The Affordable Care Act mandates employers to provide basic health insurance cover for their employees. However, in a bid to improve their competitiveness in the recruitment market, many employers are going over the board to offer a diverse range of employee benefits packages. These packages often warrant the employee making a voluntary contribution that will be matched by the employer. Because most employers offer various alternatives for their workers to choose from, employees often find it challenging to select the most suitable package for themselves.
If you’re struggling to decide the bet employee package for you, it may be comforting to know you’re not alone. However, our experience tells us that opting for a group health insurance package is usually the smart choice. These packages provide more than basic cover, and they come at much cheaper rates than comparable individual packages. Below are some of the top advantages of group health insurance:
For many people, the most important advantage of group health insurance packages is the significant cost savings. A group health insurance package is a win-win for both the employer and the employees. Employers can provide quality healthcare for their workers at a reduced cost, thus increasing job satisfaction and making the company more competitive. In the same vein, employees can afford quality healthcare. The premiums of such plans would most likely have been too expensive if they were to pay by themselves.
Another advantage of offering health insurance as employee benefits is that the employer can benefit from small business healthcare tax credit. Under this scheme, the government will be responsible for paying part of the premiums under the group health insurance package. Like any business owner will tell you, there’s nothing as good as enjoying mouth-watering credits when it’s time to file your taxes.
Support extends to employee’s families
Group healthcare packages do not just benefit employees. The support also extends to their immediate family, and the premiums are cheaper than they’ll ever get with individual plans. Depending on the plan’s terms and conditions, the employee’s spouse or dependents can also be treated under most group health packages. The plans can cover daycare, shifting charges, maternity, bills, and more.
Easy to claim
Another major advantage of group health insurance packages for employees is that they’re easy to claim. Most times, all you have to do is contact your workplace with the hospital bills, and the department in charge does the rest of the job. If you’ve ever had issues with insurance companies that delay or refuse to pay premiums, you’d appreciate the ease that comes with workplace health insurance.
A group health insurance plan can also help you maintain productivity at your workplace. Employees will get prompt treatment when sick, and this can significantly reduce absenteeism. Furthermore, workers will be more motivated to work, safe in the knowledge that there’s a health insurance plan to take care of unforeseen illnesses.
Are you looking for the perfect group health insurance company for your employees? Why not get in touch with the experts at 401(k) Plan Company. Contact our representative on (858) 220-1505.