Are you running a small business with less than 50 employees but want to get best health insurance? Don’t worry! You can do it by taking group health insurance for small business. Learn more about how to get group health insurance for small business and other things you should know below.
About Group Health Insurance for a Small Business
Group health insurance is recommended for small businesses that have less than 50 employees. You can even register your business if it only has an employee. The system of this insurance is combining the coverage for yourself and your employee(s) with other employees from other small businesses.
This health insurance uses a split premium method based on a specific ratio. The employees should pay some expenses, such as deductibles, co-insurance, and co-pays. The insurance policy will pay other expenses. It gives you an answer about can small businesses group together for health insurance.
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The Way to Get Group Health Insurance for Small Businesses
As a small business owner, you have to purchase health insurance through the Small Business Health Options Program. Then, submit specific basic information, such as the name of your business, the address, the Employer Identification Number, the number of employees you want to register, and their ages. The registration process also needs specific documents, including the latest business license, articles of incorporation, and the latest full business tax return.
Group Health Insurance Cost and Rates
How much does group health insurance cost for small business is another crucial thing you should know. The cost of group health insurance for small business for single coverage per covered employee is $651 per month.
The family coverage per covered employee is around $1.817 per month. It will be great if the group has more people. The more employees in the group medical insurance, the lower the group medical insurance rates for small business have to pay. The money from the group will cover the premium and deductible.
Also Read : Best Health Insurance North Carolina
Group Health Insurance Options for Small Businesses
You can choose one of the group medical insurance options for small business below. Ensure that you choose the best one to get more benefits from it.
Health Maintenance Organization (HMO)
The benefit of taking this health insurance is its low out-of-pocket costs. Best of all, you will get an affordable health insurance plan. This insurance only works in the selected hospitals.
Preferred Provider Organization (PPO)
PPO is a recommended option if you need large networks. The larger the networks, the more flexible the services the employees get from the insurance.
Point Service Plan (POS)
Point Service Plan is adapting the HMO and PPO insurance plan. The premium cost is between those two options. The network of this group medical insurance for small business varies and it depends on the location.
