The Essentials of – The Basics
As an employer, you need to protect your employees by making sure that they are covered. This is something that you can achieve by purchasing group health insurance. The main reason for having group health insurance is to protect employees and employers. This means that the employees will not have to risk losing their jobs because of illness, disability, or injuries in the workplace. In this article, we are going to discuss the benefits of using a group health insurance policy.
The first benefit of using group health is that you will enjoy low premiums. You find that in a business every dollar counts and with lower premiums you will save a lot of money as well as getting the best protection to your employees. This is like bundling a lot of policies together making you attract huge discounts. Have you wondered why many individuals do not have a health insurance policy? This is because of the higher cost of premiums with standard health insurance policies.
Apart from that, group health insurance is easy to claim. If you have standard health insurance, you will understand how filing a claim can be hectic as you will have to run around looking for insurance companies. But what will happen if they cannot respond in time and you need immediate medical attention or you might not be able to walk? This is where group health insurance comes in as you will simply have to contact your employer and everything will be arranged much quickly.
The other benefit of group health insurance is that it is tax saving. One thing that you need to know is that as per the government policy, you are supposed to pay tax annually. This means that there are deductions that have to be made from your taxable income. The good news with group health insurance is that your employee will pay and it will not be deducted from your income. This means that you can save your money for other things. Besides, it is also beneficial to the employers as the premiums will be used as a business expense to lower your business taxable income.
Last but not least, group health insurance attracts new and retain existing employees. As I said before is that employees always like to work in places where they feel that they are important as well taken care of. Therefore, having group health insurance will attract and keep the existing ones as they will also enjoy tax benefits. You might not see this important but you should consider what will happen to your business in countries where the unemployment rates are low. With group health insurance, you will be able to compete for some of the top talents.
Finally, group health insurance is also beneficial because it can be created at any time of the year. This is not the case with individual health insurance policies that have to wait for open enrollment which is always November or December. This is so because individual polices are always effective from 1st January.