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Vermont Small Business Health Insurance

For those who don’t live in Vermont, the first thought that may pop into their head might be maple syrup, snow, or mountains. In reality, these images don’t capture the real Vermont. The state is actually one of the leading employers of high-tech workers.

It is impossible to know how much of the 9.4% increase in new employer business in the year 2004 was due to the start of high-tech businesses, but one thing is clear: with this increase in business comes an increased need for quality employees.

In Vermont, employees who work for large corporations are fortunate, as 98.9% of them receive health insurance from their employers. Smaller companies aren’t quite as prolific. Their insurance coverage rate hovered at just above 40% in 2003, leaving one to wonder how small businesses manage to compete with larger corporations at all. Fortunately, state legislation has stepped in to help, as have insurance carriers, to make small business health insurance a common benefit instead of an employee’s stroke of luck. The plans that insurance carriers offer are varied but remain in accordance with Vermont’s insurance regulations.

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Vermont’s Insurance Regulations

• Guaranteed issue and renewability is in effect; insurance carriers must offer employers of 1-50 workers the same health plans they offer other small businesses, and cannot cancel a plan due to the health status of a group member. In order to be eligible for coverage, 75% of eligible employees must be enrolled in the plan.

• Insurance carriers have to offer small business employees access to two standardized plans with different payment options. Non-standard plans are also available.

• Carriers covering small businesses cannot deviate from the community rate in regards to setting group premiums, regardless of health status, age, gender or any other characteristic of those enrolled in the group. All rates are current for six months at a time.

The self-employed worker can enroll in a group plan just as any other small employer. Carriers may ask for proof of Vermont residency before offering coverage. The self-employed worker who chooses an individual policy can deduct 100% of the cost of their premiums on their federal return.

Request a free online quote for more information on Small Business solutions in Vermont >>