Plano Group Health Insurance & Employee Benefit Plans

Group Health Insurance and Employee Benefits

Health insurance is the foundation of most employee benefits plans. Group health insurance is a highly sought-after employee benefit and if you are offering it, you will gain a competitive advantage. This is because, you will be in a position to attract, recruit and retain the best employees. By retaining them, you reduce the cost of recruitment because employee turnover will be greatly reduced.

Employers who provide group health insurance take care of their employees’ medical expenses as well as their dependents.  In addition, as an employer you gain a tax advantage because this is considered a business expense. You will also command cheaper premium rates which is good for your pocket. This is because the risk is spread among a larger group of people which ensures that the cost is lower.

What to Look for in an Insurance Provider

An insurance provider is not easy to select because they are many of them available who offer the products you are looking for. However, there are qualities you can consider in order to choose the best fit for your needs.

• Licensing – Choose a company that is licensed to operate in your state. You can find this information in your state’s insurance department.
• Price – The rates of insurance policies vary from one insurance provider to another, therefore shop around before making any commitment. Ensure that you get different quotes and compare them.
• Service – Research to understand the level of service of an insurance provider to be sure that they answer your questions satisfactorily.
• Financial stability – Choose a company that is likely to be financially stable for a long time.

Benefits of Working with an Insurance Broker

Getting the right level of insurance cover and at affordable rates can be quite a challenge especially if you have limited knowledge of the insurance industry. An insurance broker can be quite helpful due to the following reasons.

• They will use their expertise in the insurance industry to offer the most suitable plans for your needs. They are in a position to offer unbiased advice on all matters insurance.
• Insurance brokers have access to a wide variety of products and will guide you through them so that you can choose the most appropriate cover. They have many options to choose from due to their contact with different insurers.