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Group Health Insurance

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Group Health Insurance Provided By Our Agency

Group health insurance is often employees' top priority since individual health insurance can be costly. It's a large expense for employers, second only to payroll. Let us help your company navigate this process and take on some of that burden so you're not distracted by these issues while hiring talent who will make all the difference down the line.

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Cost of policy
Employee value
Additional benefits
Family protection
Claim process

Cost of policy coverage

Risk Factors

If you buy an individual policy for a particular employee, you may end up paying a higher cost.

Solution

Group health insurance plans are always cheaper than individual or family floater health insurance plans. This is due to the shared premium amount among the employees.

Employee value coverage

Risk Factors

If an employer fails to offer benefits to its employees, the employees don’t feel valued, which eventually decreases their productivity.

Solution

With group health insurance coverage, the employees feel happy that the organization values them. In return, they also work hard to deliver their best and improve it for all.

Additional benefits Coverage

Risk Factors

An individual health policy you buy for your employee won’t provide additional benefits.

Solution

As more people are covered under group health insurance plans, its advantages increase for the policyholders. They get a higher value with added benefits like coverage for pre-existing diseases, hospitalization expenses, etc.

Family protection coverage

Risk Factors

Purchase an individual health policy for your employee. The family members may have to buy another family floater health insurance plan and pay the premium out of their pocket.

Solution

It may depend on the policy, but group health insurance plans also often cover your family members. These plans protect the dependents of the employees by offering them financial help in a time of need.

Claim process coverage

Risk Factors

An individual policy’s claim process might take time since you may need to collect all the required documents before the claim process starts.

Solution

Instead of running around health insurance companies for a claim, all you need to do in group health insurance plans is connect with your employer with relevant bills. As many employees are insured, the employer ensures your claim request is approved. The employees can even enjoy the cashless treatment.

What is Group Health Insurance?

Group insurance is a form of health coverage in which the risk for an insurer is spread across multiple policyholders. This plan provides healthcare benefits to members, usually company employees or membership organizations such as professional associations. Group plans often receive discounted prices from service providers because they can share costs among their group members rather than paying out individual rates based on each person’s needs and history with the provider.

Why do you need Group Health Insurance?

Group health insurance plans are designed to be more cost-effective for businesses. Employee premiums are typically less expensive than those for an individual health plan. In addition, premiums are paid with pre-tax dollars, which helps employees pay less in annual taxes. As a result, employers pay lower payroll taxes and can deduct their annual contributions when calculating income taxes.

Advantages of Group Health Insurance

The main benefit of group medical insurance is that group plans tend to have relatively low premiums. In addition, due to the advantage of larger risk pools, group health insurance plans are often more affordable than individual health plans. When more people enroll in a group medical insurance plan, this spreads risk across a more comprehensive number of plan members in the group pool, allowing the high insurance cost of any individual to be balanced by the premiums paid by other members.

One of the other significant advantages of group medical insurance is the potential for tax benefits.
  • For an employer, the money paid toward monthly employee premiums is usually tax-deductible
  • For employees, premiums are paid with pre-tax dollars, which can reduce their taxable income
  • Eligible small businesses may be able to qualify for the small business healthcare tax credit

How much does Group Health Insurance cost?

The cost of group insurance is affected by several factors specific to the employer, the insured, and their plan, such as:
  • Demographics of the insured (age, gender, marital status)
  • Salary
  • Type of industry
  • Types of coverage offered (dental care, short-term disability, etc.)
  • Levels of coverage (co-pay, deductible, maximum, insured volumes, etc.)
  • Use of plan (claims experience)

Group health insurance can go a long way toward making employees and employers feel better about their working relationships. Of course, having insurance will only solve some company or employee problems. Still, it can certainly ensure that employees and employers feel better about everything they have at a particular company.

Picking your group health insurance is tough, but we’re here to help. We can advise you on how much coverage you need and what type of benefits work best for employers and employees. Contact us today to know more!

Already have Group Health Insurance? Switching is easy

It might be time to switch insurers whenever your existing insurer's service doesn't meet your needs. For example, it might be time to consider other options if you have poor claims experience or an unexplained rate increase.

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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