You Need to Get Group Health Insurance For Your Business: Here’s Why

Getting group health insurance for your business provides a benefit for your employees, keep them healthy, and still save money on their total insurance costs. 

As we steadily approach a post-COVID world, job seekers are seriously considering employee health insurance as a deciding factor in accepting job offers.

Having a solid group health insurance plan doesn’t only provide benefits for employees, but employers as well.

Interested in learning more about different group health insurance plans for your business? Contact us today.

Offering Group Health Insurance Improves Employee Loyalty and Retention

Offering group health insurance to your employees helps your business retain a low turnover rate.

By doing this, your top employees are encouraged to remain loyal to your company.

It’s simple: when employees are treated as humans first and foremost, they’ll remain content with their jobs and health benefits. 

In turn, this leads to:

  • improved interactions with clients, 
  • effective teamwork, and
  • employees seeking further training and education. 

Overall, having an employee health insurance plan in place fosters a healthy company culture. By showing your employees that their health is important to you, you’ll enjoy positive results.

Interested in learning more about different group health insurance plans for your business? Contact us today.

The 2 Most Popular Types of Group Health Insurance Plans

There are a lot of factors to consider when selecting the right health insurance plan for your business. Below are the two most popular plan types:

1. High Deductible

  • Pros: This plan typically has a lower monthly premium, and is best for groups interested in catastrophic coverage.
  • Cons: The higher deductible must be met by your employees before insurance kicks in.

2. Traditional

  • Pros: This plan uses a combination of co-pay, deductible & co-insurance. There’s also cost reduction available when in-network providers are used. 
  • Cons: However, the employer typically covers 80% of the cost.

Interested in learning more about different health insurance plans for your business? Contact us today.

Benefits of Group Health Insurance for Business Owners

As an employer, the money paid towards monthly employee premiums is usually tax-deductible. Therefore, by offering health insurance coverage as part of your employees’ compensation package, your business may benefit from reduced taxes. 

Additionally, if you’re a small business owner, you may qualify for the small business tax care tax credit. 

You can also deduct health savings account (HSA) contributions from your small business taxes. 

Having group health insurance is a vital component of your business. Our experienced insurance team will assess your needs, the coverage you want to offer your employees, and match you with a provider. 

Contact us today to talk about health insurance options for your business. 

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