Any good business owner is always looking for ways to help its employees. Here at Golden Plan Choice, we aim to assist in this endeavor. That is why our team proudly offers group insurance policies to its clients. Group insurance is a health plan that provides coverage to a group of members. Typically, these ‘members’ are comprised of company employees or members of an organization.
By grouping your insurance plan, you could benefit from coverage at a lower cost. This is because the risk is spread across several policyholders. Most group health plans require a 70% participation in the plan for it to be valid.
It should be noted that as employees, you can’t enter into a group plan with your colleagues. Instead, these policies need to be purchased by your company or organization and then offered to you. As such, you cannot purchase a group insurance policy as an individual. However, that doesn’t mean you can’t present the idea to your company.
The premium within these policies is higher than a typical health insurance policy. However, that is because it’s divided between each policyholder as well as the company or organization. In addition, coverage can even be extended to family members of each policyholder and other dependents. However, this will come with additional expenses.
If you think a group health policy could benefit your employees, reach out to Golden Plan Choice today and see how we can help.