The state of Minnesota has worked hard to allow all its residents to have the ability to obtain health insurance. One way they do this is through their small business health insurance laws that enable all small businesses to obtain health insurance policies for their employees. In Minnesota, a small business is a business that has between two and 50 employees. As a small business owner, you should educate yourself on your rights in regard to providing your employees with health insurance.
Requirement to Sell
All health insurance companies in the state of Minnesota are required to sell health insurance policies to individual small businesses. According to the Minnesota Department of Commerce, as long as the small business has between two and 50 employees, the insurance company must allow them to choose from the same policies.
Equal Policies
Even though the same policies must be offered to all small businesses, the prices are varied depending on the number of employees and the health status and risk of each employee. Some small businesses may have to pay significantly more than others, but as long as the price is determined fairly and is not breaking any other laws, then it is deemed lawful as long as the small businesses were offered the same policies as other small businesses.
Participation Requirements
If a small business does qualify for health insurance, then they are required to meet the minimum participation requirements. If the small business is not meeting the minimum requirements, then the state may terminate the policy.
Price of Premiums
The price of premiums for each employee in a small business can vary depending on each employee's health status and health risk. According to healthinsuranceindepth.com, Minnesota does keep laws regulating how much the prices can vary depending on these factors, but they do allow insurance companies to charge more or less because of health and risk status.
Employee's Premiums
The employee's premiums are the small business owner's responsibility, and if the employee refuses to pay the premiums or disagrees with the premiums, then the health insurance company may terminate the policy.
Terminating Health Insurance
The only way a health insurance policy cannot be renewed each year is if the company failed to follow the health insurance policy. This means that the insurance policy is "guaranteed renewal." The policies are also "guaranteed issue." This means that when a claim is submitted, it cannot be denied based on the health status of the covered employee, family member, or overall group (according to the Minnesota Department of Health). An employee's illness cannot be the cause of terminating the health insurance.
Self-Employed
If you are self-employed, you cannot purchase small business health insurance in Minnesota because there is no group for you to purchase it with, according to healthinsuranceindepth.com. But Minnesota does provide individual health insurance to all residents, even if they have been denied insurance by insurance companies.
Tags: health insurance, small business, small businesses, health insurance, each employee, health status, insurance companies
