Group health insurance plans remain one of the most popular benefits that companies offer their employees. Regardless of what you might have heard in the news, providing insurance for your employees doesn’t have to break the bank. Furthermore, the insurance you offer can be a tool that helps you both attract and retain the best potential recruits.
One key to finding affordable health insurance is to work with an insurance agency that has relationships with multiple carriers. The health insurance market is very complicated and similar coverage could have wildly divergent rates depending on your company’s status and on the carrier that you choose. Your insurance broker can help you to find the right insurance company for your business’s needs.
Offering group health insurance plans to your employees does more than just make life simpler for them since they are able to get their insurance provided through their workplace and paid for through payroll deductions. You also get the benefit of knowing that your employees’ health is being taken care of. This can come back in the form of reduced absenteeism due to illnesses and increased productivity because, ultimately, a worker has to feel well to work well.
One common misperception is that group health insurance plans have to be expensive to offer. Premiums might not be as high as you expect, especially thanks to the ability to combine a low-cost high deductible health plan with a health savings account. You can also tailor the plans that you offer to find the right balance of cost and service level to meet your employee’s needs and your budget. In addition, as an employer, you can also control the cost of benefits by limiting the amount that you pay towards your employee’s health insurance costs. Most employers don’t pay 100 percent of the cost of their employees’ insurance and everything that your employee pays saves you money.
Contact us to learn more about the options that we have available to help you cover your team for better health and better productivity.