Offering Group Benefits to employees is becoming more expensive and can be very complex. Group Health and other benefits can help an employer retain key employees while also protecting those employees and their families from unknown medical hardships while offering them peace of mind. As we all know, when a employee feels secure, they are typically are more productive which increases a businesses bottom line.

Shopping around for group health insurance is an entirely different than shopping for individual coverage. During your search different questions will arise  that you never considered. What type of Group Health Benefits are available that I can offer my employees? What are the costs of these benefits and can I afford to offer them to my employees? What are the best Group Health Insurance Benefits that fits my business and my employees?

There are a lot of different coverage’s out there and you may find that there is not enough time for you in your busy schedule to go through them all. We are here to help and walk you through some of the basics of group health insurance benefits.

Group Health Insurance Benefits (2-7 Employees) – Having 2-7 employees gives the business owner a few other options for them and their employees to purchase a Group Plan. 

1. Your first option is for you and your employees to purchase a QHP ACA plan through the Marketplace. These policies can be very expensive with high deductibles unless your income is low enough to qualify for a Tax Credit through the Marketplace.

2. You can purchase a “Fully Funded” healthcare plan through a major carrier such as United Healthcare, Humana, BCBS, Aetna and etc… These small group plans are also usually guaranteed issued without any underwriting and offer PPO’s, POS’s & HMO’s with different deductibles and coverage options as well. Based on the age of your group and the coverage you choose, these Fully Funded Group Plans may offer you additional savings along with being able to purchase Dental, Vision, Life and other benefits.

Group Health Insurance Benefits (8-50 Employees) – As a Business owner with 8-50 employees, you have all the options above as the business owner 

Dental insurance – Helps individuals protect themselves against dental costs. It insures against the expense of treatment and care of dental disease and accident to teeth. Basic procedures are things like fillings. Major procedures are root channels & crowns. These plans allow groups of patients to receive dental care from a defined panel of dentists.

Vision insurance – These health insurance plans under vision care can help cover things such as eye examination, vision aids such as glasses or contacts and may be fully or partially covered.

Accident insurance – Pays a cash benefit to the insured for a covered accident or injury and can help pay expenses such as copays, deductibles and treatment. Accident coverage can help pick up where other insurance leaves off.

Cancer insurance – Pays cash benefits for cancer and other specified diseases to help with the costs associated with treatments and expenses as they happen. Cancer coverage can help provide added financial support when it is needed most. Cancer coverage can help offer peace of mind when a diagnosis of cancer or a specified disease occurs. The benefit can help pay for hospitalization, surgery, radiation/chemotherapy and more. 

Life insurance – Pays a lump-sum cash benefit upon death. Plus, life-event riders can be added to enhance the life coverage. Life insurance coverage is for the living; those left behind must deal with final expenses, bills, mortgage, and expenses associated with day-to-day life. It can also help provide financial security during life-changing events that occur as the insured ages and financial needs change.

Critical Illness insurance – Pays a lump-sum cash benefit when the insured or an eligible family member is diagnosed with a covered critical illness such as Heart, Stroke, Cancer or other critical illnesses.

Disability insurance – Pays a cash benefit to help protect an eligible individual’s finances from a covered sickness or off-the-job injury. Insureds who experience a total disability, partial disability, even a disability from donating an organ can get the help they need to alleviate daily living expenses.

Supplemental Health (Hospital Indemnity) insurance – Helps provide  financial safety with cash benefits that help fill gaps left by major medical coverage associated with a hospital stay because of injury or illness. Benefits can be used for out-of-pocket expenses such as copays, deductibles and treatment.