Small Business Health Insurance Broker in Colorado Springss
We Work For You
Choose the Best Small Business Health Insurance Broker in Colorado Business
Serving Colorado Springs and Denver, Colorado and surrounding areas
Our team of small business health insurance brokers specialize in helping employers in Colorado Springs and Denver areas. Your health insurance solution is designed specifically for your business, your employees and your budget.
Since the 1980’s we have helped hundreds of small businesses in Colorado find group health insurance plans that are affordable and that offer excellent protection for their employees. Your employees are your most valuable company asset. Taking care of your employees is taking care of your business.
Benefits of Working with Preferred Insurance
Small business health insurance plans can be complex. Our brokers can simplify the process and provide expert guidance so you can focus on running your business.
Finding the right mix of medical benefits and pricing for employers and employees is what we do best. We offer onsite and over the phone free consultations. We will explain your employee benefits options in plain English and make recommendations based on your goals and the needs of your employees.
Our team of small business health insurance brokers service what we sell so we will be there to explain your health plan to your employees in a way they will actually understand.
Health insurance quotes are always fast, free and designed to help employers meet their goals.
What We Provide to Help Your Business Thrive
Regular market comparison quotes so you get the best plans and rates
Assistance with COBRA and Colorado continuation requirements
We provide mandated documents required by the ACA
Your advocate dealing with health care provider network issues
Employer Advantages
Julie of Preferred Insurance in Colorado Springs explains how they take care of employers by bundling insurance as an innovative way to help retain employees and reduce costs.
Benefits Portal
Exciting New Health Insurance Options for Colorado Small Businesses
Attention Colorado small business owners! There’s a game-changing development in the world of group health insurance that you need to know about. A new player has entered the field, offering an alternative to traditional fully funded health plans. This fresh option could potentially save you money while still providing quality coverage for your employees. Intrigued? Read on to discover how this new approach compares to the established plans and why it might be the solution you’ve been searching for.
The Established Player: Fully Funded Health Plans
Fully funded health plans, often associated with the Affordable Care Act (ACA) or “Obamacare,” have been around since 2008. These plans are like the classic rock of the insurance world – familiar, reliable, and well-established.
What You Need to Know About Fully Funded Plans:
- Predictable Premiums: You pay a fixed monthly premium based on your employee roster.
- Simplicity: The insurance carrier handles all the administrative tasks and assumes the financial risk.
- ACA Compliance: These plans automatically meet ACA requirements, taking the guesswork out of compliance.
The New Kid in Town: Level Funded Health Plans
To borrow a phrase from The Eagles, there’s a “new kid in town” when it comes to group health insurance options. Level funded plans are shaking things up in the insurance world, offering a fresh approach to health coverage for small businesses.
Why Level Funded Plans Are Turning Heads:
- Potential Cost Savings: If your employees have lower-than-expected claims, you might receive a refund at the end of the year.
- Predictable Budgeting: You still pay a fixed monthly amount, combining estimated claims, administrative fees, and stop-loss insurance.
- Customization: These plans often offer more flexibility in plan design, allowing you to tailor benefits to your employees’ needs.
Choosing Between Fully Funded and Level Funded Plans
When deciding between these two options, consider the following:
-
- Risk Tolerance: Fully funded plans offer more predictability, while level funded plans come with potential savings.
- Employee Demographics: The health of your workforce can impact which plan type is more cost-effective for your business.
- Administrative Capacity: Level funded plans may require more hands-on management from your team.
The Local Advantage: Benefits of Working With an Independent Health Insurance Broker
When navigating the complex landscape of fully insured vs level funded plans, partnering with a local, independent broker like Preferred Insurance in Colorado Springs can provide significant advantages:
-
- Unbiased Advice: We work with multiple insurance carriers, allowing us to offer objective recommendations based on your specific needs rather than pushing a single company’s products.
- In-depth Market Knowledge: With over 30 years of experience, we stay up to date with the latest trends, regulations, and offerings in the Colorado Springs health insurance market.
- Customized Solutions: We help tailor a plan that fits your business’s unique needs, whether it’s a fully insured or level-funded plan, or a combination of options.
- Cost Savings: By leveraging our industry relationships and knowledge, we can identify solutions that you might not discover on your own.
- Timesaving: We handle the legwork of researching plans, obtaining quotes, and comparing options, freeing up your time to focus on running your business.
- Ongoing Support: We provide assistance throughout the year, not just during open enrollment. We’re here to help with claims issues, employee questions, and plan adjustments as your business needs change.
