By
Marilyn Katz
Submitted On February 19, 2008
If you're a small business looking for group health insurance,
here are some things you need to know before you start searching and
comparing policies.
How many employees do you need to have before qualifying for group health insurance? The answer depends on your geographic location. In some states you only need one person and in others two people.
How long do you have to be in business to apply for a policy? You usually need to have been in business for about a year.
What information will you have to provide when you apply for the policy? You will have to give the insurer a list of your employees with medical information. As we discussed in the previous post, if you have some high risk employees (conditions such as diabetes, asthma, or any other manageable chronic disease) you're rates will go up. Since in the case of group policies the insurance company generally can't turn you down, they will compensate themselves for taking on a higher risk. After you have received your policy, you may have to provide standard company information.
What do I need to look for in the policy? Insurance experts recommend you look closely at the following:
Limits and & reimbursement levels: Check payment limits and reimbursement levels. You need to understand how much of the bill your employees will be responsible for.
Type of Plan (HMO, PPO etc): Your employees will want the plan with the most flexibility but it is common knowledge that the plan with the most flexibility is the most expensive plan. Industry experts advise small businesses to offer more than one type of plan so that employees can choose their level of flexibility.
Coverage: Most health care plans cover the basics - hospital stays, emergency room visits, outpatient services such as exams, lab work, and office visits. Look closely at each policy and find out exactly what is covered and what is not covered. Look at coverage for prescription drugs since this is something that applies to practically everyone. Understanding the coverage is really the only way you will be able to compare policies.
Grievances: If the plan denies reimbursement to one of your employees how will the insurance company deal with your employees complaint. You can go to yourstate's Department of Insurance Records to read up on complaints against the prospective insurance company.
Most small business owners agree it can be lengthy and tedious process seeking out small group health insurance. Securing the insurance though is worth the investment of your time because it will make your firm much more attractive to prospective employees. When it comes right down to it employees are one of your most important assets.
How many employees do you need to have before qualifying for group health insurance? The answer depends on your geographic location. In some states you only need one person and in others two people.
How long do you have to be in business to apply for a policy? You usually need to have been in business for about a year.
What information will you have to provide when you apply for the policy? You will have to give the insurer a list of your employees with medical information. As we discussed in the previous post, if you have some high risk employees (conditions such as diabetes, asthma, or any other manageable chronic disease) you're rates will go up. Since in the case of group policies the insurance company generally can't turn you down, they will compensate themselves for taking on a higher risk. After you have received your policy, you may have to provide standard company information.
What do I need to look for in the policy? Insurance experts recommend you look closely at the following:
Limits and & reimbursement levels: Check payment limits and reimbursement levels. You need to understand how much of the bill your employees will be responsible for.
Type of Plan (HMO, PPO etc): Your employees will want the plan with the most flexibility but it is common knowledge that the plan with the most flexibility is the most expensive plan. Industry experts advise small businesses to offer more than one type of plan so that employees can choose their level of flexibility.
Coverage: Most health care plans cover the basics - hospital stays, emergency room visits, outpatient services such as exams, lab work, and office visits. Look closely at each policy and find out exactly what is covered and what is not covered. Look at coverage for prescription drugs since this is something that applies to practically everyone. Understanding the coverage is really the only way you will be able to compare policies.
Grievances: If the plan denies reimbursement to one of your employees how will the insurance company deal with your employees complaint. You can go to yourstate's Department of Insurance Records to read up on complaints against the prospective insurance company.
Most small business owners agree it can be lengthy and tedious process seeking out small group health insurance. Securing the insurance though is worth the investment of your time because it will make your firm much more attractive to prospective employees. When it comes right down to it employees are one of your most important assets.
Compare health insurance options with out fast and free Health
Insurance Quote Form
[http://www.247quoteus.com/compare-health-insurance-rates-online.html].
Also find more information on Small Business Health Insurance Choices
[http://minibiz.us/health-insurance/small-business-health-insurance-is-group-health-the-way-to-go/].
Article Source:
https://EzineArticles.com/expert/Marilyn_Katz/55183
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