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Group Health Insurance in Vermont

Group health insurance plans offer coverage to a defined collection of people. The insured group is frequently a business’ employees, but it can be another collection.
Anyone who is a qualifying member of an insured group including both group members who are lower or preferred risks, as well as those who fall into higher risk categories are able to participate in that group’s health plan.
• Maternity coverage
• Covers pre-existing diseases

What is Group Health Insurance?

Many Vermont residents receive health coverage through an employer-sponsored group health insurance plan. Such provided coverage is usually presented as part of employees’ overall compensation packages, and it can account for a notable portion of their compensation.

Group health insurance plans offer coverage to a defined collection of people. The insured group is frequently a business’ employees, but it can be another collection. By providing collection to multiple people who are part of a single group, this type of health plan is distinguished from personal health plans that insure individuals, couples or families only.

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Who Are Group Health Plans Available To?

Broadly speaking, anyone who is a qualifying member of an insured group is able to participate in that group’s health plan. This includes both group members who are lower or preferred risks, as well as those who fall into higher risk categories. 

For group members who have health conditions that place them in higher risk categories, the ability to obtain coverage through a group health plan can be especially important. Whereas coverage through a personal plan might not be available or be more expensive, group plans normally don’t base individual members’ premiums on their health condition. People who are in the same group plan usually pay the same premium for the number of people they’re having covered (e.g. only themselves, themselves and a spouse, or themselves and their family).

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Do All Employees Have Access to an Offered Group Health Plan?

In situations where a group health plan is offered to employees, employees’ access to the plan is often based on the hours they work and their duration with the company. Many plans are only available to full-time employees and not part-time employees, although there are exceptions to this where employers make plans available to both full- and part-time employees. Additionally, some plans require working for a company for a certain amount of time before group health plan coverage takes effect.

What Businesses in Vermont is a Group Health Plan Right For?

There are many businesses in Vermont that might benefit from offering their employees a group health plan. Having a plan may both help attract new talent to a company and reduce annual turnover among current personnel. For some positions, it can be nearly impossible to find and retain qualified talent without offering this common benefit.

Sometimes, sole proprietors might even want coverage through a group health plan. Sole proprietors themselves may find that a group health plan gives them the best and most affordable coverage, and extending a plan’s coverage to employees is a responsible and often practical way to care for employees.

While lots of businesses should consider extending a group health plan option to their employees, there isn’t any one group plan that’s right for every business. Instead, businesses should consider their employees’ means and needs, and select a plan that makes sense for their workers. An insurance agent who specializes in group health plans can help select a particular plan that makes sense for an individual business.

Are Businesses Required to Offer Employees a Group Health Plan Option?

Most businesses that have employees aren’t technically required to offer employees a group health plan, but those that don’t might face tax penalties. To make sure they aren’t assessed unexpected tax penalties, businesses that are considering not offering a group health plan should speak with a qualified tax professional and a legal professional before making a final decision. Often, businesses elect to avoid any potential tax penalty.

Do Group Health Plans Include Vision and Dental Coverages?

Group health plans usually don’t include vision and dental coverages but these can often be added onto a businesses’ benefit offerings through separate policies. An agent who’s familiar with group health plans can likely also assist with vision and dental plan options.

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How Can Businesses in Vermont Get Group Health Insurance?

For help selecting a group health insurance plan that’s good for your Vermont business’ situation, contact the independent insurance agents at Paige & Campbell Insurance. Our agents have assisted many businesses in the state with their group plan needs, and we have the expertise to help you find a well-suited plan.

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