- Compliance Assistance: With ever-changing healthcare laws and regulations, we ensure your chosen plan complies with ACA requirements and other relevant legislation.
- Employee Education: We assist in explaining plan options to your employees, helping them make informed decisions about their healthcare coverage.
Your Next Steps: Navigating Fully Insured vs Level Funded Plans
Choosing the right health insurance plan is more than just a business decision – it’s about taking care of your team and ensuring the long-term success of your company. Whether you’re leaning towards the tried-and-true fully funded plans or you’re intrigued by the potential benefits of level funded options, we’re here to help you make an informed decision.
Ready to explore your options and potentially save on your group health insurance? Contact Preferred Insurance in Colorado Springs to learn more about fully insured vs level funded plans. Let’s work together to find a solution that keeps your employees healthy and your business thriving. With our deep understanding of the Colorado insurance landscape and commitment to personalized service, we’re ready to guide you through every step of your journey to better, more cost-effective employee health benefits.
Frequently Asked Questions
How do I get health insurance for the employees of my small business in Colorado?
Getting health insurance for your employees is fast and easy. Here are the steps:
- Contact us to schedule a free consultation (719) 599-7989
- We can meet either on the phone, at your business, or at our Colorado Springs or Denver offices
- After the meeting give us one day to create the best health insurance quotes for your specific requirements
- We will email your the quote info
- After approving the health insurance quotes we will get to work and start the process.
Why are you the best small business health insurance broker in Colorado Springs?
We specialize in group insurance for small businesses in Colorado Springs and surrounding areas. We have been in business over 30 years.
Each member of our local Colorado Springs staff is knowledgeable, responsive, friendly and extremely good at customer service. Check out our Google reviews for proof (opens in new window).
We are locally owned and managed. By working with us you are supporting local Colorado Springs families and the local economy.
We provide hands-on help at your business and work directly with your employees. We will assist with employee meetings, adding or deleting employees and claim problems with continuous follow up.
Our team of small business health insurance brokers have one goal – we want you to forget about employee health insurance so you can focus on running your business.
How much does small business health insurance cost?
The cost of health insurance for your small business is based upon three major things. The age of the employees, the number of employees quoted, and the county that the business is headquartered in. Costs are individualized per group and will vary from business to business based on these three factors.
At Preferred Insurance we offer onsite or over the phone consultations and provide the information you need such as provider networks, out-of-pocket costs, co-pays, deductibles, and benefits services in your area. We ensure you understand the cost, the benefits and the options available as an employer.
What is group health coverage?
Group health coverage is a health insurance policy issued to a group – typically a business with employees – that covers all eligible employees and sometimes their dependents.
The various Colorado health insurance companies (Kaiser Permanente, Anthem, etc.) each create numerous medical insurance plans. The different plans are uniquely designed for the needs of hundreds of types of businesses.
Group health coverage is obtain by a representative of the group – i.e. the employer – who purchases the medical insurance plan for the group. Typically the employer will pay the insurance company the full fee for the medical insurance plan and deduct the employees portion from their paychecks.
Buying health insurance for your small business (group coverage) has different rules than buying health insurance just for yourself or your family (individual coverage).
The majority of non-Medicare or Medicaid covered Americans have group health insurance coverage through company sponsored group plans.
What is the benefit of group health insurance?
Group health insurance for small businesses in Colorado offers many benefits to both the employer and employees. A few examples include lower premiums, tax incentives, cost-sharing with the employer, a positive work environment, higher productivity, and higher employee retention.
Offering business health insurance and promoting employee wellness can help attract and retain employees. Preferred Insurance can tailor packages according to your employees needs and the goals of your business. Offering benefit packages reduces employee turnover, therefore decreasing waste and saving your company money.
Read the benefits of group health insurance to learn more.
Are group health insurance plans cheaper than individual?
Yes, group health insurance can be cheaper than individual health insurance. If you own a small business in Colorado, it will be worth the time to speak to a group health insurance broker and see if you can save money with a small business group health plan.
How does a small business qualify for group health insurance in Colorado?
If you own a small business in Colorado with at least one full-time employee (30+ hours/week, not an independent contractor, spouse, relative, business partner or part-owner of the company) then you most likely qualify for group health insurance.
If you are self-employed with no employees then you are considered a small group of one and cannot buy group health insurance in Colorado.
Speaking with a small business health insurance broker is the best way to find out if you qualify for group health insurance.
Contact us to schedule a free group health insurance consultation and get the answers you need.