Affordable Group Health Insurance Coverage for Small Businesses


Group health insurance usually offers group coverage to a large group of members, often comprised of business employees or other members of a single company. Group health insurance members usually get health insurance at a discounted rate since the insurance provider’s risk is divided among a larger group of policyholders. These group health plans can be purchased by any business employee who is allowed to participate in the plan. There are various plans like these in Canada and the US. Group health insurance in Canada can either be purchased as an individual health insurance plan or as a group health insurance plan.

Benefits of group health plans

There are many benefits of group health plans. These benefits include:

Large percentage of the total premiums

Employees get a large percentage of the total premiums paid by policyholders for health plans. Since employees cannot have medical check-ups independently, they are entitled to the same coverage as policyholders with similar conditions. Group health plans in the US also cover family members such as spouses, children, and dependents.

Flexible Options

Group health insurance plans offer flexible options on the cover of benefits and premiums. They also include the possibility of shortening the waiting period for an application to be approved. This means that if the waiting period is too lengthy, a policyholder can be turned down. This is one reason why group plans offer quick approval. Once you are accepted, you can already begin receiving your benefits.

Types of group health plans

There are various types of group health plans in Canada that policyholders can choose from. The two most common are the fee-for-service system and the preferred provider organization (PPO). The former system is more like a managed care or HMO type. It covers only selected doctors and hospitals and does not cover other health insurance services you might require. For this reason, employees need to understand what each system offers, how premiums are computed, and what benefits are included in premiums.

Limited medical insurance policy

Most insurance companies allow employees to purchase a short-term or limited medical insurance policy to cover urgent health problems. Most businesses, however, cannot afford to do so. Many employers opt for this option because it is less expensive than health insurance offered by private insurance companies. However, group health insurance companies cannot legally discriminate against employees for preexisting medical conditions. Thus, this type of coverage could put your company at risk.

Benefit from employer to its workers

Suppose you own a small business that employs between five and fifty employees. In that case, you may be able to get a group health insurance plan offered by your employers. This is usually a benefit provided by the employer to its workers. However, this is generally only good for the immediate term. Employees who resign from their jobs can no longer avail themselves of these benefits. It is also important to note that group benefits are only available to employees who work for the company for at least one year.

Coverage for dependents

Group health insurance companies often provide coverage for dependents. Usually, the younger employees are eligible for group health insurance. They pay only half the premiums compared to the full premium for an individual plan. As you know, depending on the coverage you have, your dependents could end up paying the entire cost of coverage. Group health insurance works best when you have a large family.

Browse the internet look for companies

You should be aware that not all employers offer group health insurance coverage. The best way to look for this is online. Several websites allow you to compare different group health insurance plans and rates offered by other companies. If you have questions, you can also check out their FAQs page, which answers frequently asked questions about group health insurance coverage.

Alex Walker
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