Group Health

Your employees’ health and wellness are integral to your organization’s success. Many studies have shown that employees who are healthy and maintain good well-being are more productive in the workplace. Furthermore, employers who take care of their workers may enjoy better attraction and retention rates than those who fail to do so. Given these benefits, it’s essential for your company to understand the importance of offering a good group health plan.

What Is Group Health Insurance?
Group health insurance is a collective form of health coverage made available to a group of people, such as your employees. Under a group health plan, your insurer provides coverage to all eligible employees, and the cost of the premiums is generally shared between you and those who opt in. Employees typically must be on your payroll to be eligible, meaning that those on unpaid leave or temporary workers may not be guaranteed access.

How Does Group Health Insurance Work?
Like individual and family health insurance plans found on the open market, group health coverage works by providing financial assistance to members for various medical expenses, such as hospital visits, regular check-ups, prescription drugs, and other healthcare services. Details of members’ coverage may vary depending on what you choose to make available to your employees and their subsequent elections. Group health plans generally require a certain percentage of eligible members to opt in for coverage in order to remain valid. In most cases, employees’ spouses and dependents can also be covered under an employer’s group health insurance.

Benefits of a Group Health Insurance Plan
There are several benefits of group health insurance for both your employees and your organization as a whole, including the following: Here are some of the key benefits:
• Lower costs—A group health plan can typically provide lower premiums for your employees due to the insurer’s risk spread across multiple parties.
• Tax incentives—Your business may be able to deduct the cost of its group health insurance plan from its taxes, thus reducing your taxable income.
• Improved employee health—By providing your workers with sufficient health insurance, you may be able to bolster their wellness and reduce absenteeism.
• Attraction and retention— An attractive group health plan may help your company attract top candidates and keep your best performers. Many employees value good health insurance and other employee benefits even more than their direct compensation.
• Compliance—Many organizations may face financial penalties if they fail to make health insurance available to their employees under the Affordable Care Act.

Get the Right Coverage
With a long history of service to clients in the Albany, Schenectady, Saratoga and Troy areas of New York,  the Ten Eyck Group is also licensed in most other States and has the knowledge and experience to help your business provide optimal group health insurance to its employees. Contact us today to get started.