What Are the Benefits of Small Group Insurance?

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Are you looking for affordable health insurance? If so, you’re certainly not alone.

Health insurance is no cheap thing, as anyone who’s ever had it knows. The average annual premiums in 2019 were $20,576 for a family of four. That’s $5,144 per person a year, or $428 per person a month.

But guess what? Employers covered seventy-one percent of that cost! That’s right—over 70% of those premiums were paid for by an employer, according to Kaiser’s Employer Health Benefits survey in 2019.

Employers have more sway over your insurance costs than you’d imagine. Did you know that group insurance might be something your employer offers, something you could opt to do? Would there be benefits to you for seeking out group insurance over individual insurance?

Let’s discuss.

What Are the Advantages of Group Insurance?

When your employer provides small group insurance, the benefits go both ways—both employer and employee reap the rewards.

For employers, the advantage is clear: they’ll immediately get a leg-up on any business in their industry that doesn’t provide health insurance to its staff. Employers who offer health insurance often retain staff members longer, recruit better applicants, and have the so-called bragging rights among local businesses.

Another advantage of group insurance is its versatility. Group insurance covers several types of insurance, meaning there’s no need to seek additional insurance from a separate provider. Skip the hassle and get health insurance and life insurance from the same source.

Employees see most of their benefits in the reduced costs. Cheaper insurance that doesn’t sacrifice quality means more money goes elsewhere. This cost savings can keep families comfortable, rather than dreading each monthly bill.

Convenience in every regard is another, but not final, benefit of group insurance. When employees receive group insurance from an employer, it’s often done with payroll, making bill-paying less stressful and more straightforward.

Are There Any Caveats to Group Insurance?

One thing for employees to know is that smaller businesses won’t offer quite the same perks as larger establishments. It’s only natural to assume that the bigger the company, the more cost-savings employees can expect.

Small businesses might come with a higher price tag, but that’s balanced out with the many other reasons to work for a small and growing business. It’s also likely to be still more affordable than individual insurance.

Rest Assured, Stay Insured

Do you think you’re an ideal candidate for group insurance?

If you need health insurance and your employer provides it, group insurance could be a fantastic solution. It’s often the most affordable option, which is particularly beneficial to those in generally good health. However, as an employee, you can speak with your employer about anything you need covered in your policy and see whether it’s an option.

If you have any questions at all, we’d love to help.

Click here to contact us at FutureWise. If you think the small business you work for should provide small group insurance, be sure to pass our information along.