Should My Company Provide Group Insurance as Employee Benefits?
Employee retention and satisfaction are top of the list of priorities for many business owners. Keeping your employees happy and healthy makes financial sense as their productivity and engagement will help your business grow while reducing overall turnover and sick time. The best way to do this is to provide a great benefits package. In fact, many studies have shown that when company leadership is focussed on employee health and wellness, retaining and attracting quality employees is much easier.
How does Group Insurance work?
Group insurance is administered by someone in your organization and the plans are similar to a personal health insurance plan, covering general medical expenses like prescription drugs, dental, and vision care in many cases. However, instead of your employees paying the costs themselves, your company will pay for a certain portion or total annual value of the coverage. This saves employees money while building loyalty with your brand. Get in touch to discuss how a Blue Cross Group Insurance plan will help you keep your staff happy and healthy in the most affordable way possible.
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How can I Save on my Plan?
Many companies can save money by choosing a new group insurance provider for their group benefits existing plan. Alternatively, by helping employees understand the costs associated with their use of the benefits plan, you might be able to reduce costs. For example, a few simple tips to provide group benefits at a lower cost include:
- Making sure there is a co-pay, so your organization is not 100% responsible for covering the costs of employee’s health treatment or medical expenses.
- Cost share the plan with employees so they feel some amount of financial responsibility for their own treatment costs.
- Call to discuss other ways to reduce your overall spend on Group Insurance.
What’s in a Blue Cross Group Insurance Package?
The general base plans typically build on the following:
- Life, Accidental Death & Dismemberment, Dependent Life
- Health and Prescription Drugs
You can then choose to add additional areas of coverage:
- Optional Life Insurance
- Critical Conditions Insurance
- Health Spending Account
- Vision Care
- Short-Term Disability
- Long-Term Disability
- Employee and Family Assistance Program
You can choose to cost manage by:
- Yearly Maximums
Ready to get started? You can download the forms below and return them to get a quote:
- Employee Census – who’s already working for you, and will they need the full range of benefits?
- Group Benefits Questionnaire – what does your company do and what benefits are already in place?
- Authorization Letter – permission to review the group insurance and employee benefits already in place.
As a business owner, your premium is tax deductible as a business expense. Are you ready to improve your employee satisfaction and retention? Contact us today to start designing your employee benefits package.