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Group health insurance benefits are the benefits that an employer provides to its employees and their families or other dependents.
You already know that your best business asset is the people who work for you. A group insurance benefits plan allows you, as the employer, to give your greatest asset health benefits they wouldn't otherwise have access to.
You can give your qualified workers and their dependents coverage for the following:
Other perks and benefits exist that you can offer employees through group medical insurance. However, the above list should give you a good idea of the ways this type of insurance allows you to make a difference for your workers.
You always want to attract and keep the best talent available for your company and providing benefits is one way to do that.
Providing group health benefits for your employees offers the following positive effects for your business:
Let's look at employee turnover for a moment. Losing employees brings negative results to your bottom line. It's expensive to find and train top-notch employees. It also damages your company's culture when other employees see people leave the business.
Group coverage promotes employee wellbeing which, in turn, helps retain your employees.
You'll also gain business tax incentives by providing group insurance to your employees. Your premiums are typically tax-deductible. You might also find that you can lower your payroll tax bill after adding group health coverage to your employee compensation package. Talk with your accountant for all the details, but you should find plenty of tax benefits in this area.
Your employees benefit from a tax perspective as well. They can use pre-tax dollars to pay their portion of the premiums every month for the insurance.
Many options exist within your company's group health insurance plan.
Extended health care
Do your employees want a massage once in a while? How about up-to-date glasses? Extended health care coverage can include some of the most sought-after benefits that your employees will thank you for:
Do you want to see more of your employees brightening your office with their smiles? By offering dental coverage to your employees and their families, you can help protect their teeth and gums with coverage for several dental procedures, including:
Life and living benefits
When your employees leave the office, they have loved ones waiting for them at home. With life and accidental death and dismemberment insurance, you can offer employees a tax-free payment for their beneficiaries if they were to pass away. You may also provide dependent life insurance, allowing employees to offer life insurance to their loved ones.
Critical illness insurance
With critical illness insurance, employees will receive a lump-sum cash payment in the event of a critical diagnosis. They can use this to help pay off debts, make necessary home renovations, hire a caretaker, or for any other reason that the employee chooses.
Help employees protect their income in the event of an illness or injury with a weekly indemnity benefit for short-term periods of disability and a long-term disability benefit for extended absences.
Health and wellness programs
Help your employees be at their best with specialty programs to help them prevent, manage, and treat both short-term and chronic health and mental health concerns, live a healthy lifestyle, and develop good habits.
As an employer, you can help employees return to work from disability leave with a Disability Management program, ensuring they receive the tools and care necessary to get them back on their feet as soon as possible.
With a Second Opinion Consult program, employees will have easy access to doctors' referrals, assessments, and testing for covered conditions.
With an Employee Assistance Program, you can give them access to counseling and lifestyle coaching services around the clock, on their phones, computers, or in person.
Private health services plans
Offer your employees flexible benefits with a Private Health Services Plan (PHSP), allowing your company to use before-tax dollars to pay for eligible healthcare expenses not covered on traditional benefits plans. You can offer your employees a Health and Spending Account, a Personal Spending Account, and more!