Group Health Insurance Plans
Learn about group health insurance
Whether you're the owner of a small home-based business, or the CEO of an international corporation, you need to consider investing in a group health insurance plan to help your employees with their health costs. Group health insurance plans can be customized to suit the needs of your business, based on the number of employees you have and the types of coverage you're looking for.
The options for health insurance are endless, and depend primarily on the provider you choose. When you're shopping for an insurance provider, focus on their customer service, availability and price. The best health insurance prices are useless if the company isn't willing to help out your employees when it comes to filing claims. You should also look into the company's rate of claim denials in order to get a sense of how difficult it will be for your employees to benefit from their insurance coverage.
Group Health Insurance Rates
Your group health insurance rate can vary enormously, depending on the provider and the types of insurance you choose. You should take the time to shop around for a variety of group health insurance quotes in order to ensure that you're getting the plan that best suits you, your company and your employees.
Most insurance providers divide their group insurance plans by company size. If you have less than 50 employees, you're generally considered a small business.
Plans may be full payment, co-payment, or deductible, and come with different provider options that may include family doctors, dental or eye professionals, and other services such as massage therapy or physiotherapy.
Small Business Group Health Insurance
Small business group health insurance should focus on the needs of small companies. While you can't expect the same multi-policy discounts that many larger businesses get because they pay so much into the plan, you should be able to expect lower prices based on the likelihood of fewer claims. These plans should be more flexible than those offered to larger businesses, allowing your employees to choose things such as which physicians they can visit and which options they're most interested in.
There is evidence that employees whose employers provide them with health insurance are happier and more productive at work. So, if your financial services department questions whether your business can afford to invest in a group health insurance plan, you should question whether you can afford not to.