Group health insurance is employer-sponsored health coverage for employees and often their dependants. Now-a-days a majority of people are getting health insurance coverage through employer-sponsored group plan. Under this insurance policy, all the employees and the employer share premium costs and there are special tax incentives available to the businesses that provide group health insurance.
As an employer, you choose group health plan from the various plans available in the market and invite your employees to enrol. In all the business cases, employers typically cover at least 50% of each employee’s premium and the remaining is contributed by the employee.
Offering group health insurance can benefit your company as it retains the employees from continuous switching to other job locations. Also, the amount paid towards the premium is also tax-deductible. This insurance can also be beneficial to the employees as they are getting insured at the low cost with the high coverage along with their family members who might otherwise go uninsured.
The premiums are very low if the number of employees is large. That means, the higher the employees willing to get insured, the cheaper the premium quote would be. In this way, you can save a lot of money compared with individual health insurance policy. For a small business size less than 20 employees, it is not advisable to go with group policy.
Start searching for a good insurance company offering cheap quotes with an appropriate and adequate cover to your employees. Covering your employees is as much important as covering your business. This insurance is similar to the employer’s liability insurance which is mandatory in every organization.