If you want to keep your employees happy and are able to afford group health insurance, then that’s definitely the way to go. Happy workers usually mean those who opt to stay working for you for the long haul.
So what do you need to know about group health insurance? It’s largely a fact of life that most people have a general idea what health insurance is and how it will benefit them. However, on the other hand, there are just as many people who have no idea what health insurance is and what it will do for them – a concept that might be hard to fathom, but given how complex some policies are, this isn’t as unusual as it may seem.
What is health insurance? In a nutshell it’s one of several types of group insurance where people pay a premium or taxes that cover them (and their families) for health care expenses. It’s fairly straightforward in terms of how it works. It basically operates by estimating your risk (or a group risk) of health care expenses over the period of a year. Based on those calculations, a payment structure is figured out and that’s what you pay for a premium each month.
Making this kind of payment over the period of a year ensures you have money on hand when you need it to pay for medical care. Call it a method of captive savings, but it makes good sense for those who need the care and have no other way to get it other than through the auspices of a health care plan where fairly reasonable premiums are paid monthly. The overseer of the health care benefit is usually the insurance company, whether or not you get group insurance through your place of work or not.
The bottom line here is that a health insurance policy, even if it is through an employer, is a contract between an individual and the insurance company. It is renewed every time you pay the premium, no matter if it’s monthly or yearly.
There are various forms of payment, such as a premium, a deductible, a co-payment, or coinsurance. The amount of your health care benefit is listed in the contract. Some health insurance policies even cover the cost of prescription drugs.
With health insurance, most medical professionals bill the insurance company as long as the individual signs an agreement with the doctor’s office that they will pay anything that the insurance company doesn’t. Most insurance providers have a list of health care professionals they refer to as “in network” since they work with them all the time. This simply means the providers agree to take the insurance payment for their services and waive anything above that with most companies.
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