In the United States, almost 30% of adults have three or more chronic health issues that could be affecting their work performance. Providing small group insurance to your employees is the perfect way to help your team stay in good health and increase productivity.
There are a lot of moving parts when considering a health insurance plan for your business though. That is why we are going to breakdown exactly what small group insurance is and why it is the best choice for your business.
Let’s get started!
What Is Small Group Insurance
Small group insurance is an insurance plan that is focused on a business with 50 employees or less. In some states, the plans can apply to companies with up to 100 employees.
Small group insurance plans must cover the ten essential health benefits (EHB) set by the Affordable Care Act. Additionally, small group insurance plans have a lower out of pocket for employees.
What are the Benefits
Many businesses choose small group insurance to benefit the employees and well as employers. Let’s take a look at some of the key benefits of choosing small group insurance.
Tax Incentives
With small group insurance employees have the convenience of having their insurance taken directly out of their paycheck pre-tax. This can add up to significant savings for the employee.
Additionally, employers can receive a tax credit for providing their employees with small group insurance. If the employer pays part of their employees’ premium they can deduct that come tax season.
Access to Larger Network
Small group insurance plans offer employees a larger pool of doctors and specialists to choose from compared to individual plans. This is especially beneficial for those with pre-existing conditions.
Additionally, for those who commute to work, having access to a broad network means that they could choose a doctor close to home. Individual plans and larger networks sometimes limit your choices when it comes to choosing a doctor.
Perks
When choosing small group insurance over an individual plan both employers and employees save money. The employee will have a lower out of pocket cost and the employer can receive tax credits.
Many small group health insurance plans offer benefits such as preventative care, emergency room visits, and hospitalization at a lower rate than individual plans. Employees might also have access to wellness incentives like nutrition counseling with small group insurance plans.
Making the Best Choice
When choosing an insurance plan small group insurance is a great choice for small businesses. These plans allow you to provide insurance for your employees at a low cost for you and them.
Employees that have access to the care they need will have fewer sick days and more productivity in the workplace. In fact, studies have shown that employees work harder for companies that provide a positive workplace.
We would love to help you choose the health insurance plan that is best for your company. Click here today and learn about what we have to offer!