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HEALTH INSURANCE

Small Group Health Insurance

Almost every large corporation in America offers its employees some form of health insurance and coverage. This is typically because the company is so large and has so many employees, that the insurance companies offer them a great rate on premiums, allowing them to pass the savings on to their employees. For the small business owner, however, finding affordable health insurance can be a daunting task. In most scenarios, small group health insurance covers business with an average of ten to twenty-five employees total. This kind of coverage is always governed by state law, so it's very important for all business owners to look into the rules and regulations of their particular state before asking for quotes or getting more information. Often, state agencies look at every member of the group who will be accepting the health insurance, and they factor in several things such as age, family size, tobacco use, and even the employees' overall health. The insurance company will go through a process known as underwriting, which is essentially the practice of determining eligibility and final rate quotes. It is important to note, however, that certain states do not allow the employees' health status to be factored into the equation. If you are a business owner, you should look to see if this rule applies to your state or not. You may want to speak with an independent insurance broker, who can go over all of the information with you and assist you in finding the best rates possible for your company and your employees.

While individual health insurance is extremely expensive, people can save money with a small group health insurance policy. Although the premiums will still be higher than that of a large group policy, they are still less than an individual one. This is because the small group is still offered “bulk” rates, and so the savings get passed down to each member. In 2006, the average premium for single coverage of members involved in small group health insurance was about $311. For full sized families, the average premium was about $814. This data was taken from a survey of about 656,000 small groups combined. Small business owners should know that their participation in a small group policy is 100% tax deductible. This fact alone is often enough to appeal to many small business owners, and encourage them to enroll in some kind of plan. Since these policies vary from state to state, the enrollment in such policy is really only beneficial to businesses of this size that only operate in one state. If a small business has employees located throughout the country, the premiums will vary greatly, as well as the rules. In addition, the business may not be eligible because it is spread out so much geographically. As a business owner, it is prudent to look into getting small group health insurance for your company. Not only will you be happy with the benefits, but your employees will greatly appreciate it as well.

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