Almost half of the U.S. is covered by group health insurance. You can obtain group health insurance through an employer or as a member of an organization. Employers should carefully consider the needs of their employees before selecting a group health plan.
Group health plans are employee welfare benefit plans. These plans provide coverage to their groups of members, whether that be employees or members of an organization. The risk of insuring groups is lower because of the sheer number of individuals. Plan members benefit from a lowered cost of insurance.
Members of the organization can choose whether or not to accept and opt in to coverage. Generally, about 70% of the employees of an organization have to participate or the plan is invalid. The company or organization purchases the plan and offers it to members; individuals cannot purchase a group health plan. However, if individuals within the group want to extend coverage to family members or dependents, they can do so for an extra charge.
Plans often come in tiers of coverage, with higher deductibles and prices for more benefits.
Every business and their employees have different goals and needs.
Offering a competitive benefits package is the number one way to gain and retain top talent. Let us help you to build a benefits package that not only is affordable but also reaches the goals you have for your business and employees today and into the future.
- Health Insurance
- Life Insurance
- Disability Income Insurance
- Dental Insurance
- Vision Insurance
- Voluntary Insurance (AFLAC)
- Financial Planning
Group Health Plan Costs
The cost of premiums is shared among the members of the group. This is what makes group health plans desirable: they are often far cheaper than individual health plans.
Using a Health Maintenance Organization (HMO) plan or Preferred Provider Organization (PPO) plan can help your company further save money. These plans use networks of providers in your region and negotiate lower rates to bring you the coverage you and your employees need at a price that you can all afford.
Choosing a Group Health Plan
When selecting a group health plan for your company or organization, look to the needs of your members. Healthy employees will spend less money on their insurance, lowering everyone’s premiums. Keep this in mind when seeking plans with preventative care models. The more access to care, particularly dental and vision, the happier your employees will be. Choose a group health plan with quality customer service, as this is also an important feature for employees. When in doubt, consider coverage over price.
Are you searching for the right group health plan for your business or organization? Partner with Better Insurance Management to find the perfect match for your employees.