Group Health Information
As an employer, your employees’ health is integral to your ongoing success. All organizations require a healthy and productive workforce regardless of size or sector. If your workers cannot reliably and efficiently complete tasks and fulfill duties due to preventable health issues, it may adversely impact your organization’s operations and growth.
Fortunately, employers can play a critical role in helping employees maintain their health and wellness by providing group health insurance. An employer-sponsored health plan is one of the most common types of group health insurance policies and can provide invaluable advantages for employees and employers.
What Is Group Health Insurance?
A group health insurance policy may be a convenient and cost-effective way to give your employees access to essential medical services. These arrangements are among the most common components of employee benefits packages. They may help workers pay for various health care costs, including preventive services, checkups, prescription medications and hospital stays.
How Does Group Health Insurance Work?
Often, group health insurance is provided by an employer through an insurance company, though other arrangements may be available. An employer may offer several health plan tiers, with varying coverages and rates, depending on their circumstances. Enrollment in these group plans is then offered to qualifying employees, their spouses and dependents, depending on the policy. Employees then have the option of accepting or declining coverage.
Typically, after establishing group health insurance plans, a certain percentage of eligible employees must enroll for the policy to remain active.
Why Should Employers Have a Group Health Plan?
A group health insurance plan may garner many benefits for your organization and its employees, including the following:
- Financial incentives—A group health plan may provide lower premiums for employees compared to options available for individuals, while also providing tax incentives for your organization.
- Improved productivity—By offering reliable health insurance, your employees may be better equipped to maintain productivity and limit absences.
- Reduced stress—When employees can rely on group health insurance to care for themselves and their families, they may be less worried about matters not directly related to the workplace.
- Increased attraction and retention—Attractive health insurance can help your organization retain its employees and may also make a difference when attempting to court top candidates.
Get the Right Coverage
With a history of service dating back to the 19th century, First Insurance Group has ample experience helping employers in Lexington, Louisville and the surrounding areas assess and address their coverage needs. Contact us today to get started.