Guaranteed Issue Plans — Guaranteed Issue Plans, Coverage & Quotes
In every state, group health insurance is guaranteed issue. A guaranteed issue health insurance plan is one that is required to provide coverage for all applicants, regardless of their health status or risk. Unlike health insurance sold on the open market, business health insurance accepts almost all employees that sign up. That includes those with pre-existing conditions–ranging from chronic diseases like diabetes to cancer, or even women who are currently pregnant. This is especially true for large corporations, but small business health insurance also offers this benefit.
Business health insurance has looser underwriting standards than other types of health coverage. How are group health insurance plans able to offer guarantee issue health insurance? Health insurance companies are able to spread the cost of treatment among a larger group. Health insurers can still earn a profit from some unhealthier people that are more expensive to insure if the majority of the workforce is healthy.
The cost of employee health insurance depends on the size of your company and the composition of its workforce. Small group health insurance is more expensive than rates for large groups, because costs are spread among a smaller population. Younger employees usually cost less to insure than older employees, while a majority-female workplace will be more expensive for small business health insurance plans to cover. These effects are magnified when buying health insurance for small businesses.
For self employed health insurance, your best option is to search for guaranteed issue health insurance on the open market. In certain states, all health insurance for self employed individuals is mandated to be guaranteed issue. However, there are options available in all states.
Speak to one of VitalOne’s licensed health insurance agents about the variety of guaranteed issue health plans we offer. Our plans use America’s largest PPO network, Multiplan, which allows your company to save money and time. Whether you run a large corporation, small business, or are self employed, we have plans to fit your company’s needs.
