Post a new topic
    7 Replies Latest reply on Jan 14, 2008 9:33 PM by CorpCons08

    Group Health Insurance

    My I Health U Newbie

      I have found, at times, it is better to purchase individual polices for your employees than to purchase a group policy. What are your thoughts?

        • Re: Group Health Insurance
          CorpCons08 Ranger
          I am currently shopping for health insurance for myself and my employees.
          The costs of the one we have are getting up there.
          What do you suggest?

          CC08
          • Re: Group Health Insurance
            Lighthouse24 Ranger
            I'd agree that it is sometimes (as you noted) the most effective way for a small firm with diverse employees and a broad range of individual needs to control health insurance costs and provide the specific benefits that are most important to each person.
              • Re: Group Health Insurance
                CorpCons08 Ranger
                What health providers are some of the best out there?

                CC08
                  • Re: Group Health Insurance
                    CEO Space Scout
                    I don't know how other Chamber of Commerces do it, but locally, you can call the Chamber and tell your specifics and they will get you to the members who best match your request.

                    It sure can speed the search process. Also, we have local smaller networking groups that offer as part of the membership privileges, group insurance for small businesses who are their members.

                    You might have something like that in your area also.
                      • Re: Group Health Insurance
                        CorpCons08 Ranger
                        Good information.
                        I'm sure we have things like that being located in Manhattan.
                        Unfortunately the other issue is most of the larger health insurance groups are members of the networking groups.
                        I am going to see what other local firms are using.

                        CC08
                          • Re: Group Health Insurance
                            My I Health U Newbie
                            I would find a willing independent agent to do some leg work for you. As an independent agent in FL here is what I would do.

                            -Find out if your group received at rate up last year on renewal or when the policy was issued. If so find out if there are medical conditions or medical history that would cause a denial or rider placed an individual policy.
                            -If you have a clean bill of health than the transition is easier. If not you will have to consider leaving those people on your group plan to make sure they get the coverage needed. For some of the healthy people have your agent run some quotes for individual plans. In FL since individual plans can be denied, rated up, or ridered, this makes them more affordable. Group plans are guaranteed issue which makes them more expensive.
                            -Please keep in mind that insurance carriers require you to have a certain % of eligible employees on your group plan. I would check an see if an employee has an individual policy if that excludes them from being an eligible employee. It usually does which takes care of that issue.
                            -You should be able to transition a few people to an individual plan to save some money.
                            -I would next explore a 'List Bill" option. Some carriers offer it for companies that will to pay for multiple employees insurance. That option would bill your company for a list of employees.

                            Just a few things I would do if you called me for advise.