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Tips for Buying Group Health Insurance

Group health insurance is usually a policy purchased by a company so that the insurance can be offered to the company's employees. If you are considering purchasing group health insurance as an employer, there are a number of factors to address. As health insurance policies vary widely, it always pays to do your research first.

  1. Ask Your Employees

    • Survey your staff. Ask them what features they would want in a health insurance policy. After all, they will be the ones who benefit from a great insurance plan or suffer if the coverage turns out to be inadequate. By consulting your staff, they will appreciate that you have taken the time to consider their opinions, and you will have a better chance of selecting a health insurance plan that is right for everyone.

    Do Your Research

    • Research plans extensively before settling on one. There are a number of plans, optional extras, fee structures and so on to consider. Purchasing health insurance is a decision that can have far-reaching consequences, so take the time to do the groundwork before you lock in a long-term contract. You may want to ask other employers in your profession if they can recommend an insurance plan that they are happy with.

    Read the Fine Print

    • Examine your plan of choice closely. Request a full copy of the policy contract and read it carefully before signing on the dotted line. Look out for any hidden conditions or restrictions that may have a future negative impact on the policy holders. Calculate the total cost of the policy and determine if that cost is within the budgetary means of the company.

    Stay Covered

    • Never cancel your existing plan before confirming coverage with the new plan. This will put your employees at risk if they need medical assistance during the interim period when there is no coverage available to them. By not providing your employees with access to insurance, you may also be committing a crime. Employer insurance laws can vary depending on the specific type of company. Contact your local Department of Labor authority for more information.

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