Have you been searching for health insurance coverage for you and your spouse or children? If so, you are likely aware that group health rates are significantly lower than individual insurance rates. How do you buy group health insurance, so you can get the coverage you need without paying a small fortune in premiums every month?
Group Health Insurance through an Employer
The most cost effective way to get group coverage is by enrolling in an employer’s group health insurance plan. Many employers offer their employees the option to obtain coverage at discounted rates. Since the insurance company’s risk is spread among all employees enrolled in the plan, it can offer lower rates than would be available through an individual policy. Some employers even subsidize part of the premiums, so you can save even more money with this strategy.
Joining a Guild or Professional Association
If getting group coverage through an employer is not an option, you may be able to obtain group health insurance through a trade guild or professional association. These entities serve professionals in a variety of niches – you can find guilds that cater to visual artists, authors, skilled tradesmen, and other business owners. The rates will not likely be as low as through an employer, and you may receive less coverage for your money, but this can still be a good way to find adequate group health coverage to meet your needs.
Buying Group Health Insurance for Your Business
Another method of buying group health insurance coverage is getting a policy for your own business. In some states, sole proprietorship and partnerships can qualify for group plans; in others, you might need to register your business as a limited liability company or a corporation. Rates can still be high, but they are typically still lower than rates charged for individual health insurance.
