Business Health Insurance Quotes

Business Health Insurance Quotes

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Every business, whether large or small, is ensured absolute security only when it does the same for its employees. For a business to achieve its fullest potential, employees need to be in their best of health. No wonder so many employers these days are applying for business health insurance or group health insurance in other words. The procedure is much the same as what a person does while applying for individual health insurance, the only difference in this case being the employer taking on that responsibility. Earlier benefits of business health insurance would be tilted towards employees, a phenomenon that came to a screeching halt after the Section 125 plan was initiated. Under this law, employees have to pay for their own plans. But they too can have a set of advantages since all deductions towards the plan are done before taxation.

While group coverage comes as good news to the employees of a firm, it also has got a lot to do with the employer. In fact if an employer is restraining from buying business health insurance, here are s few quick facts he must get acquainted with-

  • Employees treasure their work and workplace only if they get good benefits. Health benefits are high on this list. While monetary benefits too are welcome, group insurance ensures their wellbeing and their family’s too. So if you’re an employer and planning to keep the best of workers with you, do not hesitate to initiate business health insurance.
  • Millions of employers still have no clue of how beneficial group health coverage can be. Instead of opting for business health insurance they choose individual insurance and end up paying a fortune as premiums. That’s something that doesn’t happen with group insurance which also offers benefits not found in individual insurance.
  • Tax advantages are hard to come by these days and that’s exactly what many group insurance policies offer. You, as an employer, and your employees to can be saved from paying payroll taxes on the money you use for eligible medical expenses.

Before buying coverage for your employees or being a part of the group plan your employer has provided, you should know the existing types of group coverage. Group insurance could be traditional indemnity plans, Fee for Service plans and managed care plans. Amongst the three the first one is most expensive. Fee for Service plans were the very first kinds of health insurance plans America saw. As for managed care plans, they’re the most popular today with options ranging from expensive to affordable to inexpensive. Managed care plans include Health Maintenance Organization (HMO) plans, Preferred Provider Organization (PPO) plans and Point of Service (POS) plans.

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