The Incredible Bargain Of Company Medical Insurance
Company medical insurance is one of the key benefit consideration in the criteria search for the best employees. Prospective employees screen benefits as much or more than they examine the expected salary. If the company medical insurance is excellent, employees might be willing to accept a lower salary in exchange. Some employees in terrible jobs stay employed there only because the company medical insurance is exceptional. It may be that some of these miserable employees have conditions that render them uninsurable if they left their current jobs. Some may have pre-existing conditions that would make joining a new company insurance policy too expensive.
The reasonable cost of company medical insurance comes from the economy of insuring a group. The insurance companies would not offer insurance if it was not profitable. They would prefer to land one hundred or one thousand new clients than a single person. A company medical insurance program offers a group discount to the employer, who passes those savings to the employees. The more employees that are enrolled in the company medical insurance, the more employees that are paying monthly premiums. Some people won't use their insurance as much as others, balancing out the financial aspect of the company medical insurance.
An employee that is in relatively good health with few bad habits should have not a problem qualifying for company medical insurance. Insurance companies like healthy clients, because they tend to make fewer insurance claims. That's why a medical history is a part of the application process for some types of company medical insurance. This history shows the insurer what types of illnesses have affected the employee in the past. Additionally, the medical history helps predict future health care costs payable by the company medical insurance.
The medical history will also identify any pre-existing conditions. These are health problems or ongoing illnesses suffered by the applicant. Insurance companies don't like to inherit someone else's problems, because these previous conditions increase the risk of paying out more claims. The company medical insurance for those with pre-existing conditions might be somewhat more expensive than for those without such conditions.
You've hit a gold mine if you can find an employer that will pay the full cost of your company medical insurance premiums. Imagine having full health care coverage at no cost to you! Other companies will pay part of the company medical insurance premiums, and some pay none at all. Even if the company does not contribute to the company medical insurance premiums, the price paid by the employee is far more reasonable than an individual policy with the same benefits.
Copyright 2007 Jim Sterling - All Rights Reserved
The Health Insurance Game
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