Small Group Health Insurance

Small group health insurance is more affordable compared to buying individual health insurance cover. Usually, the age and current health status of your workforce are the two main factors considered by the insurer when determining the premium to be paid.

Being able to attract the top players in the industry is always the number one goal for most employers. Some try to nab top talent by offering crazy-high salaries followed by attractive employee benefits. One of the most common and effective employee benefits is health insurance. To employers, health insurance can be a costly benefit especially if you are insuring employees individually. However, there is a cheaper way out; you can buy an insurance cover for all your employees instead of paying premiums for an individual health cover. Let’s explore more about small group health insurance.
What’s Small Group Health Insurance?
Group health insurance involves buying a single policy to cover a group (usually a business). The policy covers all the eligible employees contrary to individual medical coverage which covers only an individual or a family. Just like with normal policies, the insurer determines the premium price after evaluating risk factors.
Requirements for a Small Business to be Eligible for Group Coverage
A business does not automatically qualify for a medical cover simply because it’s small. So, how small must a business be in order to qualify for a group cover? Well, a small employer is defined as any business with at least 2 employees and at most 50 employees. Owners of the business are also counted as employees when purchasing the small group health insurance cover. So, literally, a business with only one employee and the employer also falls under this category. That being said, it means that you, as a business owner, will also be covered by the small group policy. By law, if an employer offers medical cover to any one fulltime employee, the same must be available to all other employees. There is no way you can single out an employee for medical cover. The same applies to part-time employees.
Last Word
Small group health insurance is more affordable compared to buying individual health insurance cover. Usually, the age and current health status of your workforce are the two main factors considered by the insurer when determining the premium to be paid.


By: keo bar

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Submitted On Jul 27, 2015. Viewed 239 times.

Small Group

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