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How do the purchasing of a healthcare plan for an individual differs from purchasing a healthcare plan for a group?

When you go for purchasing the individual Healthcare plan, the insurer will judge the profile of your health and accordingly the premium will be determined. And if the healthcare plan is adopted by a group, the risk of the group will be judged by the insurer. In this case insurance become cheaper because the risk can be spread out more by the insurance company. And if an individual is young and fit then he can get a affordable premium on health insurance. But an older person can buy it easier with the group healthcare plan. An insurance company can reject an individual in individual plan if he/she becomes expensive but it becomes harder to the insurer to drop a person with group healthcare plan.

How a business unit is benefited by providing health insurance to employees?

Health is the sector everybody cares for, it is a weak point to us. Companies catch these points and facilitate health insurance to their employees which helps in attracting new and efficient employees and the loyalty of the total employees. And this benefits to the company itself because it enjoys tax benefits too which help compensate the cost of providing health insurance.

What are the tax benefits for a business providing their employees with healthcare insurance?

A hundred percent cut down to the premium it pays to a group healthcare policy can be done as a legitimate business expenses. As the part of compensation package, group health policy can reduce the payroll package. You can discuss to your tax professional on this matter.

What preparation my company has to take before it goes for a group health insurance plan?

To get the group health insurance a company must have two fulltime owners, partners, officers or employees and must have a business license and name filing or articles of incorporation. Insurance companies have set down a percentage on minimum employer contribution for a company gearing up for group health plan which the company has to meet.

What an employer do for his employees to cover the premium of group health plan?

To maintain the “group status” with the health insurance carrier, a company generally pays 50% of the premium of employees. This percentage is not fixed; it varies from employer to employer and plan to plan. Funding for the premium is not much necessary to the employer but they do so for some benefits like to maintain group status.

What amount my company has to provide for the premium of group health plan?

Your company has to pay some amount of the premium for the employees group health plan to keep group status on. The amount can be 50% of your employees group health premium.


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