbursements seamlessly, reducing the time spent on manual tasks. This means more time can be devoted to running the business.

Comprehensive support is another key aspect of Take Command's services. Their team is available to guide businesses through the setup process and ongoing administrative challenges, ensuring compliance and peace of mind.

Take Command's software also offers flexible customization options, allowing businesses to tailor their HRAs to fit their specific needs. This ensures that employees receive the benefits they require, and the business can stay focused on its goals.

Here are some of the key features that set Take Command apart:

Individual coverage can be a good option, but it's essential to consider the tax credit numbers, which can affect the overall cost. The tax credit numbers can skew things in favor of IHC.

The rates for IHC plans are set for the entire year, whereas group plans adjust quarterly. This means that if you start a group plan in January, you'll pay different rates if you renew the same plan later in the year.

Group plan rates tend to increase over time, so you can expect the rates later in the year to exceed those in the individual market.

Small businesses can purchase a group health plan at any time throughout the year, but employees can only enroll or make changes to their coverage during specific times.

There's an open enrollment period each fall, from November 15 to December 15, when coverage is guaranteed issue regardless of employee participation and/or employer contributions.

A small employer can purchase a group plan at any point, but employees can only enroll or make changes to their coverage during their employer's annual open enrollment period, which varies by employer.

Employees can also enroll or make changes to their coverage during a special enrollment period triggered by a qualifying life event, or when they're initially eligible, which may include a waiting period of up to three months of employment.

A detailed analysis of the premiums and taxes can make a huge difference in the outcome, with the individual plan showing a huge difference in taxable income highlighted in yellow.

The group plan edges out the individual plan by $1280 in after-tax income, and this gap would be even larger if the employer funded the average amount of 50% of the premium instead of the minimum 10%.

Employers with up to 50 workers can now choose from more health insurance options, including some that are less expensive, such as Horizon's plan that lowers premiums by 15 percent for small businesses.

In this scenario, the individual plan and group plan show a significant difference in taxable income, with the group plan edging out the individual by $1280 after taxes.

The individual plan shows a large difference in taxable income before adjusting for insurance premiums, but this doesn't account for deductions that will be taken later in the process.

A detailed analysis in Excel reveals that the flow of taxes makes a huge difference in the outcome, with the individual plan showing a significant amount of taxable income highlighted in yellow.

Using the absolute minimum employer funding of 10% in this example, the group plan comes out on top by $1280 in after-tax income.

If the employer funded the average amount of 50% of the premium, the numbers would be thousands more in favor of the group plan.

When reviewing the different plan options on the NJ Health Insurance Exchange, it can be difficult to get all the details from the HealthCare.Gov website. I've found that reviewing the networks for each carrier can be a crucial step in making an informed decision.

Horizon BCBS has a large network of providers, making it a good option for those who want to see a specialist or have a preferred doctor. Amerihealth also has a robust network, but it may not be as extensive as Horizon BCBS.

Health Republic has a smaller network compared to the other two carriers, but it's still a viable option for those who prioritize affordability.

The networks for each carrier can be difficult to compare directly, as they have different provider lists and coverage areas. However, reviewing the networks can help you determine which carrier is the best fit for your specific needs.

Horizon Blue Cross Blue Shield of New Jersey will lower premiums for one of its small employer health insurance plans by 15 percent.

This significant reduction in premium costs is a result of Horizon's new model that rewards doctors for performance instead of volume.

The company's patient-centered medical home plan, which encourages primary care doctors to serve as coaches and promote healthier lifestyles, has shown promising results.

Consumers using this approach had a 23 percent fewer inpatient hospital admissions and 12 percent fewer emergency room visits, according to Horizon's own study in 2012.

One of Horizon's plans, starting July 1, will have lower premiums, along with no deductibles and co-payments of $20 or $40 for primary care doctor visits.

Small employers with up to 50 workers in New Jersey now have more health insurance choices, including some that are less expensive.

You can pay your premiums pre-tax, which means you'll save around 30% of the premium if you make $39,000, and the savings increase as your income rises.

This tax savings is due to the progressive nature of our taxes.

If you're lucky enough to have an FSA at your employer, you can use pre-tax money to cover copays and deductibles, but we'll leave those out for now.

In New Jersey, we can't pay premiums pre-tax, but your state might have different rules.

The IRS has some clear guidelines for HRAs, requiring them to be equally accessible to all employees within a given class, and prohibiting discrimination based on health.

Employers must provide a clear notice detailing the HRA terms to their employees.

A small employer can purchase a small group health plan at any time throughout the year, but employees can only enroll or make changes to their coverage during their employer's annual open enrollment period, a special enrollment period triggered by a qualifying life event, or when they're initially eligible.

The IRS has a clear set of guidelines for HRAs, which are designed to ensure equal access and non-discrimination in health benefits.

Employers must provide a clear notice detailing the HRA terms to their employees, outlining the specifics of the plan.

To comply with IRS regulations, HRAs must be equally accessible to all employees within a given class, with no discrimination based on health status.

This means that employers must make sure all employees have the same opportunities to participate in the HRA, regardless of their health needs or conditions.

The IRS also requires employers to follow specific rules, including providing a clear notice to employees about the HRA terms.

SHOP enrollment lagged from the start, with fewer than 39,000 people enrolled in SHOP coverage across 26 states with fully federally-run platforms as of 2017.

Hawaii was the first state to eliminate its SHOP exchange as of 2017, using a 1332 waiver to do so.

Arkansas, Mississippi, and Utah initially ran their own SHOP platforms, but switched to the federal platform or direct-to-carrier process by 2019.

Insurers stopped participating in SHOP in Arkansas, leading to the state no longer having a SHOP option.

Washington state also saw a lack of insurer participation in SHOP as of 2018.

Minnesota discontinued its SHOP platform despite having a functional state-run exchange for individuals.