Group Medical Insurance
Medical insurance today is ever-changing and sometimes can be quite confusing. Purchasing a group medical insurance plan for your company has different rules than if you were purchasing for an individual. Therefore it is important to have someone who is an expert in group medical insurance to help guide you through the industry standards.
What is Group Medical Insurance?
In a nutshell, group medical coverage is a policy that is purchased by an employer and is offered as a benefit to the eligible employees of the company. Many times the group medical policy not only covers the individual employee, but also any employee dependents. It is important to know that if you offer group medical coverage to any full-time employees, then you must offer it to all full-time employees. As well as, if you choose to offer any benefits to part-time employees, then you must make it available to all part-time employees. The law does not allow you to offer it to only certain employees.
With a group medical policy for small businesses, the insurer calculates premium prices based on risk factors balanced over the entire group, using general information, such as age or gender. A business is usually considered a small business if it employs between 2-50 full time employees. Usually the business owner will also be considered an employee. At Stream Benefit Group, we work with you, as the employer to find an appropriate group medical plan that works best for the needs of your employees.
The introduction of the Affordable Care Act has given employers even more options to choose from. Stream Benefits Group works with key insurance carriers throughout the St. Louis area, such as Anthem Blue Cross Blue Shield, Coventry Health Plans, United Healthcare, and Aetna Health Plan in order to find the policy that best fits your needs and offers the best benefits for the lowest premiums available.
In addition to finding you the best plan with the lowest premium, we will also discuss with you several innovative approaches that can be utilized to benefit your company, including Health Reimbursement Arrangements (HRA) and Health Savings Accounts (HSA).
Why Stream Benefits Group Insurance for Medical Insurance?
At Stream Benefits Group, we have the knowledge, expertise, and experience that you need in order to make the right decisions and choose the best group medical plan available to you. Call us today for a free consultation appointment.