GROUP
Business insurance: Group Insurance
Starting a small business is a big step, and beginning any company can make a big difference in your life. Even if you have only a couple of employees, group insurance can make a world of difference for you and your company.
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Group insurances have more benefits than individual business insurances. They cost less, offer some tax advantages, and employees get payroll tax benefits because employer donations in small business group insurances are generally tax-deductible. Furthermore, the law obligates the insurance companies to provide group insurance to every individual, regardless of their medical issues and health history.
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In Nevada, the requirements for a group plan are a minimum of two people with the following stipulations.
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The two employees cannot be husband and wife.
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One employee needs to enroll in the plan as long as the second employee waives with current coverage elsewhere.
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Employer must pay a minimum of 50% of the employee’s premium.
Cobra
To qualify for Nevada COBRA insurance, you must have been covered under your former group health plan for at least 12 months, and you must apply within 60 days of losing your coverage. You must also not have left your former job voluntarily.
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Most employers require their COBRA members to pay for all COBRA premiums and additional costs. Nevada COBRA premiums cannot exceed the full cost of coverage, plus a 2 percent administration charge.