Business Group Health Insurance: Collective Coverage

2007-03-08 10:33:40

( Health )



INSURANCE FOR SMALL COMPANIES

Good group health insurance is one of the best ways to attract good employees and keep them. In fact studies have shown that most workers are willing to compromise with salary in exchange for a comprehensive group health insurance plan.

You do not have to be a big corporation to qualify for group health insurance. Small business can also take advantage of the many benefits of a group health insurance, subject to some fairly reasonable requirements as mandated by law.

As part of your company’s employee compensation plan, your group health insurance coverage must be adequate for your employees as it should be affordable in light of your small business.

Under regulations governing the insurance industry, your company qualifies for small business group health insurance if you are employing two full time, regular workers. The stipulation for small business group health insurance is that your company must insure all of your eligible employees.

COSTLY BY YOURSELF

Health insurance can be very costly if you have to take it by yourself, under a private health plan. You would have to pay a hefty amount in terms of regular premiums to be able to get the same level of coverage from a private plan as you would from group health insurance. That is why employees appreciate a good health insurance plan when they see one.

Depending on the capacity of your business, you may make an arrangement with your workers where they will shoulder a small portion of the small business group health insurance premiums while the company will pay for most of it. This is usually a good trade-off that employees are more than willing to do.

Your small business has a level of intimacy that a big corporation does not have. When shopping around for a small business group health insurance, include them in the decision making process.


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