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Group Health Insurance

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Group Health Insurance Provided By Our Agency

Group health insurance is often the top priority of employees since individual health insurance can be costly. It’s a large expense for employers, second only to payroll. Let us help your company navigate this process and take on some of that burden so you’re not distracted by these issues while hiring talent who will make all the difference down the line.
Cost of policy
Employee value
Additional benefits
Family protection
Claim process

Cost of policy Coverage

Risk Factors

If you buy an individual policy for a particular employee, you may end up paying a higher cost.

Solution

When it comes to cost, the group health insurance plans are always cheaper than individual or family floater health insurance plans. This is due to the shared premium amount among the employees.

Employee value Coverage

Risk Factors

If an employer fails to offer benefits to its employees, the employees don’t feel valued which eventually decreases their productivity.

Solution

With group health insurance cover, the employees feel happy that the organisation values them. In return, they also work hard to deliver their best and make better for all.

Additional benefits Coverage

Risk Factors

An individual health policy you buy for your employee won’t provide any additional benefits to them.

Solution

As a higher number of people are covered under group health insurance plans, its advantages increase for the policyholders. They get a higher value with added benefits like cover for pre-existing diseases, hospitalisation expenses, etc.

Family protection Coverage

Risk Factors

If you purchase an individual health policy for your employee, the family members may have to purchase another family floater health insurance plan and pay the premium out of own pocket.

Solution

It may depend on policy to policy, but group health insurance plans often cover your family members too. These plans protect the dependents of the employees by offering them financial help in the time of need.

Claim process Coverage

Risk Factors

An individual policy’s claim process might take time since you may need to collect all the required documents before the claim process starts.

Solution

Instead of running around health insurance companies for a claim, in group health insurance plans all you need to do is connect with your employer with relevant bills. As a large number of employees are insured, the employer ensures that your claim request gets approved. The employees can even enjoy the cashless treatment.

What is Group Health Insurance?

Group insurance is a form of health coverage in which the risk for an insurer is spread across multiple policy holders. This type of plan provides healthcare benefits to members, usually company employees or membership organizations such as professional associations. Group plans often receive discounted prices from service providers because they are able to share costs among their group members rather than paying out individual rates based on each person’s needs and history with the provider.

Why do you need Group Health Insurance?

Group health insurance plans are designed to be more cost-effective for businesses. Employee premiums are typically less expensive than those for an individual health plan. Premiums are paid with pre-tax dollars, which help employees pay less in annual taxes. Employers pay lower payroll taxes and can deduct their annual contributions when calculating income taxes.

Advantages of Group Health Insurance

The main benefit of group medical insurance is that group plans tend to have relatively low premiums. Due to the advantage of larger risk pools, group health insurance plans are often more affordable than individual health plans. When more people enroll in a group medical insurance plan, this spreads risk across a wider number of plan members in the group pool, allowing the high insurance cost of any one individual to be balanced by the premiums paid by other members of the plan.

One of the other major advantages of group medical insurance is the potential for tax benefits.
  • For an employer, the money paid toward monthly employee premiums is usually tax-deductible
  • For employees, premiums are paid with pre-tax dollars, which can reduce their taxable income
  • Eligible small businesses may be able to qualify for the small business health care tax credit

How much does Group Health Insurance cost?

The cost of group insurance is affected by several factors specific to the employer, the insured and their plan, such as:
  • Demographics of the insured (age, gender, marital status)
  • Salary
  • Type of industry
  • Types of coverage offered (dental care, short-term disability, etc.)
  • Levels of coverage (co-pay, deductible, maximum, insured volumes, etc.)
  • Use of plan (claims experience)

Group health insurance can go a long way toward making employees and employers feel better about their working relationship. Of course having insurance will not solve all company or employee problems, but it can certainly go a long way toward making sure that employees and employers feel better about everything they have at a particular company.

Picking your group health insurance is a tough decision, but we’re here to help. We can offer you guidance on how much coverage you need and what type of benefits work best for both employers and employees. Contact us today to know more !

Already have Group Health Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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