subject: Understanding Ohio Small Business Health Insurance [print this page] Understanding Ohio Small Business Health Insurance
Ohio law requires that small group health insurance must be acquired by any small business. Not only that but the owner of a business is required to pay toward its employees' premiums before being sold a business health insurance policy. The company must also meet minimum participation requirements or the policy can be terminated. On the other hand, an insurance company may not cancel a small business health insurance policy in the state of Ohio because an insured employee gets sick.
Insurers in Ohio recognize employers with two to 50 employees are qualified for small group health plans, but eligibility is based on number of full time employees and whether or not the number wishing to participate in the plan falls within specified parameters. Therefore, even though health care is offered attractive rates and give them many options, there is no guarantee that there will be enough participants.
Interestingly, small businesses in Ohio can offer better insurance than larger ones. There are federal laws protecting them from price increases on their coverage. It still is not cheap, but at least some protection is afforded. Employees need to understand their coverage and also understand that businesses can offer coverage equal to larger companies. Of the two types of coverage available in Ohio, indemnity coverage is the most popular allowing for greater adaptability in coverage. On the other hand, a managed care plan offers options of specific networks of physicians and hospitals. Many small businesses in Ohio are trying to offer a combination of the two in order to make their group health care attractive to employees. Why worry if employees like the plan? Companies may lose the employee to a rival who offers a better Ohio group health insurance plan. Also, remember that a company must achieve a percentage of its workforce in order to be credentialed for the business insurance plan. Usually, this is about 50 percent of a company's employees.
Online rates are best. Both employees and companies can receive free quotes through this medium promoting knowledge, which in this period of a raging debate over federal healthcare is important. More employees are learning as much as possible about their health insurance to see how they can make it better as well as less expensive.
Good health insurance is a way that businesses can attract well-qualified employees. When trying to decide what company to work for, the work force is looking for more than salary. Weighing medical coverage is one thing that is important. Credible Ohio small business health insurance helps companies get and keep well-trained, hard working employees.
Finally, companies offering Ohio group health insurance can get tax breaks for the amount paid for premiums or paid into health savings accounts. Here is an incentive for companies to offer quality health coverage. Here is also a way companies can get ahead of the competition as well as help the local community since more citizens receive good coverage.
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