Small companies are the backbone of the American economy. Many of theses companies are run by husband and wife teams, often they are the only employees of the company! It has always been difficult for these spousal groups to get insurance. Up until recently, Anthem would insure husband and wife only groups. But starting in 2021, Anthem no longer accepted two-person, husband and wife groups and canceled all of their current clients of that composition.
What are the options for spousal companies?
Thankfully there are still options in the market for husband and wife companies! With the progress in the individual and group market, we can offer a number of different options.
Group Health Insurance Options
With Anthem leaving the market for spouse only groups, it left a void as no other carrier would write these types of groups. Thankfully a new carrier has come into the market in Georgia that will write husband and wife only groups. Mid America Employee Benefit Administration, a company based in Michigan, recently began offering small group plans in Georgia.
They call these plans “Fully Funded Self-Insured Plans.” And they work like other self-funded or level funded plans available in Georgia. Their plans offer a large, PPO network, very competitive pricing that is level for 1 year and has National Guardian Life as the stop loss carrier (and A rated financial company).
In order to qualify, both husband and wife must either be w-2 employees making full time earnings OR both owners of the company receiving distributions enough to justify full time employment. They are strict on these requirements but that is just so that they can protect their customers and make sure they are doing everything by the books. If you are interested in looking at this option give us a call!
Individual Health Insurance Options
Another option would be to switch to individual health insurance instead of going with a group plan. The individual market has greatly improved over the past few years with more carriers joining the market and current carriers greatly expanding their networks. You lose some of the advantages of groups plans in the form of tax breaks and large and large PPO networks, but you do gain the advantages of more carrier options and potential savings.
You can quickly run your own quotes and enroll here: https://www.healthsherpa.com/?_agent_id=terri-potter. You can also schedule an appointment with us, and we can help you pick the best plan: https://ga-health-insurance.com/contact-us/
There are several other individual health insurance options such as short-term plans, indemnity plans and health sharing plans. Be very careful as many of these can be misrepresented by online companies!
We are happy to help you go over all the options that are available to your small business. Give us a call and we can go over everything that is available! Our help is free! 770-452-9335