Fear Not – Group Health Insurance for Small Businesses Is Worth It in the End

Medical insurance – are there two more dreaded words that can be spoken to a small business owner? Small business group medical insurance, however, offers numerous benefits and tax advantages that make it well worth the cost of premiums.

Group medical insurance for employees of small businesses is a hot button issue. Approximately 45 million U.S. residents do not have health insurance. Of those, about 20 million are employees, or a family member of an employee; of a business that has 50 or fewer employees. For companies that have more than 50 employees, more than 96% of workers have medical insurance coverage. That number is only about 43% for small businesses.

What accounts for this phenomenon? You hear over and over again that employee healthcare insurance is one of the biggest expenses that a business owner faces. What exactly, though, are those expenses? The business owner is required to pay a percentage of the employee’s individual medical insurance premium. Typically this percentage ranges between 25% and 50%. If coverage is extended to the employee’s family members, the employer can elect, but is not required, to also pay a percentage of those premiums.

In addition, small businesses typically must pay larger premiums than businesses with more than 50 employees. State requirements that certain conditions, treatments and providers be covered by the group health insurance policy is another reason that small business medical insurance can be costly.  

Small business medical insurance applies to businesses that employ between 2 to 50 people. Any permanent, compensated employee that works at least 25 hours per week is typically eligible to enroll in a small business health plan.  
 
Despite the costs, small business health insurance has very real benefits. When you’re able to offer health insurance to job applicants, you are guaranteed to have a more talented pool of candidates to choose from. As we’re reminded of daily in the news, quality medical insurance is a major concern for Americans. 

Retention is another benefit of small business medical insurance. It costs you less to retain an employee than to seek out and train a new employee. If your employees are getting medical insurance from you, they won’t jump ship to take a job with another employer simply to obtain a medical insurance plan.

Last but absolutely not least, a healthy employee is a more productive employee. Having healthy employees, like the retention issue mentioned above, saves you money. When an employee is out on a paid sick day, you’re shelling out the cash without getting any of the work. So although you’re paying part of your employees’ premiums, you’re saving money in other areas by offering medical insurance plans.

Need more convincing? Group health insurance has tax advantages for business owners. Typically employer contributions to small business medical insurance plans are 100% tax deductible.

Small business medical insurance benefits you and all of your employees in yet another way. Health insurance, as you undoubtedly know, can be very expensive. With a group health insurance plan, you are spreading the risk amongst all of the employees. That means lower premiums and better coverage.

The arguments in favor of small business medical benefits are persuasive. Finding affordable medical insurance for employees is possible. It all starts with carefully researching the group plans available to your business. Be sure that you are working with a legitimate, reputable medical insurance company, and you’ll reap a number of benefits that will ensure a strong return on your investment. And medical insurance for your employees really is an investment in your business.

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You’re One Medical Crisis Away from Bankruptcy: Read the Fine Print in Your Family Medical Insurance Plan

Medical debt is a contributed factor in more than half of all bankruptcies filed in the United States. Many family medical insurance policies prove to be safety nets with gaping holes.

When an individual obtains family medical insurance, they believe they are protecting themselves and their family both medically and financially. The cold hard numbers, however, cannot be ignored. Not every family medical insurance policy is adequate to provide true peace of mind – or to provide sufficient coverage in the event of a serious illness.

A recent Harvard study shows that family medical insurance plans aren't necessarily protection from financial ruin. Of all the bankruptcies filed in the United States in 2007, the study concludes, medical debt contributed to 62% of them.

The study was a joint research project carried out by Harvard Medical School and Harvard Law School. It encompasses an in-depth study of bankruptcies brought on by medical bills. Questionnaires answered by bankruptcy filers, along with their court records, made up the data used to reach the study’s conclusions.

Contrary to common thinking, medical bankruptcy isn’t limited to those without individual medical insurance. For the under-insured, thousands of dollars of out-of-pockets costs can lead to bankruptcy. In fact, of those who faced medical bankruptcy, nearly 80% actually had family medical insurance at the start of their illness but were nonetheless buried in medical bills.

The initial Harvard study was conducted in 2001. Since then, medical bankruptcies have increased by 50%. The lead author of the study makes the bold statement that “Unless you’re Bill Gates, you’re just one serious illness away from bankruptcy.”

An outcry over private medical insurance policies with meager coverage for serious illnesses was sparked by the results of the study. The obvious question that arises from the spotlight on the wide scale problem of inadequate insurance is whether government-mandated healthcare reform is the answer. It’s a question that continues to raise heated debate.

One thing is for sure: the problem of woefully inadequate family medical insurance won’t be remedied solely by any government-run healthcare program. What the Harvard study and others like it make clear is that the root cause isn’t whether or not you have insurance. The real issue lies in the extent of the coverage.

