In today's fast-paced business environment, companies often find themselves juggling between...
If you’re a business owner, we know productivity matters a lot to you. If your employees are ill, they may not work up to their complete potential, which may slow down your business. With healthcare fees soaring through the roof, more and more employees are reluctant to get the care they need to get better quickly.
One of the best incentives you should offer your employees is a group health insurance plan that lets them access good-quality healthcare. Group health insurance plans are considerably cheaper than individual insurance, so you’ll want to opt for this one. Recently, there have been updates in the law to extend coverage to older adults, too!
If you're searching for an insurance plan, you may have a tough time because of the number of plans available on the market. In this case, you may need help to choose what's right for your business. Stick around to learn more about what group health insurance is and how a certain company can help make this process a lot simpler for you!
What is Group Health Insurance?
Businesses looking for insurance plans are typically directed toward Group Health Insurance. This type of plan is tailored for organizations as it is much more cost-effective and convenient as opposed to individual insurance.
Group health insurance plans are considerably cheaper than other plans, and they provide coverage to all the employees in a business. In most states, all businesses are mandated to provide their employees with coverage, so these plans help reduce the cost you’ll incur.
Furthermore, group health insurance plans can easily be administered through the organization. Once you've signed up for a plan, the insurer usually covers the claims, which means you won't have to worry about unnecessary paperwork. Lastly, the process is quick and convenient since the insurance payouts are usually reimbursed in your payroll.
Benefits of Group Health Insurance
There are a ton of benefits of group health insurance. Aside from the cost factor, you’re going to save a lot of time and potentially boost your employees’ productivity. If you’re wondering why group health insurance is worth it, continue reading the next section of this article to learn more!
#1 Cost-effective
Firstly, the primary benefit of a group health insurance plan is that it is typically more cost-effective than individual insurance plans. As you’re going to have to insure all of your employees, it drives the cost of premiums down, helping you save a lot of money.
Group health insurance plans spread the risk across a larger pool of employees, which can help lower the premiums for everyone. Additionally, group plans often offer more comprehensive coverage options than individual plans, which can save employees money on out-of-pocket costs. Thus, when costs are lower, your employees won’t have a hard time accessing healthcare.
#2 Tax Benefits
Another significant advantage of group health insurance for SMEs in California is the tax benefits it offers. Employers can typically deduct the cost of providing health insurance for their employees as a business expense. Thus, providing a comprehensive plan could be beneficial for your company, too!
Additionally, employee contributions to group health insurance plans are often made on a pre-tax basis. This allows employees to reduce their taxable income and save on taxes, which also benefits them. Lastly, these tax benefits could help cover a large portion of the insurance plan.
#3 Boost Productivity
Finally, offering employees group health insurance can help boost workplace productivity. Employees will usually avoid medical trips because of the steep costs. When your employees have access to affordable healthcare, they are more likely to take care of themselves and their families, which can lead to fewer sick days and better overall health.
This reduces downtime for your company and incentivizes them to work harder. Additionally, employees who feel valued and supported by their employer are often more engaged and motivated to perform well in their jobs.
Health Insurance for Older Adults
There are a few exciting updates for older individuals who don’t have access to quality healthcare. Since more insurance companies place age limits, some businesses may have a hard time insuring their senior workers. Fortunately, the State of California has stepped in and expanded Medi-Cal services to older adults.
Starting May 1, 2022, they’ve abolished the 50-year age limit for adults, allowing them to access full-scope medical benefits from Medi-Cal. Furthermore, to facilitate older adults, California will raise the asset limit to help more people get coverage. This is highly beneficial for seniors, who were usually limited because of the previous $2,000 asset limit.
Lastly, the asset limit will be increased to $130,000, allowing over 18,000 individuals to register for Medi-Cal. If you want healthcare solutions, skip the paperwork and contact The Platinum Group for assistance in speeding up the process.
What does Group Health Insurance Cover?
If you’re picking a group health insurance plan, you’ll want one that provides the best benefits to your employees while being cost-effective. Hence, here are some common cases that are covered by a group health insurance plan.
- Inpatient hospital care: This may include coverage for hospital stays, surgeries, and other medical procedures that require an overnight stay in the hospital.
- Outpatient care: This may include coverage for doctor visits, diagnostic tests, and other medical procedures that do not require an overnight hospital stay.
- Prescription drugs: Group health insurance may provide coverage for prescription medications, including generic and brand-name drugs.
- Emergency medical care: It may include coverage for emergency room visits, ambulance services, and other urgent medical needs.
- Mental health services: Some plans Group health insurance plans provide coverage for mental health services, including therapy and counseling.
Final Thoughts - Talk to The Platinum Group
Picking the right insurance plan can be tricky since there are a ton of variables to look out for. Hence, we recommend that you reach out to The Platinum Group for your group health insurance. TPG understands the importance of caring for your employees, and hence you'll want to work with them in the long run.
Reach out to one of our specialists today; Just call 909.466.7876! We'll help you learn more about Group Health Insurance and the best Benefits to offer in your business!
Also, do you offer vision or dental insurance in your benefits plan? Check out these articles to learn more about these small but mighty benefits: Vision Insurance 101 - How Dental Insurance Works.
