Sometimes, you either may not be eligible for government healthcare, or maybe a private insurance policy is less expensive than your government-insured premiums. Whatever the reason, being a part of a group health insurance plan may be the most cost-effective option for you.
All businesses with more than 50 full-time employees must provide group health insurance. The government considers 30 hours or more a week as full-time status. Many companies also pay a portion of their employees’ premiums.
Large companies must offer their employees coverage for their children up to 26 years of age. Although the law does not require employers to provide spousal cover, most businesses have family plans.
Similarly, you may be able to join your spouse’s insurance through their employer. Some companies have policies specifically about spousal coverage. A few of the most common policies are discussed below:
• The spouse may only join the group plan if they cannot obtain health care because they do not work.
• A spouse may only enroll if he or she is unable to obtain coverage through his or her employer.
• An additional fee is imposed if a spouse can get insurance through their job but chooses to join their spouse’s group coverage.
• The company will not pay any portion of the spouse’s premium.
You can join a group plan even if you are self-employed. Entrepreneurs and freelancers form unions that have group insurance benefits for their members.
Annual membership dues are typical, but the yearly payment could be worth the savings if you earn too much for a government subsidy and do not meet the conditions for government insurance.