Group Health Insurance Plans: Not Just For Big Businesses

Insurance Blog

Perhaps the most common misconception that people have about group health insurance plans is that these plans are only available to large businesses. Not only does this misconception often influence where people choose to work, but it can also cause small business owners and self-employed individuals to never even look into the possibility of enrolling in a group health insurance plan. This is really quite unfortunate because the truth is that virtually anyone can actually benefit from this type of health insurance coverage. If you are a small business owner, work for a small business, or are self-employed, continue reading to learn more about how you can take advantage of all the benefits group health insurance plans have to offer. 

A Group Does Not Need To Be Large

When people think of group health insurance, they tend to think of a large group. However, most insurance carriers make group insurance plans available to groups of all sizes. In fact, a group that is comprised of just a few people can often qualify for group rates. 

While even the smallest groups may be eligible for group health insurance rates, it is important to note that the larger your group is, the more favorable your rates are likely to be. Therefore you may want to consider opening up enrollment to include immediate family members, subcontractors, or other individuals who would qualify under the defining rules of your group.

A Group Does Not Need To Work For The Same Employer

While the most traditional type of group that participates in group health insurance plans is a group of people who are all employed by the same company, most insurance companies simply require that the individual members of a group share a common factor in order to qualify for this type of health coverage. This allows small business owners and self-employed individuals to come together in order to form a group and increase their buying power. However, it is important to note that simply being self-employed is not enough to constitute a common factor in the eyes of most insurance companies. Therefore you will need to select a more narrow criteria in order to qualify for this type of coverage. For instance, if you work as a musician, you can choose to form a group with other musicians. You can also choose to form a group based on physical location or other defining criteria such as minority-owned businesses. 


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