This article discusses the top 5 reasons to start a Group Plan. There are many more benefits to having a group plan. We recommend consulting one of our licensed brokers to see how group benefits can help your business grow. We do not charge any fees to help you shop and we will assist you with questions and renewals throughout the year. Also, did you know you can add more than just medical coverage? Most employers are now adding dental, vision, life, and disability benefits to their group coverage.
One of the top 5 reasons to start a group plan is the affordability. Group plans are traditionally lower in price compared to what individuals and families can find. With how expensive health insurance is for individuals nowadays, people can save hundreds if not thousands every year in reduced premiums.
#2: Pretax Benefits
Another reason why employers start group plans is to take advantage of the pretax benefits. Premiums can be paid as a pretax expense for the both the business and the employees. This will reduce the amount you pay in taxes each year. These pretax payments will also make your overall costs for the group coverage more affordable.
#3: Attract Highly Skilled Employees
Employers are always looking for ways to grow their business. One of the top 5 reasons to start a group plan is to attract highly skilled workers. With a competitive job market, it is important to offer a robust benefits package. A group plan with medical, dental, vision, and life will help your business grow. With how expensive health insurance is, people will exclusively shop for jobs that offer benefits.
#4: Stronger Coverage
One of the top 5 reasons to start a group plan is to get stronger coverage compared to the individual market. Traditionally, individual and family plans have less benefits, higher premiums, and less providers. Once you qualify for group benefits, you can obtain better benefits, lower premiums, and more providers. Also, you will have many more insurance companies to choose from.
#5: Health Plan Flexibility
As an employer, your coverage can be flexible. With the help of a broker, you can navigate the market and customize your renewal, benefits, and much more. For example, you can designate your own Open Enrollment period at any time of the year. These Open Enrollment periods are structured around your 12 month policy renewal. If your business is extremely busy during some months of the year, a broker can help you schedule your annual Open Enrollment Period during a time of the year when it is slower. There are many strategies like this that are available to employers. In the individual market, people usually do not have the same flexibility.
How to Start a Group Plan
There is a lot that goes into starting a group plan. We are here to help! If you click here, you can fill out basic census information to help us quote your business. We will send you quotes within 24 hours of receiving the census information. All quotes and broker fees are paid for by the insurance company, not you.