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Requirements and Premium Rates for Small Group Health Insurance

health-insuranceAccording to the law, a business having less than 50 full time employees is considered as a small company. On the other hand, businesses with more than 50 full time employees would be considered a large employers in accordance to law. Being said, the laws governing health insurance policies on these two different businesses level have quite differences. In this article, we will be discussing topics regarding small group health insurance that is very important to both employees and small business employers. This will guide us how to understand insurance policies and its premium rates.

Understanding the Coverage Requirements

Generally, if we are talking about the benefits required by the law either state or federal law, small businesses are not obliged to provide health insurance coverage to their employees. However, there are some factors that may affect the implementation of the law depending on the number of employees, the nature of the business and whether the coverage is being provided through an insurance company. In spite of these facts, many small business employers nowadays sees how important this benefit to them and to their employees and the major reasons of acquiring insurance policies is to attract new talents and to retain their best employees in their company.

Another factor that may affect in implementing laws on employees’ benefits in a company particularly regarding health insurance policy is the Affordable Care Act (ACA). Affordable Care Act requires that the small group health insurance policies must meet certain requirements. This act set a different benchmark to ensure that the employees get certain level of benefit.

The different levels or “metal tiers” of benefits are simply based on what the plan pays of the average total medical expenses.

  • Platinum plans: These are the best ones, but also the most expensive. They usually cover as much as around 90% of medical expenses
  • Gold plans: These plans cover 80% of medical expenses
  • Silver plans: A silver plan would usually cover around 70% of medical expenses
  • Bronze plans: These are the most affordable ones and offer the least benefits, paying just around 60% of medical expenses

Take note that different tiers reflect the average expenses they may cover. This means that insurances require individual to pay a certain percentage of the overall medical expenses.

Determination of the Premium Rates

Employees’ premium rates vary in different ways when the Affordable Care Act was introduced. Rates are defined depending on modified community rating which takes limited factors into consideration to come up with premium rates. However, rates for a 30-year old healthy male employee and a 30-year old male employee with a pre-existing disease such as diabetes would be the same.

After all the factors that affects the premium rates for employees of their health insurance, employee nevertheless can choose the insurance company that they think would provide the best coverage and rate. They may also be able to choose the type of tier they will provide to their employees since options would be always available to offer by the insurance provider.

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How to Get Group Health Insurance for your Business

Small Group Sept 2018It is important for a growing small business to have an affordable health insurance. This is one way of protecting your employees as well as your business to keep it productive and continuously reaching its business goal. Since there will also be risks when operating a business, therefore, a small business group health insurance is very necessary.

 

The safety of employees in a workplace depends on the nature of the business. Even the simplest business operation also faces risks and your employees might get injured. But with small group health insurance, your staff and their employees get health security that they need anytime. If you have no group insurance yet for your company and you feel the need of having one, then this post is for you. In this post, we’ll help you understand more the benefits of having a small group insurance and how you can acquire it for your business.

 

A Small Group Health Insurance

 

What is a small group health insurance? This is one of the benefits offered by employers to their employees which provides medical security. In this type of insurance, the benefits of the insurance coverage plan given to employees are extended to their families. Unlike other types of insurances paid by an individual, in a small group health insurance premium is divided into half. The cost for the insurance is split between the employer and employee. Moreover, this is also beneficial to employees’ finances because certain part of the premium is being paid by the employer.

 

What are the Benefits of a Small Group Health Insurance?

 

The main benefits of having a small group health insurance is that employees can get better medical attention at a very affordable price. Affordable health care for employees is not just beneficial to employees but also to the company they’re working for. It is because employees’ health issues will be taking cared immediately and prevention of sickness in early time can be done as well since they can take advantage of having regular checkups which is part of the plan coverage. When your employees are healthy and not worrying a high cost for a health insurance premium, they are productive and even happier in working for your business. This will definitely lead to your company’s success.

 

How Small Group Health Insurance Helps your Financial?

 

If an employee is not financially secured and having an unexpected health problem affecting his or her life, without health insurance means having financial crisis due to spending a lot of money for medical care. This is how important a small group health insurance to employees. Because employees can get medical attention right away without worrying the expenses incur since it is being handled through the plan coverage. Thus, it prevents future debts due to unexpected expenses on health issues.

 

In conclusion, group health insurance plays a big role in improving the quality of your employees’ lives. It helps their health and financial aspects. Your employees’ performance directly affects your business growth and status. So if they are protected, you are also getting the protection you need for your business. Now take some time to speak to health insurance professional to find the best coverage plan that fits your business need and the best insurance company that can offer you the most affordable plan.

 

 

 

 

 

 

 

 

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How To Get Group Health Insurance For Your Business

Affordable health insurance is important for the growth of a small business. Keeping your staff protected is how you can keep your business thriving for the long term. There are many risks you face when operating a business which makes having small group health insurance necessary. One of the biggest risks you face is the injury of an employee. With Small Group Health Insurance, you help to protect your staff and their families. If setting up a small group health insurance plan is what you want to do, then this post is for you. In this post, we’ll look at some of the benefits of Small Group Health Insurance and how you can get it for your business.

What Is Small Group Health Insurance?

Group medical insurance is a policy issued by a business to its employees. It’s an insurance coverage plan offered by an employer to their employees. Usually, this type of insurance requires the employer to pay a certain percentage of the premium. The cost for the insurance is split between the employee and the employer.

