Group Health Insurance
The advantages of group health insurance plans
Group health insurance is purchased from a group health company by a business, on behalf of its employees. All eligible employees receive coverage under the plan.
Group health insurance has several advantages over individual health insurance. Most importantly, group health insurance plans are usually cheaper than individual health insurance plans because businesses have more buying power than individuals. Businesses can leverage this buying power and negotiate a better group health insurance rate than their employees could negotiate for their individual insurance plans. Even if your business is a small operation, small business group health insurance can still offer significantly better rates than individual health insurance.
How does this work? Think of it as "buying in bulk." For group coverage, insurance companies determine what premium to charge by calculating how much they will spend on insuring the group as a whole. On the other hand, for an individual health insurance plan, they calculate the cost of premiums on a person-by-person basis, and it's therefore not uncommon for some people to have very high premiums.
Healthier Employees, Happier Employees
A group health insurance plan can ensure that your employees and their families feel safe. It will provide them with benefits that can protect them in the event that they experience health problems, but it will also provide them with peace of mind. In fact, many employees consider their health insurance plan to be the most important benefit they receive from their employer. Feeling taken care of by their employer in this way can positively affect how employees feel about their jobs and the company they work for; happier employees tend to have better job performance.
How to Choose a Group Health Insurance Plan
There are many group health insurance plans available, so employers have the luxury of being able to shop for the best prices and coverage. The best way to begin your search for the right plan is to request group health insurance quotes online. This will allow you to start crunching the numbers to determine how you can get your employees the best coverage for a price that fits into your budget.
Please fill out the form on this page to get group health insurance quotes.