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Does your Small Business Qualify for Savings with a Small Group Health Plan?

If you own your own business, you might be eligible to enroll in health coverage as an employer group. In many cases, a small group health plan can be set up with as little as two eligible people*,even if only one of those chooses to enroll in coverage!

The benefits of a group plan are:

  • More enrollment flexibility: You can start a new group plan at any time of year. You do not need to wait until open enrollment.

  • Tax Deductible: Employer paid premiums are tax deductible as an employee benefit.

  • More options: In Oklahoma, there are more carriers, more networks, and more plan options available to employer groups.

  • Lower premiums: In most cases, the premiums are lower for employer group coverage versus individual coverage.

The typical requirements for starting a group health plan are:

  • Proof of entity and ownership, such as articles of organization

  • Proof of employees on payroll, such as an OESC quarterly wage and tax report or payroll records

  • For husband-and-wife-only groups, the only way to be covered on a small group plan is if they are owners in a partnership entity. A copy of the partnership agreement or K-1 1065s must be submitted as proof of entity and ownership.

  • 75% participation of eligible employees. This requirement can be waived if the eligible employees waiving coverage have coverage elsewhere or during the special enrollment period.**

  • 50% employer contribution to employee portion of premium unless during the special enrollment period.**

Please be aware that offering affordable coverage to employees receiving a subsidy may disqualify them for future subsidies.

Contact us today for more information and to see if your company is eligible.

*These two eligible people can be both owners, or one owner and one employee (part time employees meet this requirement).

**Most group plans are subject to a minimum 50% employer contribution and 75% participation requirement. However, we can help you set up a group plan with these requirements waived during a special enrollment period between November 1 and December 15.


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