Group medical insurance is one of the best ways for an individual to obtain health insurance in today’s market. Being part of a group plan often lowers costs for both companies and individuals; with many people contributing to the cost of health care instead of only one individual, expenses become lower for everyone.
Qualifying as a Small Group Medical Insurance Brings Great Benefits
A business that qualifies as a small group under state laws can benefit greatly when it comes to group medical insurance rates. Most states have regulations regarding small businesses and the health care coverage they must provide for employees. Group medical insurance saves a company money as well as provides good insurance coverage for its employees. Moreover, the health insurance provider that a small business chooses for coverage then guarantees health coverage for employees.
What this means is that if the company meets small group requirements then the insurance company must approve coverage for every employee regardless of an employee’s health status or pre-existing conditions. The medical insurance companies may not turn down either the business or an individual for health reasons. This is called guaranteed issue coverage. Guaranteed coverage for employees can attract highly qualified staff to many businesses — a huge asset for many companies.
Prospective employees will often look for jobs with companies that can provide them with health insurance and with affordable group medical insurance rates, particularly if they have a pre-existing condition that may prevent them from obtaining individual health care coverage. Moreover, staffs that are already employed with a company that has group medical insurance are more likely to stay with that company in the long term than with a company without available insurance coverage. This lowers turn over for companies, and therefore saves the expense of seeking out and hiring new employees.
Group Medical Insurance Is Affordable
Many companies, particularly small companies, worry about the cost of group medical insurance rates. Fortunately, shopping for group health insurance rates does not have to be a difficult process; many insurance companies are willing to provide reasonable rates, and there are good online services available like ours that make shopping for quotes quick and easy. Moreover, depending on the amount of employees a company has working for them, a health insurance carrier may customize a plan just for them, lowering costs for the employer.
State regulations may also allow insurance carriers to negotiate prices with businesses, also lowering the costs for employers.Group medical insurance is well within the reach of small businesses. We know that looking for group medical insurance rates can be daunting, no matter what kind of insurance you are looking for.
From providing quotes from different insurance companies to helping you sort through the options to providing information on everything you might have questions about. We have access to nation-wide companies and quotes, giving you many options, and allowing competition will help lower rates. For more information on group medical insurance, request a quote from us today.