Group Health Insurance
Below are some of the things to consider in health insurance.
* How can business benefit from group health insurance?
* What are the factors to be considered before taking group health insurance?
* Who can take group health insurance policy?
In essence a group health insurance policy is an insurance cover applied for by the employer, with Insurance Company. The employer would usually have to pay only a part of the premium
(Unlike earlier when 100% employee benefits were prevalent) of the group medical insurance policy. To counter this expense to the employee, Congress passed Section 125 so that the
employee pays the expenses, on a pre-tax basis, for specified benefits. The employee’s net expenses for the group health insurance cover, and for various other benefits, have been
greatly reduced as a result.
Small and Large Business Group Health Insurance Quotes, and, as an Employer, what are the Benefits of Providing?
Group Medical Insurance Policies:
* It is a well-known fact that an employee values a group health insurance cover and its benefits. It is viewed by the employee as the second-best thing next to monetary compensation, and
gives the employer the added advantage of being able to employ and retain the best in the business.
* As an employer, you may not have purchased medical insurance cover for yourself. Do you know that by buying medical insurance cover via a company, you would be getting better rates than if you were to purchase an individual medical insurance policy?
* Additionally, a group health insurance policy also offers your employees and yourself a special bonanza in the form of tax incentives. For instance, as an employer you could reduce
payroll taxes, by offering your employees group health insurance as part of a whole compensation package, thereby deducting 100% of the premiums that you would have had to
pay on a qualifying group health insurance plan. Better still, your employees, using pre-tax dollars, would be able to pay their part of the monthly premium.
Regards, Coyalita
B.H.R.S.
See Next: Individual Health Insurance
