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Group Health Insurance

Group Health Insurance is based on a collection of people assembled by an organization or business. The cost is spread out among the members of the group. As an employer, there are many different options available for you to provide quality, affordable healthcare to your employees. Whether you have 2 employees, 200 employees, or 2000 employees, AIC Insurance Services can lead you down the right path in choosing group healthcare for your company.

HMO's

An HMO, or Health Maintenance Organization is a type of group health plan in which an organization is formed to provide medical services to its members. Members prepay a premium for the HMO services, which are contracted with healthcare providers, such as physicians, hospitals, and other healthcare professionals. Members are required to use participating providers for all healthcare services, with limited referrals to outside sources. HMO’s put strong emphasis on preventative health care, and members are often encouraged to partake in programs promoting better health.

Self-Funded HealthCare Plans

A self-funded healthcare plan is one in which you, the employer, cover all or part of the risk of providing healthcare for your employees. By controlling the assets of the program, you become the fiduciary, and are able to invest to your own advantage and eliminate the insurance company charges.

There are many benefits to self-funding a healthcare program, from not having to pay state premium taxes or insurance company risk and retention charges, to improving cash flow by only paying for claims that occur during the contract year.

Flexible Spending Accounts

Flexible Spending Accounts (FSAs), also known as “flex-spending”, reimbursement accounts, or Section 125 plans, is a benefit that allows your employees to pay for eligible medical expenses, daycare and premium contributions through the use of a pre-tax payroll deduction. Each employee taking advantage of this program will determine an amount, at the beginning of the year, to deduct for medical expenses that will not be reimbursed by your company’s insurance plan. This deduction will occur BEFORE federal, state or Social Security taxes are calculated, and will not be reported to the IRS.

Premium Only Plans

Premium Only Plans allow an employer to deduct an employee’s health insurance premium contribution as a pre-tax expense rather than an after-tax expense.

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