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Posted: Apr 01 '23
Running a small business can be challenging, considering the competition rate from larger and more-established companies. The hassle of hiring and retaining staff, increasing sales, and keeping up with the day-to-day business activities can be intimidating, so you need a strategy that will keep you ahead of the rest. Now more than ever, small businesses are finding ways to win over their people and show that they care to keep them for the long haul. One of the best ways to attain this is by providing group health insurance benefits coverage. Call us today to speak to a Vistaplan advisor about a plan that fits your business and your employees.
Group health insurance benefits provide health insurance coverage for members of a group. Business owners and employers often offer such plans to their employees. As opposed to an individual health plan where you have to find an insurance provider, group health insurance individuals cannot enroll directly.
Most medical insurance providers will require at least 70% participation of uninsured, full-time employees. Generally, to qualify for small business health insurance, you must have 2 to 50 employees. If you are the only one working at your business or if you are working with your spouse, you will not qualify for the small business group health, and you will therefore opt for the individual or family insurance.
By purchasing such a group plan, you, as the employer, share the enrollment costs and the regular premiums with your employees. And hence your people will enjoy low premiums compared to individual health insurance coverage.
Compared to individual insurance, group health insurance benefits have many advantages for the employer and the employees. Here are some of the ways a group health cover will be beneficial to your small business:
Showing appreciation to your employees is a great way to make them want to work for you even more. One way to do this is to compensate and offer additional bonuses for their efforts through health insurance coverage. Group health insurance benefits will help you build trust and loyalty with your current quality employees and act as a critical tool for hiring competitive talents.
Offering group health insurance benefits to your employees will significantly increase their job satisfaction level, thus leading to happy employees. Your workers being content with their jobs will mean that deadlines are met, and your customers' needs are well addressed, hence more success for your business.
By having health insurance, your employees will have access to medical resources, meaning you will have healthy and productive employees. Another advantage of having perfectly healthy employees is the reduced rate of absenteeism.
Everyone wants to save more if possible, and group health insurance benefits are a great way to get insurance coverage without incurring extra costs. Due to a large number of people in the group getting the insurance, there are more options that you will get at a lower price. For instance, you will likely get a better insurance plan for lower premiums. Employees with dependents can also add them to the group plan at a slightly higher premium if the individual insurance plan is more expensive.
Both the employer and the employee can enjoy numerous tax benefits. For employers, the money they pay towards the premiums for their employees can be labelled as tax deductibles. In addition, your business is likely to get a small business healthcare tax credit for offering employee insurance and paying part of their premiums. Your employees, on the other hand, will enjoy a reduced taxable income since premiums are paid pre-tax.
As a business owner, you should strive to provide the best for your employees. Having the best group health insurance plan will enable you and your employees to enjoy the maximum health coverage benefits.
Here are tips you can use when shopping for a group health insurance plan:
Group health insurance policies offer you more comprehensive benefits than self-funded insurance plans. Therefore, as a small business owner, do extensive research and compare all the relevant programs on the market before deciding on group health insurance for your staff.
When purchasing online health insurance, you can quickly peruse the various plans by considering the features of the group health insurance benefits, the services provided by the insurance provider, and the cost of the premiums.
The top management in charge of human resources and finance generally makes crucial decisions for the company. However, as a small business owner, it would be beneficial to use an inclusive decision-making process that involves all your staff, including your employees at the lower levels. This would enable you to discuss the specifics of the insurance plan with the people who will benefit from it and take their input before deciding on the group insurance policy. You can also give your employees a sense of value by maintaining transparency throughout the process.
Many proprietors of small businesses activate their employees' health insurance plans six to twelve months after working with them. As a result, the new hires feel they are still not part of the company.
You may temporarily save money by not offering health insurance to your new hires. However, this approach drastically reduces your chances of nurturing positive working relationships with your staff members. Therefore, as a small business owner, if you offer group health insurance benefits from the moment your employees start working for you, they will feel more at home and increase their willingness to stick with your business.
As a small business owner, it is easy to go overboard trying to give the best to your employees. On the other hand, picking the best group health insurance benefits plan out there is just as crucial as selecting the appropriate one. Your costs will vary based on the type of health insurance plan, the number of employees and dependents (if they are covered).
Therefore, before you decide on a group health insurance plan, make sure that you consider all of the factors as well as your budget. Choose a health insurance plan with an appropriate cost-benefit ratio to prevent it from becoming a significant financial burden for you in the future.
The cost of healthcare is rising at an alarming rate. Therefore, you must ensure that your employees have quality and sufficient coverage to settle critical medical claims. Conduct a market analysis and compare the average rate provided by most insurance providers. For a start, you can go with the average, and as your business grows, you can increase your insurance coverage.
Generally, you should get the best coverage possible if your small business meets all the eligibility criteria to qualify for a small business health plan. Your employees' health determines a lot about your business performance and success. Act today and make it count! Call us to speak to a Vistaplan advisor about group health insurance benefits for your small business today!
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David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their
families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance
products they are purchasing, so they can make the right choices for their budgets, plans, and futures.
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