The Benefits of Group Insurance for Your Small Business
Small businesses need every advantage they can get to find and retain the talent that will take them from being considered “small” to being industry leadersOne important advantage every small business should employ is a group insurance policy.
When you have group insurance, you become instantly more attractive to potential candidatesSure, you could offer your employees the option of individual insurance policies, but employees reap more benefits when a group policy is in playYour employees are not the only beneficiaries when you switch to group insurance, though; you and your company will also reap the rewards.
Benefits to the Employee
Most employees and job candidates prefer group insurance to individual insurance policiesIndividual policies are expensive, even if your company is paying for them, and employees would rather have the security offered a group plan insteadGroup insurance is notably cheaper for the benefits it offers, making it more beneficial to the employees.
Employees with pre-existing conditions especially prefer group insurance because there is always the possibility of being ineligible for an individual policy, even if the employer has offered this coverage as a part of their salary negotiationsAs an employee, you will never be rejected due to your health, no matter what your pre-existing conditions areThis can be especially beneficial for employees who have chronic conditions like diabetes or depression.
Benefits to the Employer
Group insurance also has a number of benefits for you and your businessYour company will be more appealing to current and potential talent because you offer them the healthcare they needThe uncertainty of the current market makes it difficult to lure talented employees to your side because they are often concerned that small businesses will not be around when the economy finally reboundsHaving group health insurance is a sign to both current and prospective employees that you are a healthy company that is offering benefits during a period when many companies are not.
Group insurance also helps to keep employees happyKnowing that they and their families are covered the group policy if they want to be is a great benefit to employee moraleWhen employees and their families are being cared for, they are less likely to seek employment elsewhere, meaning your employee retention will be higher than it would otherwise.
If you’ve only been offering individual insurance or no insurance to your employees, you should really consider the benefits that group insurance offers your growing businessTalk to an insurance broker to learn more about the plans that are available in your area, and what the expenses are for those plansAsk about the minimum number of individuals necessary for the plan if your business is just starting outAn insurance broker will work with you to find the best plan for your employees at the best possible price for your company.
The Main Advantages Of Group Health Insurance
Group health insurance is the key to guarantee the benefits of your employees, particularly when it comes to receiving medical treatment and aidThis means that employees receive the medical treatment they require without the long wait and undue struggling.
There are lots of benefits associated with this type of insurance scheme.
To the employer, a member of staff requiring medical attention will get it immediately, therefore assisting speed up restoration and maintaining disruption because of illness at work to a minimumThe worker will also be more concentrated on their job as they will not be spending some time worrying about a long wait for a treatment on the National Health Service, or a diagnosis etc or suffering excessive pain.
The emphasis on employees is that they can save tremendous amount of money when it comes to having lots of valuable health and medical benefitsIn the beginning, they do not have to pay out huge premiums for an exclusive medical insurance plan – which could literally run into three numbers every monthAnd they have the peace of mind that should they need it, professional medical help is available immediately.
As part of the Group Health Insurance Plan, lots of firms who do provide this benefit to staff may also pay for their workers to have a once a year ‘health check’ at a private hospitalThese health assessments include blood tests, blood pressure, level of fitness, height, and weight and so on and are carried out to check that the member of staff is in perfect wellness or to spot a so far undiagnosed problemIn any event, the screening process is beneficial to employees and their employers.
For an individual who is not part of an employer’s scheme to possess the same kind of health screening, the cost could be everything from 150 upwards, so there can be an added importance to the benefit.
Any staff benefit, such as company health insurance, certainly assists boost staff morale as it displays that the employer truly concerns about their employees.
Even though health plans will vary from provider to provider and employer to employer, a normal Group Health Insurance plan will offer cover for:
· Day-patient and in-patient treatment once the staff has received a diagnosis
· Outpatient treatments (for example, physiotherapy)
· Free Help lines – for instance, a GP Helpline and Stress Counseling Helpline.
· Specialist consultations following a referral from your worker’s GP
If you are an employer who’s not even started a company health insurance plan, think about this – you might find that the advantages of taking out group health insurance (such as better staff morale, employees having less time off due to serious illness, attracting a higher qualified degree of staff and so on) will far over-shadow the costAnd in the long-term, no doubt it’ll have a good impact on your company.
