What are Group Health Insurance?
The challenges of running a successful business gets more and more difficult every year. Insurance is one of those expenditures where costs are skyrocketing, but every business has to have it. Group health insurance coverage is a policy that is purchased by an employer and is offered to eligible employees of the company (and often to the employees' family members) as a benefit of working for that company. A group health insurance plan is a major part of many employee benefits packages that employers provide for their employees.
You might be concerned that you cannot afford to provide your employees with health benefits. However I m going to show you why having employee health insurance is really something you can't afford not to do.
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Why Offer Group Health Benefits?
Forbes reported on a recent study of group health benefits in companies large and small. The study surveyed employees across the U.S. and found that 80% want group insurance benefits. Your trusted employee may not speak about it, but he or she probably wishes that your company offered an employee health benefits package. Should that employee be offered a job with similar or slightly less pay but comes with full employee benefits then they will most likely set off for greener pastures and accept the job. The point is if you want to maintain a strong workforce then providing a group health insurance program is well worth it. Successful companies know that providing group benefits to your workers is not only a kind thing to do, it is a wise thing to do.
5 Reasons Why You Should Provide Group Health Insurance?
- The first reason has already been stated, its something that your employees desire. Having a group plan gives the employee the desire to keep working for your company.
- When you provide employee health insurance, you build up morale and a spirit of teamwork among your workers. They know you care about their well being and the well being of their family.
- Employees tend to take of their health when group benefits are provided by the employer. Healthier employees means better productivity which may lead to increased profits.
- Another benefit of having group health insurance is less fraudulent workers compensation claims are filed. Employees are not tempted to file a workers compensation claim for that injury they suffered over the weekend playing sports.
- Group health insurance plans have become more competitively priced than they were 5 years ago. There are also new plan designs which allow the employer to receive the unused claims fund back at the end of the policy period. Some employers share this windfall with their workers as incentive to keep claims down. Its true group benefits are not as costly as you may think.
Contact us to learn more about the right benefits for your group.