Group health insurance is when an employer is able to offer health insurance to eligible employees as a benefit for working with that company. Most employees in the US get their health insurance in this way.
The type of coverage your company receives as well as the premium rates will differ depending on what state you are in as well as the size of the company. Small employers and large employers have different policies with different regulations and rules.
Small Employee group health insurance cannot turn anyone down for health insurance even if they have a pre-existing condition. This is called a guaranteed insurance. The insurance plan for small employers also needs to be renewed every single year. However these small employer plans will look over the employees medical conditions and if you have a pre-existing condition the insurer may decide not to provide coverage for that issue.
Each company will come up with its own premium rates using medical underwriting. Some companies may use modified community rating or a community rating to create their insurance rates. Medical underwriting uses your medical history and adjusts their rates depending on which types of coverage are needed and what could be used a lot. Basically the insurance company wants you to pay the bill and not them and they will adjust their rates accordingly.
Large company group insurance works in slightly different ways as they can refuse to provide insurance to the company depending on the employees. They cannot single out a specific employee, usually with a pre-existing condition, as once the company has the insurance it must allow any employee to join.
Large company group insurance policies will set rates and premiums based on the companies prior claims and which employees tend to participate in the health insurance program. Large companies do not require medical history or health questionnaire.
Want to find out more about Health Insurance, then visit James Joyce’s site on how to choose the best for your needs.
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