Small Group Health Insurance
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A small group health insurance is an employer paid policy for the owners and employees of a business. Depending on the policy of the business, the company may choose to include dependents of the employee too, in the policy. A small group is defined as an entity with less than 50 employees. |
In a survey conducted by America’s Health Insurance Providers (AHIP), the small group health insurance plans vary in cost based on location, size of the company, and type of option. Over 60% of the US population receives health benefits through their employers. As a small business owner, you have a variety of options to choose from. The AHIP study also states that companies offering comprehensive group healthcare policies see a considerably lower rate of staff attrition. You are also eligible for availing tax incentives for providing group insurance. An employer typically contributes about 50% of the employee’s monthly premium and a similar contribution towards the dependent’s cover. With the rising costs in healthcare and prescription drugs, the cost of health insurance has also increased dramatically. This has led to employee group health insurance policies to be seen as a retention strategy by most small companies. It has been noted that employees often stick to their companies as a result of the medical benefits that they receive. This is especially so in case of employees who have a pre-existing health condition in their family. The waiting time to get them included in a new policy is generally considered to be a high-risk period that they are not willing to wait out. Thus if you think that offering a small group policy is in the best interests of your employees and your company, speak to an insurance professional right away and create a customized healthcare solution for your company.
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Small Group Health Insurance
