The Basics of Group Health Insurance
There is no question about how insurance protects your business and your employees. Group health insurance has several benefits not only for employees, but also for your business. Coast General Insurance Brokers offers our expertise on group health insurance and what you need to know about it before signing up for a plan or renewing your current one.
Open Enrollment
Enrollment dates are important for employees looking to take advantage of your company benefits. Individuals either need to abide by the open enrollment dates or have a qualifying life event to sign up for coverage. Group health insurance does not require that you sign up by a specific date. You can sign up at any time to ensure you and your employees are covered. Most policies are reviewed and renewed on an annual basis, which means it is crucial for you to start thinking about coverage options now.
Employee Health and Wellness
Offering health insurance to your employees gives them the opportunity to take care of themselves and their families. When your employees do not have to worry about their health or their families’ health, then they can spend more time at work instead of at the doctor. They also have peace of mind knowing they have coverage.
Other insurance options can be costly and contribute more stress to your employees’ lives. When your business does not offer group health insurance, your employees are forced to find alternative insurance. This can include short-term health coverage, which can be costly and inadequate, as it is not a long-term solution. This can create financial stress and cause more worries, which can also have adverse effects an individual’s health.
Benefits of Group Health Insurance
When you protect your employee’s health, you ultimately protect your business. As a business owner, you can enjoy several benefits by offering health insurance to your employees. Insurance premiums are typically lower for group coverage because the costs are usually split between you and your employees, unless you offer full coverage of employee insurance costs. You may also be able deduct employee premiums from your taxes. Note that this depends on your business’s specific financial situation. Another benefit is employee retention, as offering benefits can boost employee morale and give you the chance to hire more quality employees.
Understanding your Options
Under the Affordable Care Act, your business may be required to provide health insurance to employees. Of course, there are exceptions to this rule, but the penalties are pricey and can cost your business more in the long-run than if you purchase a group insurance policy. There are a variety of coverages available to you and your employees. If you already have group health coverage, then it is important to start thinking about renewing your plan or modifying it before the end of the year.
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.