One Medical Insurance

Many employers are keen to introduce group health insurance schemes to lure and retain talented employees – despite the fact the cost of group insurance is steep in many cases. The fact is the benefits to the company by way of high morale of the employees often outweigh the expenses of group insurance.

It is said that many employees will be quite willing to accept a pay-cut if the employer provides a group health plan. The simple explanation for this is all employees are fully aware that paying the medical bills for oneself and family members can be quite taxing and prolonged illness or accident can even lead to financial ruin.

Employers are obviously keen the keep the group health cost to a minimum. Employers already having a group health plan can raise the deductible so that employees may avoid misuse or overuse of the group insurance coverage. But any undue increase of group health deductible or co-payment may demoralize the employees.  

Group Health Insurance is somewhat complicated and to select the best scheme calls for some pre-study. The right thing would be look for a well-informed agent, who understands your particular situation, appreciates your specific needs and aware of your budget constraints.  He will then be in a fit position to suggest the right group health plan. If you are running a small business firm with less than ten employees, you can partner with other larger businesses to extend group health insurance at lower your rates to your employees.

It is important to know that an initial group health quote, with no underwriting makes no sense and are best avoided. While big and well-known insurance companies may be a good option, do not overlook smaller group health companies that have good ratings. Sometimes smaller companies may offer you much better deals.

But the fact is whichever the company you select you will be required as an employer to contribute as least 25 per cent of the premiums for the group health insurance. There is hardly any group health carrier who will accept anything less. Another aspect to bear in mind is, most insurance companies will want at least 60 percent participation of eligible employees or they may not be willing to underwrite the group. Ascertain whether the present employees wish to keep their group health insurance even after they retire. You must obtain all relevant details about such terms as group health deductibles, coinsurance, and maximum limits. Do not fail to avail a number of tax benefits given to business owners who offer health insurance to their employees.

Apart from introducing group health insurance, it is the moral responsibility of employers to create a health-conscious work environment by banning smoking at workplaces and offering incentives to persons with clean habits. Make it a point to provide low-calorie balanced food and drinks during lunch and at company events and do away with the pizza, junk food and beer.

From the employees’ standpoint, group health insurance has shortcomings. Although Group Health Insurance imposes fewer restrictions to members than Personal Health Insurance, all the insured employees are forced to accept whatever limits of coverage are applicable under the group plan. This means that insured employees will not be able to tailor a policy to meet individual needs. Group policies generally do not cover preventive care. Low limits for major illnesses, mental health, and dependency treatment sometimes form part of group health policies.

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