The Benefits of Group Health Insurance (For You AND Your Employees)
Posted on: November 25, 2019 by iSure
Group health insurance is usually provided by an employer and can cover just the employee or the employee’s spouse and children. Save for very small businesses or other exceptions, it is generally considered mandatory for businesses to offer this coverage to their employees. Not providing group health coverage may be a significant mistake for some companies regardless of size, as there are a number of benefits to providing Group Health Insurance coverage, not just to the employees but also to the employer.
Lower Costs Than Individual Plans
There is no doubt that the term “health care reform” has been a hot-button topic regardless of political party over the last 10 years. Since the Affordable Care Act, it has become more affordable to purchase Group Health Insurance than for your employees to purchase health insurance individually.
Level-funding insurance plan options have been growing in popularity over recent years, which offer more flexibility for employers with virtually no risk with a nationwide network of hospitals and physicians to choose from.
Many employers are hyped on the opportunity for 10 to 15 percent in lower premium costs and the Return of Premium potential. Unlike other policies, with level-funded options, if your employees don’t rack up a large number of claims throughout the year, your company may have a substantial amount of money (originally paid in premiums) returned.
Attraction and Retention
Today, job seekers expect their employers to at least partially cover their healthcare needs through group health insurance policies, as a company that refuses to pay health care for full-time workers is a red flag. Even if a potential employee is in trouble financially, they may still take the job out of desperation but will jump ship as soon as they can afford to for greener pastures.
Providing group health insurance for your employees shows that you care for and respect their needs, which will go a long way for your company. Speak to a group health insurance broker to see how you can get started.
In some instances, providing your employees with Group Health Insurance may allow you to have a tax write-off and offer added tax benefits for your employees.
Payments made to group health insurance premiums, reimbursement plans (HRAs), and Health Savings Accounts (HSAs) are generally all eligible for tax advantages as all of these payments can be made as pre-tax contributions.
Also, qualifying health insurance plans may be eligible for HSAs for their employees. HSAs are 100 percent owned by the individual employee and not tied to you in any way. A large majority of people are choosing to invest their money in HSAs rather than insurance plans with more coverage. Contact your group health insurance broker for details.
About iSure Insurance Brokers
After serving leaders in the Greater Miami market for more than three decades, iSure Insurance Brokers has become the provider of choice for discerning commercial clients and individuals alike. Because no two insurance programs are or should be alike, you can be sure that iSure will craft a comprehensive approach to protection that is as unique as you are. We welcome the opportunity to protect what you have worked so hard to build. Please contact us at (305) 223-2533 to learn more about what we can offer you.