If you are looking for insurance for a group between 2 and 50 people, small group insurance in New Hampshire might be right for you. In New Hampshire, all group health insurers are required to write policies for small groups, and they cannot refuse to insure individual employees due to a health condition. Some of the carriers that offer small group plans in New Hampshire are Anthem, Assurant, Celtic, and Tonik.
Small group insurance is the designation given to a group coverage plan when the group is between 1 and 50 people in New Hampshire. This type of plan is typically available to employers, members of associations, retirees, or labor unions. A small group health insurance plan will provide care for you and your employees. This type of plan helps to spread financial risk among the members, which can result in lower premiums and more comprehensive coverage for all members. Group coverage typically costs less than individual coverage, which you have to buy on your own.
There can be tax advantages to group health insurance. Employer contributions to a small business health insurance plan are generally 100% tax deductible, and employees can save on payroll taxes. Small businesses, and certain organizations like non-profits, are generally eligible for group health insurance so long as they can show two or more full-time taxable employees. In New Hampshire Sole Proprietors can also qualify for small group insurance. For an employee to count as full time they must work at least 30 hours a week. Insurers are also required to guarantee issue small group plans to those who are self-employed during the bi-annual open enrollment periods.
Federal law mandates that no matter what pre-existing health conditions small employer group members may have, no small employer or an individual employee can be turned down by an insurance company for group coverage. This requirement is known in the insurance industry as “guaranteed issue.”
In many states, an insurer can include a waiting period in which certain pre-existing conditions aren’t covered. In New Hampshire, they many not impose a pre-existing condition waiting period of more than 9 months on any group member. They must also reduce or eliminate the waiting period in accordance with the employee’s prior “credible coverage.” A 12 month period is the federal maximum the insurer can impose; New Hampshire exceeds the federal standards.
Should something happen and you are going to lose your group insurance, there is a Federal program in place to help. Through COBRA you can extend your coverage for up to 18 months if you lose your job, your hours are cut, of if you change jobs and have a waiting period before your new health insurance plan starts. You will have to pay the full premium yourself during this period, which your employer was previously paying. COBRA also can help your spouse, former spouse, or any children keep their insurance if your job ends, you get a divorce, or in the event of your death.