As one of the more well known group insurance brokers in Mississippi, we help organizations find the right coverage for their workforce. Companies with one or more employees are eligible for group health insurance. Sixty-five percent of eligible employees must participate in the group health plan to qualify for coverage. Employers can make health insurance available to their employees either by paying the full premium for the employees or by paying at least fifty percent of the premium payment and deducting the other fifty percent from employees’ paychecks.
Health Savings Accounts are available for groups and individuals. An HSA is a federally-approved, tax-favored account set up in conjunction with the purchase of a high deductible health insurance plan. Its purpose is to help employees pay for healthcare expenses not covered by the high deductible medical insurance plan. HSA contributions are tax deductible and funds in the HSA accumulate on a tax-deferred basis.