July 31, 2009
Group Health Insurance?
Michael asked:
Ok so I was wondering, for an amount of 25 workers, how much would an average group health insurance plan cost? I am in a class in school where we create a virtual business and I was having some difficulty finding different rates. So anyone have an idea? Any answer would be greatly appreciated, thanks.
Ok so I was wondering, for an amount of 25 workers, how much would an average group health insurance plan cost? I am in a class in school where we create a virtual business and I was having some difficulty finding different rates. So anyone have an idea? Any answer would be greatly appreciated, thanks.
Comments on Group Health Insurance?
try these, they do free online quotes
for class purposes, figure $350 per worker, $500 per worker if you want to cover their families, also. That's a monthly charge.
You could try this website to help you get some quotes on a group health insurance plan cost for 25 workers. There are different variables involved & many insurance companies will do an instant estimate online.
hello michael. before i answer your question, i will have to ask you if your from the philippines? My answer is based on the average group health insurance cost here in the Philippines.
ANSWER: For companies w/ 10 to 50 employees,the annual premium to be paid by each employee is PHp220.00.This includes: life insurance, total disability income and accidental and dismemberment.
1. With Life Insurance: The insured's family is protected from financial loss due to his untimely demise. The cash benefit of PHp 25,000.00 is given to his family in this untimely event.
2. With (TPDI) Total Permanent disability Income, the insured may be left unable to perform his day-to-day task, or even worse, continue on w/ earning a living. In the even of this happening, the TPDI feature gives the insured an additional benefit on top of his life insurance coverage.( The insured will receive PHp500- for every PHp25,000- sum insured, which is payable monthly for a maximum of 60 months.)
3.With AD&D, the insured will also receive a cash benefit on top of the built-in life insurance coverage in the even of th loss of limbs due to accident,( diff. insurance company have restrictions and amount on the loss of limbs, depending on what part of the limbs is loss)
Wow. This could vary greatly… I will try to give you some averages.
Single $280 -$400
2 Adults and Parent Children: somewhere around $550-$800
Family $800-$1300
Depending on the plan and the average age of the group these prices could be much higher or lower.
As an employer you won't be paying the total cost of these either. Most employers will pay around 50% of the single rate or 100% of the single and the employees pay the rest. In NJ the emplyer has to pay a minimum of 10% of the single rate. Hope that helps.