While many Americans get their health insurance on the private market, over 70% have coverage through their employer. In fact, federal law requires large companies to offer health insurance benefits to employees and their dependents, with coverage that meets certain minimum requirements. These group health plans offer some important advantages to businesses and ensure workers have the coverage they need.

A Guide to Group Health Insurance

How Do Group Health Insurance Plans Work?

A group insurance plan covers all of an employer’s eligible employees and their families, along with anyone who might be hired in the future. Because the employer chooses which plan to offer in advance, employees are spared the time, confusion, and frustration of comparing health insurance policies. Group premiums are typically split between the employees, who usually pay about 20%, and the employer, who picks up the rest.

The Perks of These Plans

Group insurance plans offer some attractive advantages for both workers and businesses. For employers, these options offer a relatively easy way to stay compliant with federal law, while providing benefits that attract and retain the best talent available. As a business expense, your share of the premiums is also tax-deductible, potentially reducing your bill by thousands of dollars every year. Employees who participate in group health insurance enjoy the benefit of having a preselected plan and substantially lower costs than buying coverage on the private market. 

For more than 40 years, Taake Insurance Agency LTD has provided business owners throughout Columbia, IL, with comprehensive coverage from many of the industry’s top carriers. Their team will evaluate your needs and recommend health insurance plans and property coverage, so your investments and assets are protected. Follow their Facebook for more tips and advice. Call (618) 281-7656 or visit their website to discuss your options and request a quote.