Health Insurance - A perfect security for your job and health

Group health insurance policy is an insurance cover applied for by the employer, with Insurance Company. The employer would usually have to pay only a part of the premium (unlike earlier when 100% employee benefits were prevalent) of the group medical insurance policy. This article includes:

• How business can benefit from group health insurance?
• What are the factors to be considered before taking group health insurance?
• Who can take group health insurance policy?

In essence a group health insurance policy is an insurance cover applied for by the employer, with Insurance Company. The employer would usually have to pay only a part of the premium (unlike earlier when 100% employee benefits were prevalent) of the group medical insurance policy. To counter this expense to the employee, Congress passed Section 125 so that the employee pays the expenses, on a pre-tax basis, for specified benefits. The employee's net expenses for the group health insurance cover, and for various other benefits, have been greatly reduced as a result.

Small and Large Business Group Health Insurance Quotes, and, as an Employer, What are the Benefits of Providing Group Medical Insurance Policies:

• It is a well known fact that an employee values a group health insurance cover and its benefits. It is viewed by the employee as the second best thing next to monetary compensation, and gives the employer the added advantage of being able to employ and retain the best in the business.
• As an employer, you may not have purchased medical insurance cover for your self. Do you know that by buying medical insurance cover via a company, you would be probably getting better rates than if you were to purchase an individual medical insurance policy?
• Additionally, a group health insurance policy also offers your employees and yourself a special bonanza in the form of tax incentives. For instance, as an employer you could reduce payroll taxes, by offering your employees group health insurance as part of a whole compensation package, thereby deducting 100% of the premiums that you would have had to pay on a qualifying group health insurance plan. Better still, your employees, using pre-tax dollars, would be able to pay their part of the monthly premium.

Basic Health Insurance Quote

The Basic Health Insurance Plan was specially designed to function as an inexpensive (limited benefit) alternative to the major group health insurance covers which are very expensive. This can be comprised of an "any size group" and its outstanding features include:

• Hospitalisation and surgery benefits
• Medical Emergency Room benefits
• An option of either a single cover or a family coverage
• Visits/Consultations at a doctor's office of your choice
• Affordability
• Accessibility-to qualify for this Plan, there is no necessity to undergo physical exams, and neither are medical questions asked as a pre-qualifier. For those members who are eligible; this medical insurance cover is "guaranteed issue."

Types of Group Health Insurance Plans

Group Health Insurance Plans are broadly split into indemnity plans (traditional indemnity plan, an FFS or Fee for Service Plan, and more prevalent in the east coast) and managed care plans (very popular in western USA), both different from each other in approach.The outstanding differences between the indemnity and managed care plans are in sectors concerning:

• Out -of-pocket expenses for covered medical services,
• Choice of medical providers and hospitals, and
• How medical bills are paid.

In an indemnity plan, you will have a wider choice of hospitals and medical/healthcare providers (this includes specialists like a cardiologist).In a managed care plan, you will incur less paperwork and out-of-pocket expenses.

Fee for Service Plan

In these plans, the insured patient is examined by a doctor chosen by him, and the medical professional receives a fee for each service given to the insured patient. The fee- for -service health insurance claim is filed either by the patient or the medical provider.

Continue to: Managed Care Health Insurance Plan

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