Group health plans provide small companies the flexibility they need to cover all their employees. Under small business health plans, every eligible person can be covered. Instead of factoring in each person's risk potential, the premium is based upon the characteristics of the group as a whole and takes into consideration such things as the degree of occupational hazard and the average age among employees.

Employers typically offer a group health plan as part of a benefits package. Many groups and organizations, such as churches and trade associations, also offer some form of group coverage to members. For individuals who want to take part in a group health care plan,.

Group health plans offer employees many benefits, such as more affordable premiums and guaranteed coverage. ISU – Insurance Services, Underwood Agency offers many affordable small business health plans.  No matter what kind of options you want to provide your employees, our knowledgeable representatives will help you find the most cost-effective solution for your company while still getting you a plan that provides excellent coverage. Call us today at 1-800-852-447 to get a free quote.

Health Savings Accounts (HSAs): were created by Public Law 108-173, the "Medicare Prescription Drug, Improvement and Modernization Act of 2003," signed into law by President Bush on December 8, 2003. Health Savings Accounts will change the way millions meet their health care needs because they are designed to help individuals save for qualified medical and retiree health expenses on a tax-advantaged basis.
Any adult who is covered by a high-deductible health plan (and has no other first-dollar coverage) may establish an HSA. Tax-advantaged contributions can be made in three ways:

• the individual or family can make tax deductible contributions to the HSA even if they do not itemize deductions;
• the individual’s employer can make contributions that are not taxed to either the employer or the employee; and,
• employers sponsoring cafeteria plans can allow employees to contribute untaxed salary through salary reduction.

To encourage saving for health expenses after retirement, individuals age 55 and older are allowed to make additional catch-up contributions to their HSAs.  Funds distributed from the HSA are not taxed if they are used to pay qualified medical expenses. Unlike amounts in Flexible Spending Arrangements that are forfeited if not used by the end of the year, unused funds remain available for use in later years.

ISU – Insurance Services, Underwood Agency represents more than 10 group health insurance companies.  We provide health insurance coverage for more than 30 businesses.  Call our office to discuss your options.