So your sights are set on bringing health insurance to your team. Now, the time has come to go out and make it happen. Once you zero in on the plan that makes the most sense for your team, get yourself a treat. You’ve made it through all the research rigamarole, so bask in the moment, knowing that the setup part will be a cakewalk. After you’ve thrown yourself a mini celebration, read this article. You’ll learn how to get it together so you can get your health insurance raring and ready to go.
Your setup checklist
To streamline your setup process, you’ll want to have a few bits of information handy.
Company tax information (federal EIN)
Current and appropriate levels of workers’ compensation coverage
North American Industry Classification (NAICS) code
Proof of payroll
Number of employees eligible for health insurance
Details for each employee: name, address, age, and number of dependents to insure
Why you need to have each item above by your side
Your federal EIN is an employer identification number that the government stamps on your company for taxation purposes. You need the number when you sign your company up for health insurance so the provider can then send it off to the IRS.
Workers’ comp insurance helps you take care of your team if they ever get injured at work. By obtaining workers’ comp, employees receive wages and medical benefits, which can be a lifesaver when they’re too hurt to make it to work. While setting up health coverage, you’ll have to hand your carrier an abstract that explains the type of workers’ comp your company is dishing out.
The North American Industry Classification (NAICS) code sounds like it should be the name of a crime show. In reality, the code isn’t a work of fiction — it’s used to classify companies so statistical agencies can collect, analyze, and publish data related to the economy. Health insurance companies must hand this information to the government. Like a game of phone tag, you need to pass it on to your carrier to make it all work.
Proof of payroll and the number of eligible employees who are enrolling in health insurance shows the insurance provider who the people on your team are and who is signing up for health coverage. This information is the bread and butter carriers need to properly insure your team.
The health insurance company must also have their hands on each eligible employee’s name, address, age, and number of dependents to insure, so they can guarantee that everyone who needs insurance gets it.
As the health insurance sparks start to fly, you’ll need to snap a portrait of your company to give to your carrier. It’s painless, and will help them ensure that your company is squeaky clean. Take some time to collect all the details above, reflect on the progress you’ve made, and watch as your team’s health plan catapults forward.