Group Health Insurance

It is been reported that over 60% of the U.S. population that has health insurance receives their health care coverage through an employer-sponsored group health insurance plan. Although the health insurance regulations may vary considerably from state to state, there is sure advantages to obtaining your health insurance coverage through an employer using giant or tiny business health insurance designs. In fact, lots of employees will document that the most important benefit offered to them through their job is health insurance. Companies throughout the U.S. spend billions of dollars annually for health insurance, making up the majority of the revenues that are earned by the health insurance companies.

In recent years, companies have seen a dramatic increase in the cost of providing health care benefits to their employees. This is primarily due to the rising cost of health care & prescription drugs. Because of these ever increasing insurance premiums, lots of companies have been made to reduce the benefits offered to employees under their group health insurance designs. This increases the out-of-pocket expenses that are paid by the employee when they need medical treatment or prescription drugs. Some companies are even requiring their employees to pay a higher share of the monthly premium or requiring them to pay 100% of their dependent premiums. The number of corporations that offer full premium payment for an employee & his dependents are decreasing annually.

• Tiny Group Health Insurance

The size classification that determines a "small business" differs by state, but typically includes businesses with between 2 - 50 employees. Tiny group health insurance is guaranteed issue, so as long as the company meets the qualifications of a tiny business, the business cannot be turned down for coverage because of the health of its employees.

• Mid-Size Group Health Insurance

Mid-size group health insurance is the next level of insurance obtainable to businesses two time they pass the maximum allowable employees for the "small business" classification. Health insurance carriers have their own requirements for determining whether a company falls in to the "mid-size" classification. Unlike tiny group, mid-size is not guaranteed issue, but does offer more health plan options from which eligible employees can select.

• Giant group health insurance

Each insurance carrier has their own classification to select when a company passes in to the "large group" classification. Giant group health insurance typically has even more plan options in its portfolio with increased flexibility, sometimes even allowing the giant company to generate a customized plan with the carrier. Like mid-size, giant group medical insurance is not guaranteed issues but with larger groups the risk to the insurance company is spread out & so it is less likely that a company will be declined.