Why Choose Group Insurance For Your Business?
For employees, a job has long meant having health insurance for yourself and your family. Almost 50% of Americans are presently covered by group health insurance plans. But today, many businesses are small enterprises and sometimes, the owners feel that health insurance for their staff is just too costly for a company like theirs. But to go by that assumption, is to look at only one item on a long list of factors and ignore the numerous benefits to your company and your personnel.
Group Insurance Costs
The immediate benefit is the cost itself: negotiating health insurance for a number of people can bring the price of individual coverage significantly. This is possible because the risk that the insurer is taking on is spread more broadly across a group of individual policyholders. Usually, the participation of at least 70% of the company’s staff is required for a group policy to be written. In terms of actuarial statistics, this is a good thing.
Group Insurance Options
A larger pool of insured persons can make some features and options more practical to offer, whereas this might not be so for an individual. These include specific types of coverage that address a variety of healthcare needs, like vision, dental and prescription plans.
Group Insurance Coverage
Spreading out the risk can allow for an expansion of coverage. For example, a range of pre-existing conditions can be factored in that might otherwise be grounds for denial.
Group Insurance Accessibility
Getting a job with a particular employer is not the only way for individuals to join a plan. Group health insurance is also available to any organization with legitimate standing, such as a union or a professional association.
Know your options.
It’s incumbent upon the employer to do some research into insurance companies and plans, as there is a wide variety of plans available, and they can differ greatly between insurance companies, types of plan, terms and conditions and, of course, cost. There are usually some cafeteria options which individual employees can select, including various tiers of coverage, various levels of co-payment responsibilities, and whether to include family members in the workplace insurance plan. This research will be well rewarded when you find the right insurer with the right plan at the right price.
The tax man is on your side.
In trying to do what’s right for the largest number of people, the government is ready to reward companies that engage group insurance for their workforce. A tax credit is available to small businesses who provide employee health care, and as every small business entrepreneur knows, every saving, no matter how small, helps. This can come in the form of a tax credit: money back which, to some extent, can help compensate them for the insurance premiums they are covering for their employees.
Never underestimate the power of morale.
One of the obvious benefits to the employer is more healthy employees who don’t need to take as many sick days away from the workplace. More subtle, but still tangible, is the result of having higher morale within the company. Employees can see that management cares about them and their wellbeing, and they will respond by caring about their jobs and giving that extra attention to detail and going that extra mile to advance the company’s mission.
The importance of having a workforce that is in tune with the company’s priorities and is dedicated to working towards the common goals cannot be overestimated. When employees have peace of mind about their health prospects, it can make a world of difference. A happy ship sails farther and faster.
Significant benefits like health insurance generate a bond that will endure between employers and employees. With the feeling that “we’re all together in this” everyone involved feels better, not only about themselves, but about the workplace environment, and they all care about getting more done. Keep in mind that the employer himself or herself, along with senior staff, can also take part in this group healthcare plan. A high tide lifts all boats.
We’re here to guide you.
Admittedly, the group health insurance landscape is full of choices and requires some know-how and experience to successfully navigate through it. That’s what we’re here for. With many years of collective experience in the insurance field, our team can help you through the process and ensure that you and your employees are happy with the health insurance plan you sign on to. Talk to us and see how the right group health insurance package can bring you peace of mind and a contented workforce that’s ready to take on your company’s goals.
The SKY is the limit when your dreams are properly INSURED.
