Providing optimal employee benefits packages can be integral to your organization’s growth and success. Amid a competitive and changing labor market, employee benefits may play a critical role in your company’s ability to attract top candidates and retain current talent. With that in mind, it’s essential for your leaders and decision-makers to understand and optimize the core components of your employee benefits portfolio, such as your group health insurance plan.
What Is Group Health Insurance?
Your company may be eligible to set up a group health insurance plan for workers on your payroll. These arrangements allow employees and members of your organization to acquire and maintain health insurance without having to shop on the open marketplace. In most cases, your insurer may require a certain percentage of eligible employees to elect coverage through your group health plan for it to remain valid.
What Are the Advantages of Group Health Insurance?
There are many benefits you and your workforce may enjoy related to offering group health insurance, including the following:
- Reduced premiums—Insurers may be able to offer lower costs for health coverage through a group health plan due to risk spread among members.
- Better workplace morale—If employees feel your organization cares about their health and wellness, it can help cultivate a positive work environment.
- Family coverage—Employees eligible for your group health insurance may also be able to enroll their spouses and dependents for cost-effective coverage.
- Increased productivity—Studies have shown that healthy employees are more focused and productive in the workplace and less likely to make mistakes or cause accidents.
- Financial incentives—By offering a group health plan, your organization may enjoy tax benefits and can avoid potential penalties related to Affordable Care Act compliance.
- Attraction and retention—Group health insurance is one of the most common components of employee benefits packages. Plans offering optimal coverage may help differentiate your organization from competitors in the labor market.
Get the Right Coverage
As an employer, the health and well-being of your employees should be a top priority. In addition to fulfilling legal requirements and ethical obligations, an optimal group health insurance plan can also significantly benefit your organization’s bottom line. Discussing options with a qualified insurance agent is essential.
We’re here to help. At Wimmer Insurance Services, we assist employers in the Detroit Lakes, Moorhead and Fargo areas to understand group health insurance. We will work with your organization to ensure you provide your employees with suitable coverage. Visit our website or call 218-847-5703 to get started today.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.