The Florida Group Health Insurance Market
There’s no doubt that Florida group health insurance is one of the most affordable and beneficial ways for employees and group members to receive high-quality health care coverage. Many of the state’s employers and large organizations offer this type of insurance to their workers and members and will also pay a portion of the monthly premiums. In fact, if you’re lucky they may actually pay the whole shot while others will typically take care of a certain percentage. The group members usually pay their portion via payroll deductions.
However, even if you end up paying the entire cost of the premiums yourself, you’ll find that Florida group health insurance is generally less expensive than most other types that are available, such as individual plans. Like just about every other form of health insurance, group plans can vary quite a bit when it comes to their cost and the type and amount of medical coverage that they provide. Most of the employer-based group plans will have a waiting period attached to them, which is usually about three months.
This means you’ll have to be at your job for this period of time until you’re eligible for benefits. With a waiting period, it discourages people from starting a new job and then making a large claim right away. Business owners will find there are numerous Florida group health insurance plans to subscribe to. You’ll find that some of these policies will cover employees only while others may include coverage for their spouses and/or immediate family members.
Another option is a health savings account (HSA) which can be combined with a high-deductible health plan. This allows group members to place pre-tax money into their accounts. It can then be withdrawn to pay for eligible medical expenses. Any money that’s not used is then rolled over to the next year. It will also generate interest while it’s in the HSA.
When it comes to the cost of Florida group health insurance it will basically depend on the general health condition of the applicants. If the group as a whole is deemed to be a higher risk then the premiums will likely be higher. Also, the specific type of plan that is chosen and how much coverage it offers will also affect the cost. Most employers have found that by offering group health insurance they are able to attract quality employees and are able to retain their service.
Since there are numerous Florida group health insurance options available and insurance providers that carry them, you may want to get some help from a licensed health insurance or broker when trying to decide on the best option. They will be able to request and gather quotes on the plans from several top Florida insurance carriers and you’ll be able to compare them side by side. This will enable you to select the plan that is the most beneficial to your unique situation and needs.