WEDNESDAY, NOVEMBER 25, 2020
Employees are the driving force behind each and every business. They are the faces of the company, people who keep things running behind the scenes and the ones your customers see on a day to day basis. Finding and maintaining top talent is one of the most important responsibilities business owners have. One way they do this is by offering a substantial employee benefits package.
Perhaps the most important part of an employee benefits package is health insurance. Group health insurance allows the business owner to offer insurance for all employees and their families, spreading the risk while offering varying coverages depending on specific needs.
Depending on the size of your business and your industry, you may be required to offer some form of health insurance for your employees. On average, employers with 50 or more full-time employees must offer health insurance. Without it, you will have a hard time attracting and maintaining dedicated employees to your company. This means that even without the requirement, you may still want to consider offering group health insurance as part of your employee benefits package.
Who Pays for Group Health Insurance?
As the technical policyholder, an employer pays the majority of the premiums for a group health insurance policy, though this percentage varies per policy. The employees that sign onto the policy must pay a percentage as well along with copayments and deductibles as applicable by the policy.
Keep in mind that not all group health insurance plans are created equal. It is important to choose a plan that offers comprehensive coverage at a competitive rate for both you and your employees.
How Much is Group Health Insurance?
The cost of group health insurance varies depending on several factors, including your location, coverage limits, number of employees and other factors. Speak with an insurance agent about saving money on a group health insurance policy that covers your employees competitively. Premiums are also dependent on how percentages will be split between the employer and the employees. While having low premiums on the business side can save money in that regard, it may also mean having your employees pay higher amounts and feeling unhappy with their policy.
Choosing smaller coverage amounts isn’t the best way to save money if you wish to have a policy that keeps top talent around, so ask about other discounts and compare prices between multiple insurers.
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