Group Health Information
Smaller is Better
If you’ve looked at small group benefits for your company and decided it wasn’t a fit at the time, now is may be the time for another look. In the past few years, coverage for small groups has experienced drastic changes which benefit the business owner. Ninety percent of American’s get their health benefits from their employer. While there are clear advantages to both group and individual coverage, many small businesses don’t choose group benefits due to simple misinformation and confusion. Ironically, group benefits are one of the simplest options available to small businesses today.
Savings and Cost Control
Provides multiple savings advantages that business owners cannot take advantage of in any other way. Group benefits are typically a full-business write-off, and most companies qualify for additional payroll tax minimization, health tax deductions, and worker comp savings. There may also be additional tax savings and incentives that your broker can review with you.
Provides Exclusive Options
Group benefits provide access to group-specific plans and networks like PPO’s, POS’s, and HSA’s, while putting the business owner in control. You choose what to offer your employees and can scale as your company grows. Group policies are typically written with rate-locks to ensure you can accurately schedule your fiscal year without experiencing an increase.
Helps Keep and Maintain the Best Talent
Cost saving is certainly the most important aspect of a business determining if group benefits are the right choice for them. According to Glass Door, 48% of small businesses in the country offer group benefits to their employees. Moreover, and probably more important to business owners today, 91% of employees stay loyal to a small business due primarily to benefits they receive. If it’s that important to an employee, shouldn’t it be even more important to you?
When you meet with a qualified broker, we’ll get down to the nitty gritty, but here’s some things to consider. When considering these things, keep in mind that pre-existing conditions no longer affect cost or approval, but size of your group and age does.
Are all of your employees local to your home office, or do you have remote offices?
How many full-time employees do you have, and how many would likely participate?
Will you pay any portion of your employees spouse/children?
Do you want to require a probationary period for new employees?
What is the overall health and age of your group?
What type of plan and network do you want to provide?
If you’re ready for a quote, one of our leading Group Benefit Advisors will get back to you ASAP. You can also contact us at your convenience, or
Book an Appointment Now
Before you decide whether group benefits are the answer for you, your company and your employees, there are a lot of things to consider, and that’s not something a business-owner should do on their own. As a business owner knows, you don’t ask your dry cleaner for legal advice, nor do you ask your lawyer to starch your collar. When buying health benefits, you talk to a broker, and that’s what we’re here for.