Facts To Help You Buy Group Health Insurance
Before a business owner begins to buy group health insurance, there are several things to consider. Each state has its own legal requirements for group health insurance, and the rules can vary depending on the size of the company and the type of coverage requested. Group health insurance plans come in several different shapes and sizes, and a business owner should do quite a bit of research to find the best fit for their specific company.
If you have fewer than 50 employees you qualify for small business health insurance. There is a federal law that requires insurance companies to accept all employees of small businesses, regardless of age, weight, or medical history. The insurance company is allowed to refuse coverage of pre-existing conditions for a specific period of time when an employee first joins the group coverage, but the maximum amount of non-coverage is 12 months. State laws may reduce that exclusionary time. If the small business pays its premiums faithfully, the health insurance company is also required to renew the health insurance coverage annually.
When you buy group health insurance for a small business, the premiums that you pay will depend on the state you live in. Some states use a system called medical underwriting, which means that your insurance company will determine your premiums based on the medical history and demographics of your employees. Other states require group health insurance rates to be based on the standard rate in that geographic region, regardless of the age or medical history of individual employees.
Large companies buy group health insurance in a similar manner, but insurance companies have the legal option to reject a larger company based on their overall medical history. The large group coverage rates are determined through the medical underwriting system regardless of geographic location.
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