The Best Group Health Coverage at The Best Rates

What is Group Health Insurance?

Group health insurance provides coverage to its members at a reduced cost because the insurer’s risk is spread across a group of policyholders. Offered by an employer or employee organization, this coverage extends to employees and their family members.

Types of Health Insurance Plans Offered:

• Health Maintenance Organization (HMO)
• Preferred Provider Organization (PPO)
• Point-of-Service (POS)
• Exclusive Provider Organization (EPO)

Key Features Affecting Your Costs:

• Premium: Payment made to the insurer for access to health insurance benefits. Generally, lower premiums mean higher out-of-pocket costs.
• Deductible: The amount you pay for healthcare services before your insurance begins to pay. Deductibles apply to your out-of-pocket maximum.
• Coinsurance: A percentage of the cost you pay for covered services. For example, with 20% coinsurance, you pay 20% of the cost until you reach your out-of-pocket max.
• Copayment (Copay): A fixed amount for specific services or prescription medications. Copays apply until you reach your out-of-pocket max.
• Maximum Out-of-Pocket: The most you have to pay for covered services within one policy year, including copays, coinsurance, and deductibles.

Small Group Employers

Small group employers have 2-50 full-time employees working 30 hours a week or more.

Midsize and Large Group Employers

Large group employers have 51 or more full-time employees working 30 hours a week or more. Premiums are calculated based on various employer-specific factors. In some states, employers need 101 employees to be considered a large group.

What are Ancillary Benefits?

Ancillary benefits, also known as voluntary benefits, provide critical support to employees when the unexpected happens. These products are usually voluntary.

Common Ancillary Benefits:

• Dental & Vision: Coverage for dental and vision care.
• Life Insurance: Most employers offer group-term life insurance, effective as long as the employee is employed.
• Disability Insurance: Group disability insurance covers income protection for multiple individuals and can be long-term or short-term.
• Accident Insurance: Supplemental to primary health plans, providing lump-sum cash benefits for out-of-pocket medical and non-medical costs from an accident.
• Cancer Insurance: Covers extensive cancer treatment costs and is often bundled with critical illness insurances.
• Heart/Stroke Insurance: Covers costs related to heart issues or stroke treatments, often bundled with critical illness insurances.

Why Do You Need Health, Life, and Ancillary Insurance?

Health, life, and ancillary insurance protect your health and financial well-being in the event of medical needs or emergencies.