Group Medical Insurance Overview

Employees today expect their employers to value them – as they should. That’s why any business will eventually need to consider offering not just good pay, but excellent benefits as well. And on the top of the list for benefits that employees value the most is health insurance. Giving Oroville, WA employees health insurance is one of the best ways to ensure that you retain the top talent and that your company morale is always high.

For a employer, group medical insurance is what you’ll need to purchase. These policies can be structured in various ways, include different coverages, and can usually be adjusted to provide health insurance while also fitting into a budget. With that in mind, taking a closer look at group medical insurance is well worth doing.

What Is Group Medical Insurance?

Interested in promoting a health insurance solution that puts both control and flexibility back into the hands of your employer client? Do you feel hamstrung in terms of offering viable options to your Oroville, WA client companies due to community rating and the renewal increases you are seeing?

Are you ready to promote an ERISA-based health benefits program that provides employers a turn-key solution for ACA compliance? Are you tired of spreadsheets and are ready to serve as a solution provider for your group clients?

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Group medical insurance can be customized depending on the needs and goals of a business. You can elect to have copays for medical visits, prescription drug coverage, and even add extra coverages like vision plans. Additionally, some Oroville, WA businesses allow their employees to choose to add these extra coverages and pay out of pocket for them – the business will pay the base rate, and the employee pays for any additional coverage he or she desires.

Group coverage lets you give your employees protection, improve your company morale, and remain fully compliant with all laws and regulations regarding insurance coverage. It’s something well worth looking into for any business.

The Two Main Types Of Group Medical Insurance

While the individual elements of any policy can be adjusted and customized to one degree or another, there are really two basic types of group medical insurance that a business will have to choose between – self-insured and fully insured.

  • A fully insured policy is the traditional insurance plan that most are familiar with. You receive a quote from your provider and pay the premiums. In return, the insurance company handles the risk and the application of funds related to claims and medical costs.

  • Self-insured plans are a bit different. In these policies, the Oroville, WA business assumes the risk associated with medical coverage. Instead of paying premiums, funds are taken each month and put into a bank account. Then, as costs are incurred through claims the business will have to pay for each of them out of that bank account.

Self-insured health plans can reduce your overall costs and can be more fully customized than a traditional plan. However, there is the added risk associated with paying for your employees’ costs out of pocket, and only businesses with stable and reliable cash flow should consider this option.

Building The Right Policy

When you begin shopping for your insurance policy, it’s important that you take the time to find the right one for your business. There are several things that you will need to pay attention to here, each of which can directly impact the overall quality and satisfaction you and your Oroville, WA employees get from your insurance.

Some of the main elements that you will need to keep in mind are the same as if you were shopping for an individual health insurance policy for yourself – or even an auto policy. The main factors to consider include the following:

  • Copays
  • Premium Costs
  • Ability to add dependents
  • Deductibles
  • Allowed Coverages

It’s important when building your policy that you think about your business’ budget as well as the type and amount of coverage that you want to provide to your employees. You should be able to get a policy that keeps them protected and that also fits into your business budget and structure.

Often, finding the right policy is easier when you turn to the pros. At we have a history of helping businesses get exactly the insurance they need for their team. Contact us and speak to a team member today to learn more about all of your group medical insurance options and find the one that is right for your needs, goals, and budget.