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Group Health Insurance Plan

Numerous studies have shown that employee benefits packages are crucial for attracting and retaining top talent. Health insurance is rated as one of the most important benefits a company can offer it employees. In addition, the dollar value of the health insurance benefit is not taxable income for the employee.

The smaller the group of employees, the more expensive the rates can be; as a company grows, the cost per employee decreases for health insurance. Companies with fewer than 49 employees can purchase a small business group health insurance plan.

Premium rates for a group health insurance plan depend not only on the number of employees, coverage options and plan characteristics (such as co-pays and deductibles), but also on the age and gender of employees. The carrier will also figure risk components into the rate.

There are several types of group health insurance plans. The best known of these are managed-care systems including HMOs (Health Maintenance Organizations) and PPOs (Preferred Provider Organizations).

The main benefit of an HMO is its ability to control costs. Employees under an HMO plan must choose a primary care physician with the HMO network and will pay more for health care services from an out-of-network provider. In an HMO plan, employees cannot go to a specialist without the primary care physician's referral.

In a PPO, the physicians and hospitals agree to charge reduced costs to the PPO plan members. Under a PPO plan, employees experience fewer restrictions than with an HMO. PPOs are very popular with employees.

An indemnity plan allows employees to use any physician or hospital of their choice; they can also go to a specialist without a referral.

With a self-insured, or self-funded, group health insurance plan, the employer retains a large portion of the risk of loss from medical expenses rather than transferring the risk to an insurance carrier.

Shopping for a group health insurance plan can be complex and time-consuming. Our site is designed to guide you through this process efficiently and provide all the facts you need to make a decision about the best plan for your company.

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