Patient advocates are urging lawmakers to include provisions in the final legislation that would guarantee a base level of coverage to health insurance policy holders. Solutions being considered by the House and the Senate include minimum standards for family medical insurance and other health insurance coverage as well as a cap on out-of-pocket expenses.

Many argue that government-run healthcare is an extreme solution to a problem that could be handled through specific legislation that targets limited benefit health insurance. They point to the obvious conclusion presented by the study that health insurance in and of itself is not the answer. Having medical health insurance did not save hundreds of thousands of individuals from bankruptcy.

Those shopping for health insurance coverage insurance should also be aware of the fine print in their policies. The overall quality of family medical insurance should be considered. Premium costs are only one factor that should go into the equation. If and until any minimum coverage standards are implemented, medical insurance plan shoppers should take the time to educate themselves. Careful research and scrutiny of police limitations is key to securing family medical insurance that truly protects you and your family.

Visit www.BestHealthcareRates.com for more information and free low cost medical insurance or major medical insurance quotes. Group health insurance plans and individual health insurance plans available.

 

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So Many Acronyms…Finally a Common Sense Explanation of Medical Insurance Plans

Medical insurance plans are a confusing mass of acronyms and insurance industry jargon. This article breaks down the four major types of health insurance coverage in plain English and with no fluff.

Medical insurance plans have more acronyms than the federal government. With all the talk of HMOs, PPOs and a whole other host of abbreviations, it isn’t always easy to understand exactly what each of these medical insurance plans are all about. What consumers need is a straight-forward guide to the major types of health insurance plans, including what it is and how it differs from the other main types.

If you’re fed up with rhetoric and overwhelmed by all the political debate and you just want simple answers to your simple questions, then you’ve found the right article. Below is a brief overview of each of the four major types of major medical insurance plans, plain and simple.

Preferred Provider Organization (PPO): With PPO medical insurance plan, the full expense of the medical treatment is covered as long as the treatment is provided by a doctor or hospital that belongs to the PPO’s network of providers – hence the term “preferred providers.” Treatment that is obtained outside the network is covered at a reduced rate. It is the patient’s responsibility to make up the difference.

Health Maintenance Organization (HMO): HMOs place considerable restrictions on the non-emergency treatments that a patient may obtain. The upside of an HMO, however, is that the premiums are significantly lower than other private medical insurance plans. Minimal paperwork is another benefit of an HMO plan.

With HMO medical insurance plans the patient pays a monthly premium. Sometimes there is a small co-payment. Patients have a primary care physician who then refers them to specialists when necessary.

HMOs are somewhat controversial because, the argument goes, doctors have a financial incentive for reducing the amount of medical treatments provided to the patient.

Fee-for-service: A fee-for-service plan is the traditional type of medical insurance plan. With fee-for-service medical insurance plans the patient is able to choose any doctor they want and can change doctors at any time.

The patient pays a monthly fee which is called a premium. Also, the patient has a deductible, which is a set amount of money the patient must pay out of pocket for medical treatment before insurance payments kick in.

Once the deductible has been met, the insurance company pays a portion of the bill. For example, the insurance company might pay 80% while the patient pays 20% of the final bill for the treatment. Often there is a ceiling or cap on the amount of out-of-pocket expenses the patient must pay, at which point the insurance company pays 100% of the bill.

Point-of-Service Plans (POS): POS medical insurance plans are actually indemnity-type options which are offered by many HMOs. With a POS plan, the policy holder can elect to see a physician outside of the network and still receive some coverage while making a co-payment. Because of this, POS plans are often described as being a combination of an HMO and a fee-for-service plan.

If the patient’s primary care physician makes the referral, then the insurance company covers most or all of the bill. The patient chooses their primary care physician from members of the plan’s network.

While these overviews paint a good general picture of how each medical insurance plan operates, consumers should always conduct careful research before choosing their affordable health insurance coverage. Even within a general category, such as a PPO, there can be considerable differences in coverage, co-pays and other critical issues.

Get your free medical insurance quotes at www.BestHealthcareRates.com.
Visit us today for family medical insurance, individual medical insurance, group health insurance, and all types of affordable medical insurance & medical health insurance plans.

 

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 Your Medical Insurance Is On the Line – And Someone You’ve Never Heard of Is Holding the Key. READ THIS!!

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Visit www.BestHealthcareRates.com for the latest health insurance news and rates.

 

Best regards,

 

Tom Carolan
Lic. # OD90724
TomC@BestHealthcareRates.com
www.BestHealthcareRates.com
805-474-8155
877-812-5111

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Affordable Family Medical Insurance Starts with Healthy Living

Face it; health care is expensive - no matter how you slice it. Affordable family medical insurance is a need for so many people. One of the best ways you can keep your medical insurance rates lower is to stay as healthy as you possibly can. BestHealthcareRates.com offers these tips for maintaining your family's health, which will help you find and keep affordable medical insurance.

