Group Health Insurance – Over 60% of the U.S. population has health insurance and receives coverage through an employer sponsored group health insurance plan. There are definite advantages to obtaining health insurance coverage through an employer. Many employees report 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 earned by 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 due to the rising cost of health care and prescription drugs. Because of increasing insurance premiums, many companies have been forced to reduce the benefits offered to employees. This increases out-of-pocket expenses paid by the employee when they require medical treatment or prescription drugs. Some companies require employees to pay a share of the monthly premium. The number of corporations that offer full premium payment for employees and their dependents are decreasing annually.
Many Americans work for companies solely because of health insurance benefits. In many cases, employees are willing to work for less to maintain their benefits. They may find employment with another company that offers similar health insurance benefits, but waiting periods for pre-existing conditions may create risk they are not willing to take. Companies that offer comprehensive health insurance typically have low turnover because of dependency on health care coverage. Two primary reasons that employers offer health insurance are to attract qualified employees and reduce turnover rates.
Group health insurance is available to any company that has 2 or more employees. Companies applying for group health insurance will need to verify the legitimacy of their business operations. The number of employees insured under the group health plan may also determine the type of coverage available to the employer. A company with between 2 to 50 employees is classified as a small business. Companies with thousands of employees generally have health plans customized by a health insurance carrier. Please Contact Kelly William Insurace for more Information regards Group Health Insurance Long Beach.