Accessing Group Benefits for a Family Business

May 9, 2024
May 9, 2024 Jonathan Nolan

Accessing Group Benefits for a Family Business

If you’re a family business owner, you might be wondering if your company is eligible for group health benefits. The answer is yes, but the process and criteria can differ based on several factors.

Typically, group health insurance is only available to businesses with employees. If your family business consists only of you and your spouse, you may still qualify for certain group health plans.

However, if your family business has at least one employee who is not your spouse, you could be eligible to offer group health benefits to all employees, including family members. This ensures comprehensive healthcare coverage for your workforce and your family under the same plan.

Eligibility Criteria

For your family business to qualify for group health benefits, it must meet certain criteria established by insurance providers. These criteria usually include having a minimum number of employees, typically ranging from 2 to 50, depending on the insurance carrier.

Some insurance providers might also require your family business to meet specific financial criteria, such as generating a minimum level of revenue or being in operation for a certain period. These requirements help assess the stability and financial viability of your business and its ability to contribute to health insurance premiums.

Different Plans and Options

Once you’ve confirmed that your family business meets the eligibility criteria, you can explore various insurance options and plans provided by insurers. Group health insurance plans typically offer comprehensive coverage for medical services, prescription drugs, preventive care, and more, providing valuable protection for employees and their families.

When choosing a group health insurance plan, consider factors like coverage options, premiums, deductibles, copayments, and network providers. Comparing multiple plans can help you find the one that best fits your employees’ needs and your budget.

In many cases, your family business can qualify for group health benefits, but eligibility criteria and plan options may vary depending on factors such as the number of employees and your business’s financial status. By exploring your options and selecting the right insurance plan, you can provide valuable healthcare coverage to your employees and their families while also ensuring your own family members are covered under the same plan.

For more information on group benefits for a family business, contact us to discuss your health insurance needs. Together, we can help you determine your eligibility for a group plan.


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