With the addition of small group health plans to Gravie’s benefit marketplace, your employees now have more plan and network options than they’ve ever had before.
Employers with 50 or fewer full time employees are eligible to add small group plans to their employees’ health insurance options when they shop with Gravie.*
How it Works
- Let your Gravie sales rep know that you want to add the option of offering small group plans to your employees. Individual health insurance plans will continue to be available to employees that prefer to enroll in them.
- Your Gravie account manager will help you determine the amount of money to give each of your employees based on a reference plan and employees’ ages.
- When your employees shop with Gravie, they will have the option to purchase individual coverage or enroll in a small group plan.
Can my employees really choose between enrolling in a small group plan or buying an individual plan?
Yes! And best of all, there’s no minimum participation requirement.
Can I drop my group plan and switch to Gravie at anytime during the year?
Group plans are almost always month-to-month contracts that can be dropped at any time during the year. However, if you decide to switch to Gravie outside of the open enrollment period, your employees will only have access to purchase individual plans through the Gravie. Small group plans are only available though Gravie during the open enrollment period.
When do my employees need to enroll for 2017 coverage?
Employees that want a small group plan need to make their enrollment election by December 9, 2016. Employees that want an individual health plan will have until January 31, 2017 to purchase coverage.
Is the money I give to my employees taxable?
Your contributions towards group coverage will be pre-tax for both you and the employees who choose this option. Employees who decide to shop in the individual market will be using additional compensation on a post-tax basis.
Are my employees eligible to receive tax credits if I offer small group plan options?
If you choose to offer small group plan options, your employees may either lose or have less tax credits available to them, depending on the amount of money you choose to offer. This is because the amount of tax credits available when you offer small group plans is calculated based on the cost of a lower tier plan as compared to when they are shopping only for individual plans.
This may seem like a disadvantage to an employee that’s eligible for tax credits, but if they choose a small group plan, the money saved on taxes may exceed the money they’ll be losing in tax credits. (Note: tax credits can only be used towards the purchase of individual plans.)
Are the small group and individual plans available both on and off exchange plans?
Small group options available to your employees will be on exchange plans only, while individual plan options will be both on and off exchange plans.
Are the small group plans available to my employees based on my geographic location?
Yes, the small group plan options will be based on the employer’s zip code and county while the individual plans available will be based on the employee’s zip code and county.
If an employee quits or is terminated, do they lose coverage?
If an employee has an individual plan, they keep it for the duration of the year regardless of employment status as long as they pay the premium. If they have a small group plan, they will lose coverage, but will have the option of continuing under COBRA or they can buy an individual plan through Gravie.
If you’re an employer interested in getting started with Gravie, fill out a contact form here or call us at 855.540.8701. To learn more about how Gravie works, check out this video.
*Group options through Gravie are currently only available to employers in Minnesota, Illinois and Texas.