Small Group Health Insurance

Health insurance for your employees is something you should take under great consideration. Many people look for benefits such as health insurance before even applying for a job with a company. You may lose out on valuable workers if you don't offer this benefit. Even if you are a small company, usually defined as having less than 50 employees, there are small group health insurance plans that can suit your needs. There are advantages to purchasing group insurance as compared to purchasing individual insurance. Buying individual health insurance can be extremely expensive.

When you purchase group insurance, this is far more affordable for both the employer and the employees. Some employers pay the entire cost of the insurance, others pay a portion and the rest is deducted from the employee's paycheck. Employees should know that group health insurance is the same for everyone, especially when it comes to a small company. Large corporations may offer choices when it comes to health insurance because they are big enough to afford to do so. With small group health insurance, the insured may need to choose a PCP, or primary care provider. From there, if a specialist is needed a referral must be made by the PCP.

Another thing you should know about small group health insurance is that often the employee has the option to cover their family as well as themselves. This may cost more but in many cases is well worth the expense. Normally sign-ups for health insurance happen once per year, except in the case of new hires. There are special cases where policies can be modified such as if an employee became pregnant or got married. Excluding these extenuating circumstances, an employee would have to wait until the next annual enrollment. If an employee leaves the job or is laid off, they have the option of keeping the insurance although the price will be higher.

Small group health insurance is possible for companies because the risk is divided among a larger group rather than placed on one person. This makes it easier for the insurance company to provide reasonable rates. If you work for a company and the price of employer provided insurance is not astronomical, you should by all means consider it for yourself and even your family. Medical costs are very expensive and aren't getting any cheaper, and the insurance provided by your employer is bound to be more affordable than a private insurance plan.

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