Every company needs Chicago group health insurance. This type of policy covers employees and, in some instances, their spouses. Many companies extend policies to the employees’ families as a benefit of working for the company and to keep employees motivated to work there. You may want to consider purchasing group health insurance for this reason.
Although insurance is often considered a benefit of a particular job, it is not necessarily a luxury nowadays. Group insurance is slowly becoming a corporate necessity, especially for large companies. Currently, most companies with more than 100 employees have some sort of group health insurance for their employees. Furthermore, the signing of the new Health Reform Bill has made it mandatory even for small companies with more than 50 employees to seek insurance. Most startups--of which there are many--find it critical to get this type of insurance for employees within three years of launching the business.
Getting Group Health Insurance
It's fairly easy to get group health insurance; there are a lot of companies offering it. With this in mind, companies should consider following these helpful hints when researching group health insurance for their employees:
- Their business' unique needs. Health insurance should be affordable for companies; in addition, it should meet employees' varying needs. For example, if many of a company's employees have serious health conditions, they'll need a different type of insurance than employees who just need yearly check-ups.
- The company's customer service record. You want to choose a company that will answer questions and resolve problems quickly so that the service will be useful to you and your employees.
- The company's compliance with all insurance-related laws. Every city has laws governing insurance to help protect consumers from scams. Be familiar with these laws and make sure that the insurance company you choose follows them so that you don't get ripped off.
If you take your time, you can often find the best deal for your business. Consider several companies carefully before signing up for group health insurance. You may want to compare prices and coverage levels of three or more insurance plans before making your final decision.
State Specific Insurance Laws
When acquiring group health insurance, it's important to find a policy that fits well with your state laws, as well. For example, all Chicago insurance companies must follow Illinois and federal law. In Illinois, both federal and state laws forbid insurance companies from denying coverage to companies or individual employees because of pre-existing conditions. Insurance companies do have the right to refuse to cover certain treatments, however, on a time-limited basis, whether or not the condition existed prior to signing up for insurance. State laws such as this vary between states.
Other laws require insurers to renew coverage annually unless you commit fraud, fail to pay premiums or break other terms of your contract with the insurance company. You have the right to change companies at the end of your contract if you aren't happy with the service your insurer provides for your employees.
Companies with a minimum of two full-time employees qualify for group health insurance. Full-time employees are those who work at least 30 hours a week for pay. You will have to submit your company's financial records in order to prove that you qualify for group health insurance. In order to continue to qualify, 70 percent of employees must sign up for the insurance plan.
If you are an employer and would like more information about group health insurance coverage in your area, we can help you. Please call Thornton Powell Insurance Agency at 708-597-2800.