Group Insurance

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.

How Does Group Health Insurance Work?

As previously mentioned, these plans must be bought through the employer rather than the employee. In addition, as each business and its members vary, each group insurance plan will vary to accommodate those differences. The insurers, the plan type, the cost, and the terms and conditions will all play a role in determining the right plan for your group.

There are various plan options, and in some cases, they come in different tiers. Each insured party will have the option of taking basic coverage or advanced insurance with add-ons within each tier. Furthermore, the premium split between the organization and group members will be based upon the plan and its tier if applicable.

The employer or organization decides upon the plan, and once they have chosen the plan, group members will have the opportunity to accept or decline the coverage. The majority of employees find great benefits within group insurance as these plans are more affordable than individual coverage.

The Benefits of a Group Health Plan

Group health insurance plans are available for a range of business types. Some of the most common include small businesses and national accounts. The number of employees will determine which business type your company will fall under, and it varies from state to state.

Here in Texas, a company is considered a small business (for group health purposes) if there are less than 25 employees at full-time. No matter if your business qualifies as a small business or not, these policy types are more cost-effective and are typically more affordable for the individuals covered under the plan.

Moreover, the premiums within these policies are paid with pre-tax dollars. As such, employees pay less in annual taxes. Not only do these policies benefit employees, but also business owners. This is because any company owner that offers group insurance to their employees can enjoy favorable tax benefits.

Any health insurance plan is beneficial as it will save you money in the long run. After all, the majority of premiums under these plans are more affordable than a year’s worth of medical bills. Of course, health insurance can sometimes be too expensive for individuals. That is why more and more people are looking for health benefits through their employers.

Benefits for Both Employer and Employee

As previously mentioned, there are different plans depending on how many group members you’re looking to insure. By law, small businesses don’t have to provide health insurance to their employees. However, there are numerous benefits to doing so.

The first, of course, is healthy employees. When your team is healthy, your company will be functioning at maximum efficiency, which will benefit your business in the long run.

In addition, Group health insurance helps business owners pay for health care for their employees. Many employers try to give back to their employees with benefits (such as healthcare). However, with premiums going up, it’s not always a possibility.

That is why group insurance is such a beneficial option. Of course, not just anyone can qualify for group health insurance. If you’d like to learn about your company’s eligibility for a group health insurance plan, contact Golden Plan Choice today.

That is why having a health insurance policy is so important. With the right coverage, you won’t have to worry about how you’re going to pay for an unexpected medical bill. The cost of medical treatment is constantly on the rise, and you never want to be paying out of pocket for a surprise emergency.

With that in mind, it’s imperative you take out an insurance policy as soon as possible. By having health insurance, you can also have peace of mind knowing that if a medical emergency arises, the cost of the treatment is covered.

Find The Right Plan with Golden Plan Choice

Group health plans aren’t so different from individual health insurance plans; the higher the premium, the lower the deductible, and the lower the premium, the higher the deductible. Of course, there are far greater benefits to group insurance. That is why so many people look for jobs that provide health benefits.

Without health insurance from an employer, many people struggle to find a plan they can afford that offers the coverage they need. Moreover, when you have a family to consider, the cost of healthcare can increase. With a group insurance plan, the insured employees’ family members’ can also benefit from coverage under this plan.

Of course, you don’t have to work for an employer to qualify for group insurance. There are several ways you can be covered by group health insurance. If you are a dependent of an employee who receives group insurance, you will be covered until the age of 26, like with an individual health plan. However, this is only if the employer does not offer health care.

Contact Our Team Today

Contact our team today if you’d like more information about Group Insurance and how it can benefit members and employers alike. Here at Golden Plan Choice, we strive to meet the needs of anyone who requires our services.
We understand the importance of health insurance and why having a policy is so vital. That is why our team is here to ensure you find a plan that works for you and your employees. If you’re looking for group health insurance for your company, reach out today and see what Golden Plan Choice can do for you.