Today, many businesses and individuals find that a Group Health Insurance plan is crucial to a good work environment. A group health insurance plan is purchased by an employer and is offered to employees as a benefit of working for the company, and it is something that many prospective hires look for in their job search. Not all plans are created equal, however; different types of companies will offer different types of insurance plans to their employees, with several factors influencing which type of plan is offered. In addition to improving access to affordable healthcare, a good group health insurance plan offers many other benefits to a company.
As the name implies, Group Health Insurance provides benefits for the company as well as its employees. According to Health Coverage Guide, group health insurance ensures that any costs incurred by medical services will be manageable for employees, and it also provides tax benefits to the business. Expenses related to health insurance are nearly always 100% tax deductible, and small businesses are able to receive healthcare tax credits from the Affordable Care Act.
Increased Loyalty and Retention
Along with the financial and medical benefits offered by a group health insurance plan, the plan can also benefit the group’s morale. Statistics cited by the Health Coverage Guide demonstrate that group medical coverage helps to improve the company’s atmosphere, reduce absenteeism, and improve employee health (and thus, productivity).
The guide’s survey found that 78% of small business owners credited their group health insurance plan with decreasing turnover and increasing loyalty, 75% claimed that it improved recruitment, 64% believed that it kept employees healthy and increased output, and 58% said that it reduced absences. In addition, 62% of these business owners stated that their employees expected or even asked for health insurance, and only 25% of business owners surveyed stated that they felt that not offering health insurance had no effect on their company.
More Accessible Care
The last point is perhaps the most obvious – a group health insurance plan will give you and your employees better access to medical care! In addition, while the increased availability of healthcare is important, many group health insurance policies do not begin and end with covering medical expenses. According to Forbes, many general health insurance plans also offer additions such as vision plans and dental plans, which will provide further coverage for you and your team.
Vreeland Insurance, Inc. is an independent agency that has offered detailed, personalized service to clients across New Jersey since 1931. We work closely with numerous leading companies in order to ensure that our customers will receive the best possible insurance solutions and provide strong competitive rates in Personal, Business, Group Health, and Life Insurance, and we are always happy to take the time to work with our clients. To hear more about your options, give us a call at (877) 755-3767.