GROUP HEALTH Group health insurance starts at a minimum of 2 employees most major insurance companies require that you have 75% of eligible full time employees on the group health insurance plan, part timers or employees covered under a spouses plan do not count toward the participation. With group health insurance you are guaranteed acceptance regardless of preexisting health conditions, however in order to have your preexisting conditions waived you must have had prior group coverage within the prior 63 days before your new group plan goes into effect. If you did not have prior coverage you are still guaranteed acceptance, however any preexisting health condition that you have will not be covered for the first 12 months. When it comes to group health insurance traditionally the most popular plans on the market have been PPO plans, which stands for Preferred Provider Option. Now a days a lot of employers are looking to save premium based on the rising cost of health care. One plan that has become very popular a health savings account (HSA) with a health savings account you have a high deductible and you receive no benefits till you satisfy your deductible. The government allows you to open up tax free an account at your local bank which is called a health savings account an individual employee is allowed to put a certain amount allowed by the government and the same goes for a family. You are allowed to use the money from the account to pay for medical expenses such as your deductible. Lastly there is the HMO, which stands for Health maintenance organization, with a traditional HMO you pick a doctor that doctor must refer you to any specialist and you lose the freedom of choice that you have under a PPO plan. Although the PPO has made the HMO very unpopular there are still some blue collar industries where HMO's are very popular. |
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