There are a number of benefits to purchasing a group health insurance plan. Read on to learn some of the differences in coverage to see if group health might be a smart move for you and be sure to compare healthcare insurance providers online to find the best plan.
Rates
Your rates will vary with the number of employees, the type of plan you select, and the types of employees you are covering. Due to the legal mandate that preexisting conditions are covered if the employee has had coverage in the prior 63 days, your premiums are subject to being raised at renewal periods.
Exclusions
You can be denied individual coverage in some states for more than 24 months for any preexisting condition. This is not the case if you are purchasing a group health insurance. State law prohibits companies from denying group members insurance. You cannot be denied insurance for a medical problem or have your insurance canceled because you are sick if you have group coverage.
There is a prescribed waiting period when you sign on with a new employer’s health cover plan. More importantly, if you were uncovered for more than 63 days before starting your new employment then insurance company can deny coverage on preexisting conditions for no more than 12 months. This exclusion will not apply to pregnancies, newborns, newly adopted children or genetic information.
Employer Tax Benefits
Currently there are laws on the books in many states that provide businesses special tax incentives for providing health insurance. As an example, during the 2008 session the Governor of Alabama planned on presenting legislation that provides for business tax deductions up to twice the amount the business pays for its health insurance premiums from state income taxes and also will allow employees would be able to deduct twice their contribution amount towards their health insurance from their own individual income taxes.
Health Insurance Quotes