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Posted: 1 Oct '23
As a business owner, you know that your employees are your greatest asset. Not only do they help you make money, but they also help build your brand and reputation by bringing their skills, experiences, and talents to work.
But what if one of these people gets sick or hurt on the job? Or what if they need to take time off for a family emergency? What happens, then? That's where group health insurance benefits come in. If you consider switching to a group health insurance policy, there's a lot that you and your employees stand to gain. Get in touch with a Vistaplan advisor today to learn more.
A group health insurance policy is a type of insurance that provides coverage to a group of individuals rather than just one person. The group size can range from two individuals to hundreds and even thousands of people. Eligibility for group health insurance benefits is determined by various factors such as employee status, health status, coverage duration, and more.
Full-time employees are often eligible for group health coverage, while part-time employees may have limited coverage options. Group health insurance benefits can be offered by employers, unions, and private insurance companies that often sell policies directly to consumers. When provided by an employer, employees usually pay slightly more for a plan compared to policies provided through a union.
Despite these differences, group health insurance benefits offer a cost-effective way for individuals to access quality healthcare coverage. With several policies available in the market, it is essential to understand the factors that determine eligibility and to choose the right plan that meets your unique needs.
Group health insurance benefits are often the most economical way to get coverage for businesses and groups, such as churches and schools. These plans are often more affordable than individual plans. They also tend to cover the basics, such as prescription drugs, hospital bills, and other medical expenses, with the option to choose more customized plans. Let’s explore the other advantages of group health insurance benefits.
In today's highly competitive talent market, it's more important than ever for businesses to find new ways to attract and retain top talent. Many companies have turned to group health insurance benefits to sweeten their offerings and make themselves more attractive to prospective hires.
Group health insurance benefits provide employees with better access to healthcare services than they might otherwise have. More often, group health insurance plans cover spouses and dependents of the covered employee automatically. That means that covered members don't have to do extra paperwork or pay additional fees.
However, employees taking a group health insurance policy through an insurance company may need to pay an additional fee for their spouses and dependents. Still, this will be cheaper than buying a health insurance plan for every individual. Group health insurance benefits demonstrate a commitment to employee well-being, making your business a desirable workplace.
The relationship between employee morale and loyalty is clear: high morale leads to increased loyalty. However, maintaining employee morale and loyalty can be challenging. As a business owner, it's important to keep your staff happy as this contributes to the smooth running of the business and eventually satisfied clients. One way to achieve this is by offering your employees customized group health insurance benefits.
Group health insurance benefits provide peace of mind to employees, as it helps them focus on their work without worrying about the cost of healthcare. It ensures that they have access to quality medical care without financial stress.
Group health benefits also help build employee morale as it gives employees a sense of belonging. This teamwork, unity, and togetherness can make employees feel good about coming to work each day and contribute to a positive work environment.
Group health insurance is one of the most important parts of a company's benefits package. It helps employees stay healthy and productive, boosting workplace productivity. Group health insurance benefits offer employees various coverage options and can help them and their families manage their health care costs by reducing out-of-pocket expenses.
Here's how group health insurance benefits can boost workplace productivity:
According to the Centers for Disease Control, absenteeism costs the Canadian economy $17 billion yearly, not including the cost of replacing sick workers. That's a lot of money that could be spent on other expenses such as wages, training programs, and capital investments.
When employees are absent from work due to illness, they miss out on the opportunity to learn new skills, contribute to their team's success, and build relationships with coworkers. This can hurt employee morale and workplace productivity.
Fortunately, offering personalized group health insurance benefits is one of the easiest ways to reduce absenteeism in your office. These plans allow employees to be covered by a comprehensive health plan at a lower cost than individual plans.
Group health insurance is a smart option for businesses looking to save on taxes. The premium payments made by the employer for their employees' group health insurance are considered tax-deductible business expenses. This allows the business to subtract that amount from their taxable income, lowering their overall tax bill.
Employees also benefit from group health insurance benefits, as they are considered a tax-free benefit. The value of the insurance policy is not included in the employees' taxable income, thus reducing the amount of taxes they need to pay. This can also lower the company's payroll taxes.
However, your business must meet certain requirements to qualify for the tax deduction, including having the policy in place for the entire tax year. The requirements may vary based on the jurisdiction, so it is important to seek the professional advice of a tax expert to ensure that the business complies with all applicable laws and regulations. Additionally, married employees filing separately should note that only one spouse can claim the deduction.
Group health insurance is a great way to save money and protect your employees. But it can be confusing, especially if you're new to the process. Before choosing group health insurance benefits, research thoroughly and ensure you know the available options. You should also compare the premiums, terms, and conditions to ensure you get the best deals. Speak to a Vistaplan advisor today to get more information on group health insurance benefits!
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David is a well-respected insurance advisor with over 30 years of experience helping healthcare professionals, business owners, and their
families secure their financial futures. He takes the time to make certain his clients understand the life, disability, and health insurance
products they are purchasing, so they can make the right choices for their budgets, plans, and futures.
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