As an employer you recognize the need to retain highly valued employees. At the same time you are concerned with your bottom line. What are your options for coverage and how can you achieve both goals? The above information is provided as an overview of some of your options.
Due to the complexity of the group insurance we recommend a one-on-one
conversation to insure that all options have been explored. CALL 303.667.7123
Group insurance is available to three different types of employers:
Your Rights as a Small Employer:
The following is an outline of your rights as defined by Colorado law.1. Guarantee Issue»
2. Small Group Rates»
3. Other Key Protections»
- Normally a health insurer must sell you coverage. You, as the small employer or business group of one must meet all their underwriting requirements.
- Business groups of one that are not eligible for coverage under the insurer’s group plans because of underwriting, still have the right to be issued coverage under a Basic or Standard Health Benefit Plan during an annual open enrollment period. The Annual Open Enrollment Period falls within 31 days of either the sole employee or self-employed individual, anniversary of meeting the business group of one, exhaustion of COBRA or state continuation coverage, or involuntary termination of other health insurance coverage.
- Must accept all eligible employees and dependents regardless of their health.
- Cannot exclude coverage of certain medical conditions.
- Insurers are limited in the factors that they may use in setting premiums for your group.
- If you receive a significant rate increase from your current insurer, in most cases you can find another carrier and switch to the lower costing policy, without penalty.
- Insurers must explain in their sales and solicitation material how they determine the prices
- Insurer must provide you with a Health Benefit Plan Description form for any plan you are interested in purchasing. (We always provide these forms with any quotes we give you.)
- In most cases, insurers are required to renew your coverage, if you so desire.
- When changing insurers, the new insurance company must cover everyone who was covered under the old policy.
- Health insurers may be required to allow terminated employees and their dependents to continue coverage at their own expense for up to 18 months or until they are eligible under another group policy.