1. Don't smoke. Smoking is undoubtedly the number one health hazard today. Smokers get sick much more often than non-smokers do and are more likely to suffer from ongoing chronic illness and disease than non-smokers are. Smoking affects your entire body, including your heart, your circulation, your healing ability and time and a host of other health hazards. If you choose to do only one thing to improve your health, stop smoking today. There are a number of different smoking cessation tools and aids to help you quit - and you can get many of them free through various programs, most of which are sponsored by medical insurance companies. Do a web search for smoking cessation and find a program to help you quit smoking today. You'll also find more affordable health coverage and life insurance if you're a non-smoker with lower premiums and discounts available from many insurance companies.

2. Eat Right. You've heard it repeatedly, but watching your diet is one of the easiest ways to get healthier, which leads to more affordable health coverage. Include plenty of fresh fruits and vegetables - and plenty of variety. Not only will your plate look more attractive and appetizing with dark greens, deep oranges, reds, purples and yellows, you'll also be getting the widest variety of vitamins and antioxidants by switching things up. Cut the fat and you'll cut the cholesterol. Include lean meats, lots of fish and poultry and adding alternative proteins like legumes, soy and nuts. Drink your milk and add plenty of water to your diet. Limit your portions. Keep your blood sugar steady by eating five small meals throughout the day rather than three large ones. Allow yourself the occasional indulgence to avoid feeling deprived.

3. Move it or lose it - your health that is. As our lives get busier, we spend more time jumping in the car and rushing off to the next important thing we need to do. One of the best things you can do for your health and to maintain affordable health insurance coverage costs is to incorporate more exercise into your daily routine. Take the stairs instead of the elevator. Park two blocks away and walk to your destination. Put on some music and dance. Ride bikes with your kids. Push a lawnmower instead of using the rider. Get out in the garden. Take a walk after supper. Bring a bag lunch of low-cal foods and use the rest of your lunch hour to take a stroll. There are many ways to add exercise into your daily routine, even if you don't have time to go to the gym. Start by adding one new habit each week until you've built in an additional 30 minutes of movement into your daily routine.

Check out our free quote tool at http://www.besthealthcarerates.com/ to get an affordable medical insurance quotes from top companies in your region.

Affordable Family Medical Insurance Starts with Healthy Living

Affordable Family Medical Insurance Starts with Healthy Living

Face it; health care is expensive - no matter how you slice it. Affordable family medical insurance is a need for so many people. One of the best ways you can keep your medical insurance rates lower is to stay as healthy as you possibly can. BestHealthcareRates.com offers these tips for maintaining your family's health, which will help you find and keep affordable medical insurance.

1. Don't smoke. Smoking is undoubtedly the number one health hazard today. Smokers get sick much more often than non-smokers do and are more likely to suffer from ongoing chronic illness and disease than non-smokers are. Smoking affects your entire body, including your heart, your circulation, your healing ability and time and a host of other health hazards. If you choose to do only one thing to improve your health, stop smoking today. There are a number of different smoking cessation tools and aids to help you quit - and you can get many of them free through various programs, most of which are sponsored by medical insurance companies. Do a web search for smoking cessation and find a program to help you quit smoking today. You'll also find more affordable health coverage and life insurance if you're a non-smoker with lower premiums and discounts available from many insurance companies.

2. Eat Right. You've heard it repeatedly, but watching your diet is one of the easiest ways to get healthier, which leads to more affordable health coverage. Include plenty of fresh fruits and vegetables - and plenty of variety. Not only will your plate look more attractive and appetizing with dark greens, deep oranges, reds, purples and yellows, you'll also be getting the widest variety of vitamins and antioxidants by switching things up. Cut the fat and you'll cut the cholesterol. Include lean meats, lots of fish and poultry and adding alternative proteins like legumes, soy and nuts. Drink your milk and add plenty of water to your diet. Limit your portions. Keep your blood sugar steady by eating five small meals throughout the day rather than three large ones. Allow yourself the occasional indulgence to avoid feeling deprived.

3. Move it or lose it - your health that is. As our lives get busier, we spend more time jumping in the car and rushing off to the next important thing we need to do. One of the best things you can do for your health and to maintain affordable health insurance coverage costs is to incorporate more exercise into your daily routine. Take the stairs instead of the elevator. Park two blocks away and walk to your destination. Put on some music and dance. Ride bikes with your kids. Push a lawnmower instead of using the rider. Get out in the garden. Take a walk after supper. Bring a bag lunch of low-cal foods and use the rest of your lunch hour to take a stroll. There are many ways to add exercise into your daily routine, even if you don't have time to go to the gym. Start by adding one new habit each week until you've built in an additional 30 minutes of movement into your daily routine.

BestHealthcareRates.com has helped thousands of families and businesses to find the most affordable medical insurance. Providing medical insurance quoting and research tools BestHealthcareRates.com makes it easy to find the most affordable medical plans. BestHealthcareRates.com is an "A+" rated website for online reliability.

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