Lawrence Group Health Insurance & Employee Benefit Plans

Group Health Insurance and Employee Benefits

Employers, who have a staff of at least 50 or more employees, are legally required to offer their employees group health insurance. This is widely considered to be the cornerstone of any comprehensive employee benefits plan. Although this may seem like a financial burden in the first instance, it is actually rewarding. A good employee benefit plan will not only make it easy for you to recruit and retain talented workers but also boost your bottom line, increase productivity and lower your employee turnover significantly.

What to Look For In an Insurance Provider

There are a number of factors you need to consider when choosing an insurance provider for your group health insurance and employee benefit plan. They include the following:

• Financial strength. This demonstrates the ability of the insurance provider to fulfil their obligations.
• Locality. You need to ensure the provider has a physical address which you can visit whenever you have issues with your policy.
• Check whether the insurance provider is an agent or a broker. Generally, brokers offer a wider range of options compared to an insurance agent who sells policies from a specific company.

Benefits of Working with an Insurance Broker

There are a number of benefits that come with working with an insurance broker for your group health insurance and employee benefit needs. They include:

• Brokers offer professional impartial advice for your unique needs.
• Insurance brokers usually focus on your needs hence they will negotiate for the best rates and premiums for you.
• Brokers work with multiple insurance carriers hence they are able to pick components from different providers to put together a perfect plan for your needs.
• Brokers are keen on ensuring that they give you a plan that complies with the relevant laws so that you earn tax credits while avoiding penalties.
• Insurance brokers are experienced in this industry hence you can be sure to tap into their expertise as they will equip you with all the information you need before signing up for a plan.