Who Pays for Group Health Plans?
Group health plans may be offered by businesses, governments, nonprofits, or other organizations. The business (or organization) that sponsors a plan typically pays a significant portion of the plan’s premiums, while employees pay the remaining premiums that aren’t covered by their employer. In this way, the cost of a group health plan is usually shared by both businesses and employees.
The money that a business spends on group health premiums is hardly wasted. Employees generally understand that health insurance coverage is expensive, and they’re normally very grateful for the premium payments made by their employers.
What Businesses Should Consider Offering a Group Health Plan?
Because the vast majority of people value health insurance highly, many businesses and other organizations may want to offer a group health plan. Regardless of where a company is located or what industry it’s in, it can likely help increase employee appreciation -- and possibly reduce turnover -- by giving employees access to a group health plan.
How Much Group Health Coverage Do Businesses Normally Offer?
The amount of group health coverage that businesses offer varies. Some businesses are only able to offer employees basic levels of coverage, while other businesses have budgets that support a lot more coverage. What amount of coverage a specific business can afford to offer depends on both the business’ financial situation and its employees’ level of expertise.
Are Different Types of Group Health Plans Available?
Group health plans have many different components that impact how much they cost and how much coverage they afford. Premiums, copays, deductibles, coinsurances, limits, and other details make each plan unique. By comparing lots of plans, businesses can usually find a plan that’s tailored to their specific needs.
Do Group Health Plans Include Dental and Vision Coverage?
Most group health plans treat dental and vision coverage separately from group health coverage. Dental and vision coverage may be offered as an add-on insurance option, but the plans themselves typically remain distinct from health plans. Dental and vision plans normally have their own networks of providers, premiums, and coverages.
How Can Businesses Get Quotes for Group Health Insurance?
Businesses that are interested in offering employees group health insurance should contact an independent insurance agent who serves their state and is familiar with this form of insurance. An independent agent will be able to request quotes for group health plans, and they’ll have the expertise to compare different plans’ coverages. With an agent's help, finding a group health plan can be much more painless.