Hot Topics Blog
Thursday, July 27 2017
For small businesses with less than 5 employees in western Washington state, buying health insurance inside the more stable group insurance marketplace will be a challenge, but one which needs facing. Why? Because of proposed large rate increases to Washington's 2018 individual health insurance rates plus the desire by various individual insurance companies to pull out of entire counties in Western Washington altogether.
It is scary to watch the deterioration in individual health plan options and increases in costs, coupled with what's happening in the healthcare debate in Washington D.C. Now is simply not the time to keep the status quo. Small businesses do have options, however not all businesses will qualify to purchase coverage in the small group market.
Generally speaking, there are three hurdles to overcome if you are what's called a "micro group" with less than 5 full-time employees. They include:
In Washington state, there are 6 carriers who will write eligible groups with 1-4 employees that meet these three requirements. Generally speaking, the carriers fall into three different requirement categories for a small group of this size to qualify:
Purchasing coverage in the group health insurance market may be challenging, but can be overcome with the help of a competent health insurance broker's guidance. Let us know how we can help.