A well-run business owes much of its success to happy employees. And a major component of employees’ happiness is their overall health. With quality health insurance options available to them, your workers will be happy and healthy.
As a businessowner, you must make the important decision of offering group health insurance to your employees. Whether you’re looking into signing up for a plan for the first time or renewing your current program, Coast General Insurance Brokers wants you to stay updated on the ins and outs of group health insurance:
Basic Benefits of Group Health Insurance
Firstly, we must acknowledge that offering group health insurance to employees can prove advantageous to everyone involved. Even though it is not legally required for small businesses with less than 50 full-time workers to offer group health insurance, protecting your employees’ health also allows you to protect your business. You can have peace of mind knowing that for a handful of your employees, the health benefits extended to them will provide them access to health services they otherwise might not have been able to afford.
Employee retention is an added benefit. By offering health insurance, you’re sure to attract the most talented and qualified employees to your company. Not to mention that you may even boost their overall morale. In fact, a survey by the Society for Human Resource Management reports that 29 percent of employees that leave their jobs are motivated by their desire for a better benefits package.
There are financial benefits to offering group health insurance as well. Insurance premiums tend to be lower for group coverage because the costs are split between you and your employees, unless you offer full coverage of employee insurance costs. Depending on your business’s financial circumstances, you may also be able to deduct employee premiums from your taxes.
Open Enrollment in 2019
Because most policies are reviewed each year, you must start thinking about coverage options for your employees now. If you plan on enrolling in a group health insurance program, your plan will go into effect starting January 1. If you already have a plan but are selecting a new one during the open enrollment period, your current plan will end the last day of December and the new plan will begin New Year’s Day.
If you’re uninsured, the good news is that group health insurance does not require that you sign up by a specific date. However, be aware that the longer you wait, it could take longer for your new health insurance plan to go into effect. In most states, the open enrollment period began November 1 and ends December 15 for 2019 coverage.
Remember, if you do decide to offer a group health insurance plan to your employees, it must be provided to each of them – you cannot pick and choose. Your employees will have the option to extend their benefits to their spouses and children as well. When companies offer health insurance to new employees, they must do so within 90 days of those employees’ start dates, providing a summary of their benefits and coverage.
Every business is unique, which means finding the right health coverage is crucial. Contact Coast General Insurance Brokers today to find the best group health insurance, service, price, and value. Call (805) 644-4740 to speak with one of our friendly agents for a free quote today! We proudly serve Ventura County and all of California for your business insurance needs.