One major benefit that the group insurance market has over the individual insurance market is enrollees are not bound to their plan choice for the year. You are permitted to make plan changes throughout the year in the event that a particular need arises. A professional broker like Cosmo Insurance Agency can guide you through the process. Buying insurance for your small business (group coverage) has different rules than buying just for yourself or your family (individual coverage).
If you have more than 50 full time equivalent employees you are obligated to sign up for health insurance under the Affordable Care Act. Small businesses with fewer than 50 full time equivalent employees will not be fined if they do not provide coverage.
There are significant differences between group coverage and individual coverage, mostly because the insurer’s risk is calculated differently. According to healthcarecoverage.gov,”With individual coverage, the insurer has historically based its premium rates (or denied coverage) on the detailed medical history of the person or family. (The Affordable Care Act brought important changes to the individual market, including eliminating the ability of insurers to deny coverage based on preexisting conditions.)”
People who have health coverage are in a better position to obtain medical care, including preventive services that may help avoid more serious health problems down the road. Having health coverage encourages people to actively maintain their health and improves their access to services that may otherwise be unaffordable.
You can save up to %30 on plans and premium rates. Make sure to contact Cosmo Insurance Agency, our health insurance brokers in New Jersey spend all the time necessary to determine what your needs and priorities are. We are independent and offer plans from a large spectrum of reputable carriers. We explain your options in great detail and clarity– down to the fine print - so that you can choose a plan that will satisfy you for the long term.