If you are running a business employing fifty or more people, one of the benefits it makes sense to offer to your workforce is a Group Medical Insurance plan. As most people are aware of to an extent, group insurance allows a company to purchase a single policy package which covers every employee and management as well. Not only does offering participation in company health insurance provide a great incentive to job-seekers, but it is one of the primary mechanisms to control benefit costs, gain certain tax advantages, and facilitate the productivity of the employees by providing for their health care. This includes coverage for preventative care measures such as regular visits for medical examinations, dental care, eye care, and preventative medicine which will reduce lost-time from an employee illness. For the individual employee, a company providing health benefits fosters loyalty by helping to make his or her situation more secure.
When selecting a group plan, the business owner has to take into account the various packages which are available on the commercial market. Ever since the implementation of the Affordable Care Act, there are both incentives and imperatives connected to health insurance. The Federal government now takes an active regulatory role in health care insurance along with the states, which means that a higher standard for even the lowest tier of health care coverage is now required. This has made a significant difference in states which still have loose regulatory standards for insurance on their books. That and the prohibition against rejecting any employee or group based upon prior medical history or pre-existing conditions has altered how premiums are determined.
Tax incentives for group insurance differ between large and small businesses. The latter must purchase a Group Medical Insurance plan from a SHOP (Small Business Health Options Plan) market to qualify for a Small Business Health Insurance Tax Credit, while larger businesses with fifty or more employees purchase insurance plans from their traditional markets. All plans must meet the standards set for the four metal-tier (Platinum, Gold, Silver, Bronze) coverage levels mandated by the ACA.
Experienced insurance brokers can assist both large and small scale employers in navigating the regulatory and financial requirements of contracting for group insurance. The website at website name offers more information on what can be done for your business. Contact us today to receive a free customized insurance quote and consultation in formulating your company’s plan package.
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