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Group Health Insurance for Small Businesses

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Why should my company offer Group Health Insurance?

Every company wants to attract high quality, loyal employees. Offering health insurance as an employee benefit is a great way to bring in and retain people who will contribute to your company’s growth and success. Aside from increasing job satisfaction among your employees you can also save on personal health care costs and increase tax deductions.

My company is very small - are we still eligible?

Companies with as few as 2 and as many as 50 employees are eligible for small business health insurance.

Who pays for group health insurance?

Most companies that offer group insurance will contribute to the cost of coverage. Many will pay for the actual employees policy but allow them to add family members at an extra cost to the employee. Other employers will pay a percentage of the premium.
Your situation will determine the amount you choose to contribute. You should think about how the contribution will affect your budget. It is also important to think about your employees. Will your health plan be desirable to current and future employees?

Types of policies

The two major types of group health plans are fee for service or managed care. Where you are located, the physicians and hospitals available through the plan, what insurance companies offer for options, and your budget will be the major factors in determining which type is right for you.

Managed care

In a managed care plan, doctors, hospitals, and health care providers have agreed to work with one another to provide services to members at a lower cost. Managed care plans include:

HMO – Health Maintenance Organizations
PPO – Preferred Provider Organizations
POS – Point of Service Plans

Fee for Service

Otherwise known as indemnity plans, fee-for-service plans let your employees choose healthcare providers on their own. This gives them many options including primary caregivers, specialists, surgeons, and hospitals. Although they are usually a bit more expensive, such flexible coverage means immediate treatment for emergencies and unexpected illnesses.
The downside of fee-for-service plans is that they normally do not cover preventative care such as check-ups, office visits, and shots. This is sometimes not practical for families with children who require a lot of routine visits.

Fee-for-service health insurance offers choice and security but it is reflected in the cost of the plan.

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