Small Business Health Insurance

Small business health insurance can be a good option for the small businesses to recruit and keep the quality people. For small businesses having a group health insurance may be expensive. But there are insuring companies that offer group health insurance at cheap rate.
Group health insurance for small businesses is always very helpful to the employees because having a medical insurance is expensive otherwise. But small business health insurance can be inexpensive and may be available at lower rates. In order to enroll for the small business health insurance plan the business should be a small one.

A business is considered a small business when there is a minimum of two permanent employees and a maximum of fifty permanent employees. After getting insured, the small business owners can use the benefits available with health insurance.

Most of the times the payments made to hospitals, medical fees, professional fees given during hospitalization, etc are covered from the small business health insurance. Also known as the small business medical insurance, the small business health insurance is much cheaper than the individual health insurance.
In order to get the small business health insurance quote, the company needs to provide with some information about the employees such as – the groups average age, group health etc. The more accurate estimate of group’s information is given, the more accurate quote is obtained.

Some of the common group insurance policies given by most of the insurance companies are:
Fee for Service (FFS)
Preferred Provider Organization (PPO)
Health Maintenance Organization (HMO)
Point of Service (POS)
It�s necessary for the small businesses to decide as what kind of small business health insurance to be purchased. The fee for service insurance plan (FFS) is the costliest medical insurance plan for the small businesses. In this insurance, the employees can chooses any hospital or doctor and usually they receive a reimbursement of around 80%. The preferred provider organizations (PPOs) offer comprehensive health services. But under this policy the employees have restriction in choosing the doctor and hospital. They can choose only those doctors and hospitals that are part of the PPO�s network. The HMOs or health maintenance organizations are similar to PPOs. The HMOs provide the cheapest health insurance plan for the small businesses.

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Last Updated on : 29th July 2013

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