Group Insurance For Small Business
Group health insurance for small businesses is regulated by laws that are tailored to each states requirements. In order to meet state regulations and provide good employee relations, it is imperative to provide the right group health insurance for small business interests. This kind of coverage is available for businesses that employ between 2 and 50 workers, and can be purchased through a variety of sources that have designed specific coverage for smaller businesses. Many companies that offer group coverage for employees already comply with the state requirements. Some companies, however, do not and it is always wise to be thorough when purchasing coverage for any source.
Although this can constitute one of the largest expenditures relating to employee benefits, it is not only necessitated by law, but it is also necessitated by good management. One of the main benefits that large corporations and companies offer to its employees is health insurance and this type of insurance cannot be duplicated by anything other than good group health insurance for small businesses. Many smaller companies have difficulty competing with larger companies for quality employees simply because they do not offer good group health insurance for small company workers. If companies wish to compete on the employee market for expert workman in whatever area a company specializes in, that company will need to purchase excellent group health coverage for employees of smaller companies.
The COBRA (Consolidated Omnibus Budget Reconciliation Act) law was passed in 1986 to provide mandatory coverage for part-time workers as well as the traditional full-time workers. This law has revolutionized employee benefits including group health insurance for small businesses and has made it important for smaller companies to secure not only adequate, but competitive coverage for its employees. There is also protection for small businesses that wish to purchase coverage for their smaller company, but are concerned about being turned down by insurers. The HIPAA has provided that smaller companies cannot be turned down from purchasing group health insurance for small business employees.
Although the onus is on the company in regards to coverage, company concerns and state regulations have mandatory laws governing smaller company coverage requirements, provision is also made to insure that people can purchase it as well. There are many complicated issues surrounding group health insurance for small businesses and many businesses, therefore, will secure the services of a broker. A broker can represent one's interests as well as put together a package for group health insurance for small business concerns. There are also many online sources that offer free quotes, information and access to agents who can provide further assistance. As company owners it is important to support employees as God supports them: "But whoso hearkeneth unto me shall dwell safely, and shall be quiet from fear of evil" (Proverbs 1:33).
Group health insurance plans guarantee coverage for all full time employees regardless of their physical condition. Some limits may be mandated to new employees that predate enrollment deadlines. Most states require a minimum amount of employees be enrolled in order to qualify for a group health insurance plan, but at present, there is no federal law requiring a company to provide this type of policy for their employees. Many policies include base coverage and major medical coverage. Base coverage covers hospitalization, surgery, office visits, and laboratory tests. Major medical will cover all other health expenses after a deductible is met.
A comprehensive policy usually encourages employees to be more cost-effective about their health care decisions. Group health insurance plans may include comprehensive coverage. This type of coverage requires that the deductible be met before any reimbursement begins. A group health insurance plan will also include outpatient care expenses. This type of coverage usually includes emergency treatment, lab, and x-ray services. Coverage will usually include hospital charges for a semi-private room including necessary supplies and services.
These policies usually include prescription drug coverage. Most prescription drug coverage requires the insured to pay a co-payment based upon brand name or generic drugs. Group health insurance plans may require an annual deductible before reimbursement for drugs begin. Insurance companies encourage generic drugs be purchased whenever possible to keep costs down. Each group health insurance plan usually includes a drug formulary that lists the covered drugs. Many plans do not cover contraceptive drugs, or drugs related to smoke cessation.
Some policies include dental coverage while others have separate policies for dental. Most plans cover preventive and diagnostic care such as simple restorations and extractions. Vision coverage through a group health insurance plan usually includes medical care related to eye injuries or disease. Some vision may include one eye exam per year. If lenses or frames are included in the coverage, there are usually limitations based upon providing lenses once per year and frames less often. As a business owners, it is nice to be able to provide all the perks that employees desire, but unless we pray for them, we are not providing the best protection. In Luke 18:1, Jesus says, "Men ought always to pray." A business started with the foundation of God's wisdom will benefit everyone involved. Let this be your motto as you consider group health insurance plans for your employees.
Group Dental InsuranceGroup health insurance can make a work situation more appealing to potential and existing employees, sending the message that the company cares about the over-all well being of those who work under their care. The more benefits the business offers, the more likely they are to attract new employees and also keep the loyal and existing ones. Group dental insurance plans are tax deductible, which is also great for the employer. Every small business owner should at least see if their business qualifies for health coverage or group because both can help their business grow.
Because medical and dental care is so expensive, Americans seek out jobs that offer good benefits for both. Group dental insurance and group health insurance varies from state to state, but most states require that the employer pay 50% of the premiums. Qualifications can vary but most agencies require at least two full time employees to qualify. The company must also meet their state's minimum contribution requirements.
There are different types of insurance policies. The two main types are Managed Care Plans and Indemnity. Managed Care plans are in the form of HMO, PPO and POS. An Indemnity Plan doesn't require a primary care physician and gives the freedom to select a doctor. However, these plans typically feature high deductibles and will require much more paperwork than managed care plans. The freedom with this group health insurance comes at price. Indemnity tends to cost more and requires more paperwork.
If not familiar with medical policies, talking with an insurance agent or a representative can get questions answered. They can answer all questions and also provide quotes. When receiving quotes for group dental insurance or other policies, employers will have to provide detailed information about the company and its employees. Insurance companies specializing in groups coverage may require slightly less information than those offering other products.
To find quotes for group coverage, employers may look online. This tends to be the fastest way to find quotes. Employers can also call some insurers that have been recommended by other business owners. Don't be put off by the cost group health insurance. It is important as a Christian business owner to treat employees well and give them all the benefits that they deserve. "Serve the Lord with gladness: come before his presence with singing" (Psalm 100:2). Serving employees with a generous heart is living an example of God's grace.
Small business dental insurance is available for company owners who want to extend good health benefits to their valued employees. Small businesses dental insurance can be found online with the Internet where there are many different health coverage options and dental policy options to be considered. This type of coverage can bring employees a wonderful health benefit, giving them the opportunity to cut costs in oral heath care and to affordably manage oral care. Tooth and mouth procedures can be costly, so any company that offers their valued employees this important coverage is offering their employees an attractive employment incentive as well.
It should be noted that small business dental insurance coverage may be purchased as an HMO or as a PPO. Indemnity policy is also an option for these businesses looking into oral health plans. There are also group discount packages available for employers or managers to purchase for their employees. Discount group packages are the most widely used kind of policy because of this plan's easy process. Small business dental insurance that is bought as a group discount works as a membership plan. Employers offer their employees group discount prices for this much needed coverage. Participating dentists discount every service to members within the plan.
The Internet has sources that explain the different types of plans and packages available. There are agencies that specialize in small businesses dental insurance and there are standard health assurance companies that have oral health plans that are included with their major medical policy options. Logging on the Internet can reveal the many different options available to owners and managers of small businesses.
Before deciding on a specific policy and agency to work with, an insured should speak with several different agents who are experienced with small business dental policies and the benefits. Also, speaking with accountants and other financial experts before making a decision on purchasing any coverage is a wise move. Small businesses dental insurance can operate like any health policy because it covers some or most of the procedures for employees. Whenever a businessman can offer this kind of assistance to employees' families, they are contributing to their overall health. The Bible teaches that we are to seek the counsel of professionals and the experienced before making major decisions. "Where no counsel is, the people fall: but in the multitude of counsellors, there is safety." (Proverbs 11:14)