The normal limitations of small group health insurance companies vary from state to state. However, most place restrictions on the number of employees that can be insured within the organization at one time.
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Other limitations may include cosmetic surgery, exploratory surgery, weight management programs, and procedures that have not been pre-approved by your physician or considered medically necessary. If you need to find health insurance for a pre-existing condition, you may be subjected to a waiting period before your full benefits are available for use. Dental coverage is not included and must be purchased separately.
Because small companies can consist of anywhere between two and 50 employees, they are not offered the discounts that large companies are given; this is simply due to the size of the business. The policies are also filled with more restrictions. The health insurance companies offer larger companies with hundreds of employees deep discounts and their policies have fewer restrictions and limitations attached.
As an employer, you need to know how health insurance limits affect your business. Each state has different laws that apply so you should confirm your state’s information by checking statehealthfacts.org. Using this resource, you will be able to easily locate your state and review all of the restrictions that relate directly to your situation.
Does small group health insurance cover my spouse or child?
Yes, small group health insurance will make provisions for your child or spouse. In fact, all life-changing occurrences such as marriage, divorce, and birth of a child are considered standard additions. Your health insurance coverage will make sure your child receives proper immunizations, regular visits to the pediatrician and preventive care. You spouse will receive approved medical treatment as well.
To add your child or spouse to your current insurance policy, you will need to complete an application during the open enrollment period. If you are not sure of your company’s open enrollment period, you should reach out to your health insurance provider for assistance.
You will need documented, written proof like a birth certificate for your child, marriage license, and social security information. You will also need to answer several medical questions for each person you add to your policy. Your health insurance carriermay also need to contact your child or spouse’s primary care physician for additional medical information before you receive notification of approval.
Will I have different plans to choose from?
Small businesses generally have limited options when it comes to health insurance plan selections. Large companies usually have multiple choices like PPO health insurance and HMO health insurance plans that include additional benefits like wellness care and flexible spending accounts. Smaller companies are not given the same consideration.
Insurance companies rely on big numbers and achieve their goals by setting their sights on businesses with lots of employees. Health insurance companies seek out large companies because it is ultimately a better deal; smaller businesses must work harder and unfortunately, most will pay more.
Rather than focusing on the limited plan selections, try to choose a policy that will provide coverage for a broad range of issues so the majority of your employees will have sufficient protection if they require medical assistance. Your employees may not be as concerned with a PPO or HMO as long as they are assured of a certain level of insurance.
Do small group health insurance policies increase every year?
The odds of your small group insurance plan increasing are high. You should consider this when you are looking for a health insurance agent. You may also choose to work with a health insurance broker who can provide you with assistance in your search.
Insurance brokers have a tremendous amount of experience in this area and have the ability to guide your decisions by supplying you with the types of insurance companies that will give you a deal you may not be able to receive alone.
Insurance brokers can negotiate contracts directly with the insurance companies to lock in a premium rate. During this procedure, your insurance broker can also confirm the renewal process to ensure that your policy and coverage does not lapse.
These days, more owners are looking at small business health insurance for their employees. With so many limits that can be applied, it is important that you understand your responsibility and how your employees rely on you. Healthy employees are:
- More productive
- Call out sick less
- Will ultimately allow you to grow your business
Once you understand the limitations of a small group policy, you can make an informed decision. Compare FREE health insurance rates by adding your ZIP code into the free box now!