When there is a risk, it is prudent that the risk is covered. More often than not, the risk is covered via an insurance cover. It may be one’s life, house, car, property, pet, business or health. If there is a risk perception, you account for it by way of an insurance policy that adequately compensates for the damages caused by an event. One of the fallouts of rising costs of healthcare services is that the health insurance costs have risen through the roof. So much so that one of the main benefits cited by employees of being employed is the health insurance benefits. Thus, health insurance has come to be a handy incentive for companies to attract and retain quality workforce.
Health insurance, like any other form of insurance, covers the risk of incurring medical expenses through a pool of fund contributed by a group of people. Health insurance provides coverage for routine visits to the doctor, visit to the emergency room, hospital stays, medicines, and other medical expenses. There are a number of terms in a health insurance policy which one needs to understand before selecting the right policy. Some of the key terms in a health policy are:
- Premium: This refers to the amount the policy-holder or his employer pays towards the health plan.
- Deductible: This is the amount the insured pays out-of-pocket before the health insurer pays its share.
- Co-payment: This is the amount that the insured pays out of pocket before the health insurer pays for a particular visit or service.
- Exclusions: There are certain services that are not covered, and for which the insured person is liable.
- Coverage limits: Some health insurance policies only pay for health care up to a certain dollar amount. The insured person may be expected to pay any charges in excess of the health plan's maximum payment for a specific service.
Majority of the businesses in the US are small businesses, i.e., often having employees less than 50 on their payroll. Small businesses do not have resources like that of their bigger counterparts to pay towards quality health insurance for their employees, yet their businesses highly depend on the few quality staff they have. Consequences of high employee turnover are high and the need to avail affordable group health insurance critical. Need of the hour is to have a source that can direct them to insurers that can provide low cost group health insurance.
Small Business Health Insurance (SBHI) is one such source that gives small businesses, groups and self-employed, access to quotes from affordable providers. It helps small business owners by allowing them to connect with multiple healthcare insurance providers to obtain quotes for groups at affordable rates. The person seeking quotes simply needs to fill out a brief questionnaire with details such as the state in which the office is located and the small business or self employed status. This information is then sent out to multiple insurance providers. All the requests are processed daily, leading to faster response time. Providers will then contact the business owner, who can then further negotiate the terms and conditions such as the premium, coverage etc. SBHI services clients from all over the US. The information guide, tax saving strategies and other handy resources at SBHI provide its’ visitors with valuable information that helps save time and money.