Employer Group Health Insurance Plans
If you are employed, your employer may offer you access to a group health insurance plan. This type of insurance is purchased by the employer and the company’s employees are eligible to enroll in the plan. Employer sponsored policies are typically more affordable than private coverage, so if you have access to this type of policy it may be the most affordable option for you.
Keep reading if you are an employer looking to purchase a plan for their company or a person who is interested in learning what group health plans have to offer. This article will discuss what group health insurance is, how it works, and what types of plans are available.
Employer Sponsored Insurance
With group health insurance plans, the risk to health insurers is spread across a large population of people. Considering this, the cost for group health insurance is often heavily discounted. For this reason, health insurance is often seen as an important factor for people in the job hunting process.
Quality Insurance Keeps Employees Happy
If you are an employer, your choice of group health plan may help keep your employees satisfied with their job. Healthy employees will be more capable, ensuring that your business has the manpower needed to continue growing. To find the best possible plan for your employees, please contact Proinsurance Hawaii to start comparing local plans.
This Is How Group Health Insurance Plans Work
A business or organization can buy a group health insurance plan in order to provide coverage for their employees or members. It is not possible to enroll in a group health insurance plan as an individual, so you must be invited to the plan by the business or organization that owns it.
If your company offers a group insurance plan, you don’t have to enroll in it. Although, the insurance company may require that a certain percentage of your group participates in the plan in order to maintain the policy. With a group health plan, the cost of health premiums is shared by the employer and employees. In most cases, family members or other dependents can also be added to employer sponsored health insurance plans.
Which Companies Offer Group Health Insurance
Any company with at least one full-time employee can offer group health insurance. If your company is located on the mainland, it is not required to offer insurance if it has fewer than 50 full-time or full-time equivalent employees. However, if your company has 50 or more full-time employees, it must offer medical insurance to its workforce.
Benefits Of Group Health Insurance
The primary benefit of group health insurance is that these plans typically have much lower premiums than other forms of private health insurance. This allows people to access better benefits that may not be available if they were left to purchase insurance on their own.
For the employer, group health insurance offers the benefit of monthly premiums being tax-deductible. There is also a tax incentive for the employees, as all premiums are paid with pre-tax dollars. Some businesses may even be able to qualify for small business health care tax credits, which further lower the costs of coverage for plan members.
