Unlocking the Value: Employer Group Health Insurance Benefits for Businesses

Your organization’s employees are among its most essential resources. A reliable team of experienced, focused and dedicated workers is integral to streamlining operations and pursuing new aspirations. However, to maximize your staff’s effectiveness, you should consider investing in their health and wellness, such as through a group health insurance plan.

What Is Group Health Insurance?

Group health insurance is one of the most common and effective ways for individuals and families to secure necessary coverage. These plans are often offered through employers and can provide many advantages compared to individual plans. Employers can offer coverage to eligible employees, as well as their spouses and dependents. However, workers must typically be on your payroll to be eligible, meaning that temporary employees and those on unpaid leave may need to seek coverage elsewhere. Additionally, many health insurance carriers require a certain percentage of eligible workers to join the plan for it to remain active.

Why Is It Important for Businesses to Offer Group Health Insurance?

In addition to being an attractive opportunity for employees, your company should also understand that offering an appropriate plan may reap many benefits. As you weigh the pros and cons of this investment, consider the following potential advantages:

• Improved health and wellness—A suitable health insurance plan can help your employees and their families access essential preventive and medical services, potentially ensuring they can maintain their well-being.
• Reduced stress—Suitable group health insurance can help employees access wellness services and limit financial burdens, potentially reducing overall stress levels.
• Increased productivity—Given how group health insurance can help employees maintain their own wellness and limit stress in their lives, it may also help them remain focused and motivated in the workplace.
• Greater attraction and retention rates—When organizations offer health insurance, they may differentiate themselves from competition in the labor market, potentially helping to attract top candidates and keep existing talent.
• Affordable Care Act (ACA) compliance—The ACA may penalize some employers (e.g., those with over 50 full-time equivalent employees) if they don’t have minimum essential coverage.
• Financial incentives—Employers that offer group health insurance may enjoy lower payroll taxes. Furthermore, contributions made toward employees’ premiums are typically tax deductible.

We’re Here to Help

With over two decades of experience serving the health coverage needs of businesses, families and individuals, Insurance Solutions USA is well-positioned to help you understand your options and select the right group health insurance plan. Visit our website or call 817-756-1442 to learn more.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.