Purchasing Group Health Insurance Online
These days, the Internet is a great resource for purchasing group health insurance for small businesses. While most large companies have dedicated human resources employees to manage insurance plans, most small businesses find that to be an inefficient use of resources. Fortunately, there are many resources online that can help small businesses find and buy the right group health insurance plans. Shopping for group health insurance online affords you the opportunity to work on your own time and at your own pace.
Websites dedicated to group health insurance quotes generally operate in one of two ways. The site can either act as an insurance broker and provide quotes, or it can send you to a broker in your area that will provide insurance quotes. Either way, you still need to provide a substantial amount of information when you apply online. Unlike buying some other types of insurance on the Internet, buying group health insurance online requires an exhaustive application process. While much of it can be done online, it’s likely there will also be a necessary offline component.
The online component of the application process is fairly basic. You need to provide information about your company, your employees, and what type of coverage you require. You’ll need to know the ages of your employees and any family members that will be included on the plan. It’s helpful to have this information handy before you begin the application process. You should also decide what type of coverage you want to provide. There are a lot of choices in this department, so you should already know what you want before you begin if you want to get the most accurate quotes you can. If you don’t know what coverage you need, discuss options with your employees and inquire about what they feel is reasonable and what they would actually use. You should also discuss how much of the premium they would be able to pay.
Based on that information, you will receive a preliminary rate quote from several insurers. You can then compare the plans to determine which rate and features work best for you. Once you chose an insurer and a plan you like, you have to go through a more formal application process. At that point, you will need to provide medical histories for your employees and your employee’s family members as well as additional documentation. Only after you have submitted all of your additional materials will you receive a firm premium rate quote for your group health insurance.
The advantages to shopping for and purchasing group health insurance online are obvious, but there are some detriments. For one, you may find that there is a limited selection of insurance plans available online in contrast to dealing with an offline broker. Additionally, creating a group health insurance plan specific to your company’s needs can be complicated, and it can be hard to meaningfully compare like plans online. Still, there are bound to be more options available in the future as group health insurance providers solidify their presence online and improve their tools and capabilities.