Choosing the right Group Health Insurance Plan can help reduce costs for employers and employees. For employers, providing a Group Health Plan saves money because it spreads risk across a larger group, reduces premiums, and provides some tax incentives. Group Health Plans benefit employees by providing coverage at a lower cost than individual policies, because the employer covers part of the premium cost.
Two typical types of Group Health Plans are Health Maintenance Organization (or HMO) plans and Preferred Provider Organization (or PPO) plans. HMO plans often offer lower premiums, but you’re required to choose care from an in-network provider. With a PPO Plan, you can choose any doctor, but you’ll pay more for out-of-network care.
Helping employees stay healthy boosts company productivity by reducing sick time and can help recruit and retain top people. In fact, a Forbes Advisor 2022 survey showed that health coverage is a great influence on what jobs people select. And it can help a company retain—or lose—employees: 8% of respondents with health insurance through work said they left a job that they liked because they wanted better health coverage.
Need help choosing the right Group Health Plan for your business? Call us for a no obligation consultation today.
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