Health insurance for you and your employees is a major decision for your business that will go a long way to protect your business interest and those of your employees. As a business, your employees’ well-being is a top priority if you want to keep the group highly motivated and increase production while reducing absenteeism and turnover rate.
A group health insurance plan helps you and your employees pay for healthcare expenses. It is a good and popular plan for a business with less than 50 employees and wants to take advantage of what comes with group coverage.
What Is a Group Health Insurance Plan?
This is a health insurance plan issued to a group like a business with employees. This covers all eligible employees and sometimes their dependents. With small businesses, the insurer determines a premium based on the risk factors balanced over the entire team using general information on members’ age and gender.
But, what makes the group health insurance plan so valuable to both your business and its staff? Here are some advantages of offering the group health insurance plan and what it means for your business bottom line.
Top Six Advantages of Group Insurance Plan
1. Low Cost
More people generally have more options at a lower price than those offered to individuals when more people are included. There is much value, such as better plans offered, lower-priced plans, and more coverage for pre-existing conditions.
A group health insurance plan provides a chance to get a good offer with reputable insurance carriers with a nationwide network of hospitals and physicians to choose from, which you would have needed to sell a leg and arm to get it as an individual.
2. Tax Benefits
Group health insurance offers small businesses health care tax credits if the businesses provide their employees’ insurance and pay part of their premium. The Affordable Care Act offers group insurance plans tax credits available for two consecutive years, covering up to 50% of premium expenses available for two consecutive years, covering up to 50% of premium expenses to small businesses to offset the costs if the businesses qualify.
3. It’s Convenient
Group insurance plans are popular because of the convenience they offer. They provide time and financial benefits for your employees. The plans have some benefits like
- Shared cost of premiums between you and your employees and
- Premium contribution made by the employees is not subject to federal taxes
4. Enhances Company Culture
Creating an environment that brings the business’s core values to life helps build a strong company culture. It makes employees feel like they belong and are valued, which often drives employee satisfaction up. Having a group health insurance plan strengthens the culture by showing you put your employees first. By offering a group health insurance plan, you enhance the company culture and protect your staff and their loved ones’ health and wellness.
5. Attraction and Retention
Job seekers now expect their potential employers to cover their healthcare needs through group insurance policies at least partially. Providing group health insurance for your employees shows care and respect, which potential hires will appreciate. This will be one of the factors that will attract the best talent in the market.
A survey found that 57% of job seekers strongly consider the benefits employers offer before taking a job. Offering group insurance helps keep a team with a high level of professionalism and talent. Retention is important because it’s estimated that employers spend about a fifth of an employee’s salary on replacing one who leaves.
6. You can Tailor the Plan
Group insurance allows you to tailor what you offer your employees in many ways. You can make the plan even better by offering a group dental or vision plan. You can customize your group insurance to make it the right match for you and your employees.
Bottom Line: Get The Group Health Insurance Plan
There are more advantages of offering group health insurance. The Plan has many parts that all come together to contribute to the bottom line. Make your business more attractive and competitive with the group health insurance plan options.
Health Solutions Team is an insurance provider offering you a reliable and affordable health insurance plan tailored for all your health needs. Contact Healthcare Solutions Team today if you have any queries and to get reliable information about the group health insurance plan.