What is Group Health Insurance?
This question seems like it doesn’t need to be answered. While it may seem obvious, group health
insurance provides for the individual health insurance needs for employees of a business. However, at
the Gion Insurance Group, we understand that much more can be provided to meet a business’
needs—more specifically, the needs of its employees.
For example, when we provide group health insurance, at the business owner’s request, we also provide
additional coverage options for employees including life insurance, vision insurance, dental insurance,
accident and cancer insurance, and other ancillary benefit options. In addition, every business we work
with on benefits also receives a monthly email newsletter with important human resources updates so
that businesses can stay in the know and up to date on laws and trends related to benefits.
Why is Group Health Insurance Important?
There are a few reasons this coverage is important.
- First, while individual employees can purchase coverage through the Health Insurance
Marketplace if coverage by the business is not offered, the coverage available is typically not as
good as they would receive in a group plan and the individual cost is usually higher. - Second, simply to attract the right kind of employee, it is almost a requisite for many businesses
to offer a good group benefit plan. Competitors may win a good employee ultimately based on
the benefits being provided. - Providing appropriate benefits makes for better employees. A business owner wants healthy,
happy employees. Sickness means a lack in productivity! - Employees having health insurance leads to better Workers Compensation experience. It is sad
to say, but there is an enormous amount of fraud related to workers compensation claims. If
employees don’t have access to health insurance, they may “magically” get injured at work to
receive the health care they need. Obviously, this is wrong. But it happens. - Like many other forms of insurance, typically costs incurred by the business proving health
insurance are deductible from a tax-standpoint.
- First, while individual employees can purchase coverage through the Health Insurance
Here are some common Group Health Insurance Options you might consider:
- Standard Group Health Insurance – Because of the Affordable Care Act, virtually all businesses
can buy group health coverage – regardless of the health condition of its employees. Plans can
range from coverage rich options with low co-pays to high deductible options, including plans
with a Health Savings Account. - Level Funded Group Health Insurance – In the standard group health insurance plan, all risk
from negative results and reward for positive results is transferred to the insurance company.
However, businesses can purchase “self-funded” group plans where the business takes on much
of the risk if the premiums don’t cover the costs. Level funded plans are typically used as an in-
between between a fully self-funded plan and a standard group plan. Because it is a variation of
a ”self-funded plan,” it needs to be underwritten. This means that the individual health
characteristics of the group will be used to determine pricing. For healthy groups, level funded plans can offer a significant cost savings to the employer while little to no additional risk is assumed. - Multiple Employer Welfare Arrangement (MEWA) Plans – One of the things that occurred after the Affordable Care Act was passed is the introduction of MEWAs. Multiple related businesses can combine together to purchase a self-funded plan to meet the needs of all. Doing so, all participating members share together in the underwriting experience of the group. If multiple businesses with healthy employees purchase their coverage together, a significant premium savings can occur. Our benefits professionals are happy to discuss options that might be available for your business to offer excellent coverage at a potential large savings.
- Standard Group Health Insurance – Because of the Affordable Care Act, virtually all businesses
How Our Team Can Help:
Our experienced team of insurance professionals is here to guide you in determining your needs and finding the appropriate solution. We do this in several ways:
- Tailored Solutions: We understand that every client/situation is unique. Our team will work
closely with you to customize an insurance plan that meets your specific needs and budget. - Risk Assessment: We will conduct a thorough risk assessment of your operations or ownership
interests to identify potential hazards and recommend appropriate coverage options. - Claims Assistance: In the event of a claim, our dedicated claims specialists will assist you
throughout the claims process, ensuring a smooth and hassle-free experience. Specifically, as it
relates to health insurance, employees can have coverage issues or bills that require additional
help. We have experts to assist with this so that our business owners and HR staff don’t need to
spend time dealing with these issues. - Expert Advice: With our in-depth knowledge of the insurance market, we can provide expert
advice and guidance to help you make informed decisions about your insurance coverage.
- Tailored Solutions: We understand that every client/situation is unique. Our team will work
Get Started Today!
Protect your business and employees with Group Health Insurance. Contact our team today to learn
more about our insurance solutions and how we can help safeguard your ownership or business
interests.