Group Health Insurance in New Hampshire
What is Group Health Insurance?
Many employees in New Hampshire rely on their employer’s group insurance for their own, and sometimes their family’s, health coverage. The health coverage becomes part of employees’ compensation packages, and the quality of the coverage can greatly impact how current and prospective employees view their compensation.
Group health insurance is so-named because this type of coverage is provided be an employer for it's employees and owners. Typically the employees would have to be full-time and on payroll. The business would also have a minimum of two full-time employees to be eligible for group health insurance in New Hampshire. It is also a requirement that 75% of all eligible employees/owners participate unless they have other coverage (i.e. insurance through spouse's employer or dependent under parent's policy.)
What Businesses in New Hampshire Should Offer Group Health Coverage?
As mentioned, many businesses in New Hampshire can benefit by adding a group health policy to their benefits package because employees see this as a valuable form of compensation. Some businesses may even have trouble attracting employees if they don’t offer a policy.
Who Pays the Premiums Associated with a Group Health Policy?
While businesses may be the ones to offer group health policies, they aren’t the only ones who pay for these policies. Often, businesses will pay a portion of a policy’s premiums and ask employees to pay the rest. How much employees pay frequently depends on whether they get coverage for just the employee, the employee and their spouse, or the whole family.
How Much Group Health Coverage Should Businesses Offer?
There’s no set amount of group health coverage that every business should offer. When selecting a coverage level, businesses should keep in mind what competitors provide and how much employees make. The right amount will likely be at least similar to what competitors provide, and it’ll be something that employees can afford.
Are Vision and Dental Coverage Included in Group Health Policies?
Vision and dental coverage normally aren’t included in group health policies. However, the group may purchase a stand alone dental insurance and/or vision insurance plan which would cover these benefits.
How Can New Hampshire Businesses Get Group Health Insurance?
If your New Hampshire business would like to offer employees group health insurance, contact HPM Insurance. Our agents are familiar with these policies and can guide you through all of the choices that must be made when selecting a policy. Being independent, they can also compare several policies from different insurers in order to help you find the best one for your business and employees.