Benefits Of Small Group Health Insurance

Many benefits come with having small group health insurance. The biggest advantage is that it helps to make healthcare more affordable for staff. Affordable healthcare is a significant benefit for both the organization and its employees. Let’s take a look at some more of the benefits which come with having this type of insurance.

Availability of Affordable Healthcare Services

The first major benefit of having this type of insurance is it helps your employees to take better care of their health. It also helps them to take the necessary precautions to prevent major health conditions from affecting their life.

With affordable health care services employees now have the opportunity to get regular checkups. Regular check-ups allow your employees to keep their health in check which creates a healthier staff.

Improved Financial Security

When an unexpected health issue affects the life of an employee, it can mean having to spend lots of money. However, with group insurance, they have better financial security because of the affordability group insurance. When an employee needs medical attention, this insurance will help with any expenses they incur.

Group insurance eliminates the need for worrying about being burdened with debt because of an unexpected health issue. With this insurance, your employee is better able to cope with illness as they won’t be subjected to debt because of an unexpected health problem.

Conclusion

To safeguard your business, you must invest in the protection of your employees. Many risks come with operating any business, but you can lower that risk by having insurance. Now that we’ve taken a look at some of the benefits of small group health insurance you should now have an idea of what to expect when you get this type of insurance for your business. Take the time to speak with an insurance professional and find the group insurance plan that fits you.

 

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The Importance Of Having Group Health Insurance For Your Business

What Is Business Group Health Insurance?

Business group health insurance is also known as employer-sponsored or job-based health insurance. This is a type insurance policy that an employer offers to employees. It’s also available to the dependents of the employees.

The employer and employee splits the premium costs. Included in this type of policy is a percentage rate that the company must pay, for the premium. Premiums can increase after careful evaluation of the previous healthcare cost for the group.

Group health insurance allows for the risk to be spread equally among the people on the insurance. With this spreading of risk, an insurance company can offer insurance at a discount.

The Importance Of Having Group Health Insurance

Employees are important to your business. For your business to be successful, you must keep the people working for you protected. The way for you to do this is to have protection for them in the form of group health insurance. Group health insurance creates an opportunity for employees to get comprehensive protection at an affordable price.

If an employee gets injured, and they need medical attention this insurance helps to provide them with coverage. Whenever they or the persons included on their insurance need medical care, they can receive it more affordable than if they did not have this insurance.

How To Get Group Health Insurance

To get the right group health insurance, you must find the right company for your business. The right company is one who takes the time to work with you to create a policy that fits your business.

They will take the time to sit with you and carefully look over your business to help you to find the right protection for your business. Another good way to get the best protection for your business is to work with a broker.

Kaiser Permanente is one such company that works with you to get the protection you need. They offer affordable healthcare for businesses who need it.

Conclusion

Protecting your employees is the best thing you can do for the growth of your business. Keeping your staff protected helps them to trust you more. It helps to feel like you care about them. Group health insurance is an affordable way to protect your business. In this post, we looked at what group health insurance is, why it’s important and what you can do to get it for your business. So protect your employees today when you get group health insurance.

 

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How To Get Group Health Insurance For Your Business

How To Get Group Health Insurance For Your Business

Affordable health insurance is important for the growth of a small business. Keeping your staff protected is how you can keep your business thriving for the long term. There are many risks you face when operating a business which makes having small group health insurance necessary. One of the biggest risks you face is the injury of an employee. With Small Group Health Insurance, you help to protect your staff and their families. If setting up a small group health insurance plan is what you want to do, then this post is for you. In this post, we’ll look at some of the benefits of Small Group Health Insurance and how you can get it for your business.

What Is Small Group Health Insurance?

Group medical insurance is a policy issued by a business to its employees. It’s an insurance coverage plan offered by an employer to their employees. Usually, this type of insurance requires the employer to pay a certain percentage of the premium. The cost for the insurance is split between the employee and the employer.

Benefits Of Small Group Health Insurance

Many benefits come with having small group health insurance. The biggest advantage is that it helps to make healthcare more affordable for staff. Affordable healthcare is a significant benefit for both the organization and its employees. Let’s take a look at some more of the benefits which come with having this type of insurance.

Availability of Affordable Healthcare Services

The first major benefit of having this type of insurance is it helps your employees to take better care of their health. It also helps them to take the necessary precautions to prevent major health conditions from affecting their life.

With affordable health care services employees now have the opportunity to get regular checkups. Regular check-ups allow your employees to keep their health in check which creates a healthier staff.

Improved Financial Security

When an unexpected health issue affects the life of an employee, it can mean having to spend lots of money. However, with group insurance, they have better financial security because of the affordability group insurance. When an employee needs medical attention, this insurance will help with any expenses they incur.

Group insurance eliminates the need for worrying about being burdened with debt because of an unexpected health issue. With this insurance, your employee is better able to cope with illness as they won’t be subjected to debt because of an unexpected health problem.

Conclusion

To safeguard your business, you must invest in the protection of your employees. Many risks come with operating any business, but you can lower that risk by having insurance. Now that we’ve taken a look at some of the benefits of small group health insurance you should now have an idea of what to expect when you get this type of insurance for your business. Take the time to speak with an insurance professional and find the group insurance plan that fits you.