Question 1

Do small businesses in Colorado have to offer employees health insurance?

Accepted Answer

Small businesses with fewer than 50 full time employees are not legally required to provide health insurance benefits.

Question 2

How many employees does a small business need to qualify for group health insurance in Colorado?

Accepted Answer

At a minimum you need two employees. This includes the owner and one other employee that meets the minimum hour requirements of the health insurance company, which is usually between 24 to 30 hours per week.

Question 3

Does Benefits 4Business also offer dental and vision insurance?

Accepted Answer

Yes, we offer Health, Dental, Life, Disability and more.

Question 4

How long does it take to set up a group health insurance plan?

Accepted Answer

The entire process generally takes two weeks. Here is a quick breakdown of the process:

Your company will have to fill out an employer app for any group plan. This app collects basic information on your small business. Your employees will also each have to fill out an employee app or waiver, if they are declining insurance through your business.

The initial premium payment is paid via EFT and will bind the policy, At this time you will be sent information via email and regular mail to get you and your employees their plan information and insurance cards.

If you have three employees or fewer you will be required to to provide your most recent quarterly wage and tax statement.

All businesses that offer health insurance benefits must also have a section 125 cafeteria plan on file for IRS purposes. Many plans include this feature for an additional price. Accountants and payroll services often provide this service. You can also purchase one from BeneFix.

Question 5

How long does it take to get a quotation?

Accepted Answer

We can turnaround multiple quotations in 24 to 48 hours. We will need to collect basic information on your employees and business in order to get your quotations started.

Question 6

What IRS forms do I need to file?

Accepted Answer

There are some tax forms your business will need when filing with the IRS.
Here is a content relevant link to the IRS site 
                                                   https://www.irs.gov/affordable-care-act/employers (https://www.irs.gov/affordable-care-act/employers)
We are not tax professionals and do not give out advice.

Question 7

Do I have to offer C.O.B.R.A. to my former employees?

Accepted Answer

Colorado C.O.B.R.A. for Small Business:
1.       Colorado Continuation/Conversion Coverage is available to employees whose employer group policy is not subject to the Federal COBRA Law.
2.       The maximum duration of the coverage is 18 months or until the participant becomes eligible for another group coverage. If a new group plan excludes a covered condition, the prior employer’s plan may continue to provide coverage for the 18 months or until the new plan covers the condition.
3.       This coverage applies only to fully insured plans and HMOs, not to self-funded plans, federal plans, or plans outside of Colorado’s jurisdiction.
4.       The benefits match those of non-terminated employees, including dental, vision, and prescription benefits under separate contracts.
5.       Employees and dependents are not eligible for COBRA if termination was due to gross misconduct, but Colorado Continuation Coverage may be available if all other requirements are met.
6.       Dependents who lose their dependent child status under the plan’s rules are not eligible for Colorado Continuation Coverage, but may be eligible for conversion coverage.
7.       The employee must have been continuously covered under the employer’s plan for at least six consecutive months to be eligible for Colorado Continuation Coverage. Conversion is available if the employee has been covered for more than three months but less than six.
8.       The employer must send written notice to the employee of their right to continue coverage within 10 days of termination. The notice must include the monthly payment amount, payment instructions, and the consequences of non-payment.

Question 8

Do I get access to an online portal to manage my small business's health insurance plan?

Accepted Answer

All of the carriers we represent offer their own online portal and many also offer an app for employees to access their insurance card and track other information, including things like deductible paid ytd, co-pays, benefits, etc.

For companies that need more robust benefits management to streamline enrollment and compliance tracking we offer solutions like Rippling, which is also a premier Human Resources Management software.

Question 9

How Do I Qualify for the Small Business Health Care Tax Credit

Accepted Answer

Your small business must have fewer than 25 full-time equivalent (FTE) employees. The average employee salary must be less than $56,000 per year. Your business must pay at least 50% of your full-time employees’ premium costs. Kaiser Permanente is the only health insurance provider available through this program in Colorado. For additional information, please feel free to visit this link on the IRS website as a resource. https://www.irs.gov/newsroom/small-business-health-care-tax-credit-questions-and-answers (https://www.irs.gov/newsroom/small-business-health-care-tax-credit-questions-and-answers)

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