Group Health Insurance
Nearly 60 percent of Americans receive their health care through group health insurance, which is health care set up by an employer. Surprisingly, considering all its advantages, group health insurance is actually on the decrease, over 64 percent of American had it in 2000. Here are some good reasons to persist with group insurance.
They are easy to enrol into
While having cheap insurance is a blessing, having an easy time enrolling is equally as beneficial. Once you are part of a group health insurance plan, you cannot be disqualified from coverage due to previous health problems, because every member of the group is guaranteed to be insured. Also, the insurance company cannot suddenly increase the premium because one group member has had poor health previously. There are also 12 states that allow someone who is self employed to be granted health insurance as a ‘group of one’, which also guarantees their acceptance.
With a group plan, there is less risk for the insurance company because it is spread out over the whole group. For smaller groups however, a bad illness to one of them could result in greatly increased premiums for the whole group. In group insurance terms, size does matter.
Better options
The larger a group is, the more it can use its strength of numbers to procure more options for their members. As well as the standard HMO and PPO plans, these members may be able to receive additional benefits such as disability, both long and short term, dental insurance, and life insurance.
Should I enrol?
Health plans that have higher premiums usually have lower than average enrolment, therefore, not all employees take advantage of the available group health insurance plans. Before you make this decision however, you need to think about your family’s wellbeing, it is essential to have health insurance coverage in some form. With over 60 percent of American bankruptcies caused by medical bill payments and 147,000 American citizens dying every year due to insufficient treatment, (either getting it too late, or not getting it at all) it would be wise to think twice before rejecting the opportunity to secure health insurance for you and your family.
Lost your job? What happens next?
For those who are laid off, COBRA (Congressional Omnibus Budget Reconciliation Act of 1985) is an option used by many Americans in this situation. COBRA entitles individuals to continue to buy the group health insurance that was part of their previous job, anywhere from 18 to 36 months after they left the company.
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Business Health Insurance
The number of employers offering business health insurance is continuously decreasing, but perhaps it wouldn’t be if companies realized how important it is to their continued success. Attracting and retaining quality employees is a challenge that all businesses must overcome. Offering a comprehensive benefits package is an excellent way to increase the total compensation offered without necessarily raising the actual pay. In addition, employees are much less likely in this economy to leave a position with business health insurance. Turnover can be detrimental to the long term health of a company, so it is imperative to take whatever steps possible to minimize or eliminate it.
Although some companies believe offering a health stipend to employees is sufficient, the truth is that many employees need a group health insurance plan due to preexisting conditions and past medical history. Group health policies often do not require individual underwriting, so these problems are not an issue. Most employees can only afford acceptable coverage if it is offered by their employers. For individuals in these circumstances, a company that fails to offer a full benefits package will normally not be an adequate place of employment.
There are countless options available within most programs and many of them will allow the employee to make their own determinations and choices. Most insurance companies will work with businesses to custom tailor their own program, so it doesn’t always require an extensive process or incredible amount of work. Some employers choose to pay a significant portion of the healthcare premiums, but this is entirely optional as there are programs that will place the majority of the cost on the employees.
Although the benefits always outweigh the costs, the great news is that there is an efficient and effective way to shop around for the best option. Comparing multiple quotes online can save a great deal of both time and money. Most businesses report that retaining coverage for their employees is much less expensive than initially thought, so there really is no reason for a company not to investigate business health insurance.
