Group health insurance in Utah - Get the Best Quotes Here!
Group health insurance in Utah, is it important? Well, most Americans get health insurance through a family memberís job and Utah is no different. This is called group health insurance. Group insurance is generally the least expensive kind and, in fact, many cases, the employer pays part or all of the cost.
Group health insurance in Utah -when it comes to buying it , there is strength in numbers. And, big numbers have traditionally gotten the best deals. It is estimated that 70% of Americans obtained coverage through their employers. Many of those employers are large companies with strong-arm power at the insurance bargaining table.
Are group health plans for you? As a small-business owner, however, there is no reason to feel left out. BenefitsManager.net has all the tools and experience to help you find the highest quality coverage at the best possible price.
Small-group refers to the number of employees in a given company. It can be as many as 100, but is most often two to 50. In this market, health insurance prices have traditionally been based on two things:
Projected cost of medical services in a given geographic area
Projected utilization of services
The first, cost projections are fairly stable across the country. But, the second consideration is localized to the company. Insurance companies estimate utilization of services based on factors ranging from the medical history of the companyís employees and their dependents to age and gender. These details affect plan premiums to the company and its employees. If an employee is considered a greater risk the group will usually pay a higher premium for insurance coverage.
To determine the second factor, the majority of small business health insurance companies use a process called underwriting. An underwriter analyzes risk factors (including the medical history of each individual) to estimate potential claims and determine a group's insurability.
How does this affect my company?
Utah health insurance laws require Utah insurance companies to sell any small business a group insurance policy. Furthermore, any small business can choose from one of the state standardized health policies that Utah health insurance companies are required to offer.
Also, the same small business health insurance policy sold to other small businesses must be offered to any eligible Utah small business. To be eligible the small business must have at least 2 employees but not more than 50. Utah health insurance companies, however, can mandate minimum participation requirements be met or the entire health insurance policy or the small business will be rescinded. Another second stipulation health insurance companies may impose mandates that the employer pay a portion of each insured employee's premiums.
Although availability of small business health insurance in Utah is well regulated, premiums can increase due to the group's health status, but insurance companies cannot cancel policies one of the insured individuals falls ill.
But my company is so small!
Regardless of whether you are a small company or a Fortune 500 giant, you want to make sure you are getting your money's worth out of a health plan. It's important to weigh the pros and cons of each choice when selecting a plan. While premiums vary among different carriers, recognize that there can be substantial differences in the benefits provided and in the amount your employees must pay out-of-pocket for services.
BenefitsManager.net can help you figure out the best Utah group insurance plan solution for your company today!