When it comes to choosing the best type of group health insurance for your small business and your employees, there's a lot to unpack. Not all group health plans are created equal, and they vary significantly in how they're purchased and their essential features and options. Let's take a look at the most common types of group health plans available, the pros and cons of each for your business and employees, and the most important questions to ask yourRead Full Article Here
The majority (83% or more) of employers with 100 or more employees offer medical benefits. The number drops for smaller employers, simply because it becomes much more difficult to keep up with costs at a smaller scale, but the point is that employer benefits are the norm. Employee benefit plans include standard-issue benefits like group health insurance, retirement plans, and affordable life insurance. And there is a growing trend to increase benefits to include additional wellness services, flexible workingRead Full Article Here
For many nonessential businesses, Covid-19 shutdowns have been a major drawback or even a bankruptcy threat. Naturally, any business owner wants to get back to normal as soon as possible, but reopening your business has to be done strategically. You will want to make the most out of the situation and relaunch your operations successfully. Planning ahead is crucial in selecting the right time to reopen, assess all the risks realistically, and mitigate them without wasting resources or demotivating yourRead Full Article Here
Looking for a new health insurance plan for your company? The market is filled with many different options, making the choice a lot more difficult than most managers and business owners might expect. One great option is large group health insurance PPO plans which could provide employees with good care and a lot more flexibility than other types of insurance packages can handle. If your company is interested in migrating to a PPO plan or is approaching renewal, weRead Full Article Here
Several key factors influence business owners and HR managers when offering group life insurance benefits. For example, how can business owners best manage plans and costs? How important is life insurance to employees? What type of life insurance has the biggest appeal? We've got answers to what companies need to consider when offering group life plans, and what firms and employees think about group life benefits.
The world of group health insurance is never an easy task to navigate for most business owners, and there are lots of options out there, like an HDHP. But is it the right choice? Is considered a HDHP one where you have to pay $1,400 out of your pocket if you are an individual or $2,800 or more for a family. Employers who offer HDHP have many ways to counter the higher out-of-pocket expenses these plans usually carry inRead Full Article Here
If there's one thing we can all agree on about health insurance is that it is expensive. Reports show that employers pay about 83% of health insurance coverage for individual plans. But, offering health benefits to your workers can come with a lot of perks, such as increased employee loyalty and retention, increased job satisfaction, as well as happier and healthier employees. So, is it possible to offer health insurance without stretching your budget to the maximum? Here areRead Full Article Here
ERISA is the acronym for the Employee Retirement Income Security Act, passed in 1974, which sets standards for private industry retirement plans. The act does not require that any employer offer a retirement program to employees; instead, it established the minimum requirements for those that are provided. Those minimum standards include the following:
Starting today, you will decide which commercial insurance company will protect your workforce's health, morale, and productivity by covering their medical expenses. This health insurance company is your group carrier. For successful research, please know that the terms carrier and insurance company are interchangeable. A group health plan is an insurance policy taking on the liability of medical expenses for your employees and their dependents. Take charge and find the right carrier for your group's health insurance plan.
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