Tuesday, January 11, 2011

Health Insurance Coverage for Employer Group

For those of you who are not aware what is a group health insurance, it is basically a policy that is purchased by a business or company owner and it is being offered to its eligible workers and most of the time to the workers' family members as a benefit of working for that company. More than 60% of people in the US with medical coverage receive their healthcare plans through an employer sponsored group health insurance plan. This is issued differently for different types of employers, like large groups are different from small groups, and the way that premium rates are determined is also different. This is controlled by the government, and it can vary significantly from state to state. Based on statistics this benefit is reported by employees as the most important benefit that they receive from their employer and is usually the least expensive kind of insurance to obtain.

Individual group coverage can also be purchased if the employer does not offer any coverage or if the coverage they are offering is very limited. You can find a good one for sure, just shop around very carefully because the coverage and the costs can vary widely. Companies that offer comprehensive medical coverage group plans to their employees usually have a lower staff turn-over rate. In addition, these benefits are used to attract qualified employees. These two factors, employee retention and attraction, are the two primary reasons companies offer group health insurance. In most states, small employer health insurance companies are allowed to look back at individual group applicants medical histories for pre-existing conditions and may decide not to cover certain conditions for a specified period of time. This is known as an exclusionary, or a pre-existing condition waiting period.

This article has been viewed 27 time(s).
Article Submitted On: October 17, 2010

View the original article here