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Affordable Group Health Insurance Options
Companies with 2 to 50 employees are usually classified as small businesses and can offer small business health insurance plans. For companies with thousands of employees, insurance carriers offer customized health plans, many of which provide benefits beyond those normally included in small business health insurance plans. Large corporations also have the option of self-insuring, which means that the company assumes the risk of major medical claims. They place a sizeable bond with the state and draw on this account to pay claims through a health insurance carrier that acts solely as an administrator.
Small Group Health Insurance Overview
Insurance companies offering small group health insurance to businesses in any state have to abide by that state’s regulations, one of which is guaranteed issue coverage. This means that if a business qualifies as a small group, the insurance company must approve its application for coverage, regardless of employee health history. The insurance provider may ask questions about the health of employees, but only to determine the premiums it will charge.
To qualify for small group coverage, it may be necessary to prove you are a legitimate business that has been in operation for a period of time. Required proof may include a business license, a taxpayer identification number, business tax returns, payroll records, or other documents. This is to keep people from representing themselves as a small business for the sole purpose of obtaining guaranteed issue health coverage.
To obtain a small business health policy, it is not necessary to have employees. If you have a partnership, you may qualify by providing a copy of the partnership agreement in addition to other required documentation.
Small Group Dental & Vision Insurance
Two types of Group dental plans are standard: HMO dental plans and PPO dental plans. With an HMO plan, you select one dentist or dental group to take care of all your dental care needs. With a PPO plan, you choose from a sizeable list of dentists in your area. An alternative to HMO and PPO plans is the discount dental plan. This is not dental insurance, but it allows you to go to a number of dentists at a significant discount from their standard fees. Individual or family dental plans offer premiums that are generally affordable, with rates determined by the type of plan you select.
Vision insurance differs from regular health insurance coverage because it is essentially wellness benefit that helps defray costs of eye exams, eyewear, and other vision services. However, often vision coverage is included as a value-added benefit linked to your major medical health insurance plan ( including indemnity health insurance plans, HMOs, PPOs etc.) that have contracted with managed vision care networks to provide eye care services.
Group Life Insurance
Probity Insurance Services is committed to the support of your business. We offer a wide range of high-quality affordable group life insurance solutions to meet your employees' needs and your company's budget.
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