Business owners frequently need to purchase group health insurance for their employees. But, how do you choose a policy that fits your budget and offers quality coverage for your biggest team? It can be very confusing to find the right policy options for your workforce or members.
Lake Region is your go-to local Minnesota insurance agency. We are proud of our long-standing reputation for excellence in Cokato, New London, and Willmar, MN. We take time to discuss your team’s needs and all of your coverage options. Reach out for a free insurance review and quote.
Group plans for medical coverage are different from individual policies. Insurance companies can offer lower premiums in group plans because their risk is spread over a larger number of people. Typically, a group plan requires that at least 70% of the employees or members sign up for the coverage.
Businesses are the primary market for group health insurance. But trade associations and unions also often offer these benefits to their members. The company or organization chooses the plan, and then people have the opportunity to enroll in the coverage or not.
Most of the time, there are several tiers of insurance protection available. Often these plans come with designations such as “Gold,” “Silver,” or “Bronze.” Typically, gold plans offer the most significant coverage but have the highest premiums.
Generally, the organization contributes a set percentage toward the premiums, and members pay the balance. The premium payments come out of the employee’s paycheck or the member’s dues.
Today’s workforce is highly transient. Gone are the days when workers remained with a company for an entire career. And one item that will entice excellent employees to stay put is fantastic medical benefits.
Providing for the wellness of your team can ensure that you keep highly qualified workers on your payroll.
You have considerable flexibility in how you offer insurance to your staff. It can be simple and cost-effective to fund a foundational plan that provides basic coverage. And then you can offer more extensive policies as your budget allows.
If you employ 50 workers or more, you must offer medical coverage or incur a fine. In addition, companies with fewer than 25 employees may be eligible for tax credits under certain circumstances.
Most large insurance carriers offer some level of group health insurance. It is best to work with an independent agent who can dig into all the options on the market.
The expert brokers at Lake Region Insurance Agency will help you find the plan that fits your needs the best. Set up a call today to go over the group health policies that will cover your employees or members.
It’s a privilege to help our neighbors with all of their Minnesota insurance needs. Stop in and visit our offices in Cokato, Willmar, or New London, MN. We’ll take away the confusion so that you can thrive.