Having a happy workforce can make or break a business, and one way to increase employee satisfaction is by offering attractive benefits. Providing Group Health Insurance can keep your employees healthy, optimize their output and make the prospect of working for you more appealing.
Employers may also enjoy tax credits and other financial benefits from offering a Group Health Insurance plan. There are several types of Health Insurance plans that you can consider offering your workers.
Types of Group Health Insurance Plans
A healthcare plan that an employer offers to eligible employees is often referred to as Group Health Insurance. The cost is generally shared between the employer and the employees. Generally speaking, Health Insurance plans tend to fall under or in between one of two categories: high premium plans and low premium plans. There are many different plans in between these two categories, but most plans are considered to be high premium or low premium.
High Premium Plans
With a high premium Health Insurance plan, employees may pay more money every month upfront, but they will typically enjoy a lower deductible (or perhaps no deductible) when they get prescriptions or medical care. If your employees tend to visit doctors frequently or fill a lot of prescriptions, a high premium plan is often recommended.
Low Premium Plans
A low premium Health Insurance plan allows enrolled employees to pay less each month, but they will have to pay more in deductibles when they visit a doctor or fill a prescription. If your employees do not schedule a lot of doctor appointments or take a lot of prescriptions, this can be a good choice.
Benefits Of Acquiring A Group Health Insurance Plan
One big benefit of a Group Health Insurance plan is that employers will pay lower payroll taxes and can deduct their yearly contributions when they file their income taxes. Some businesses may qualify for a small business health care tax credit.
Moreover, premiums are not subject to federal taxes, and the contributions are made pre-tax. This has the effect of reducing employees’ taxable income and could give your business an advantage when you are competing for qualified job candidates.
Who Should Acquire a Policy?
Any business that is looking to offer its employees medical coverage should acquire a group policy. A business generally needs to meet two main requirements to qualify for group health insurance: it must have at least one qualified full-time employee besides the business’s owner or their spouse, and the business must be considered a legal business entity under state regulations. This type of insurance is not appropriate for sole proprietorships.
Businesses that recognize the benefits of happy employees should seriously consider offering Group Health Insurance as it can help your workers feel appreciated and boost morale. The safety and peace of mind that having insurance brings can increase employee retention.
Speak To Experienced Business Insurance Brokers
With so many variables to consider, choosing the right Group Health Insurance is a big decision. Speak to the experienced Business Insurance brokers at Southern States Insurance to learn more about the available options and find the right plan to suit the needs of your business and employees. Give us a call at 888.971.6304 or request a quote online today.