Group Life & Health Insurance
With the face of healthcare changing, there is a lot to know and likely many questions when it comes to creating a group health plan for your company and we are here to help guide you.
Group life insurance is usually offered as part of your employees’ benefit package and covers an entire group of people. Policies are not based on individual lifestyle habits or health factors. Instead, rates are based on the employees’ overall risks of the group. The coverage costs are usually much less than if the employee purchased an individual policy.
The advantages to an employer offering group life insurance include federal income tax-deductible premiums, fringe benefits to offer new employees and valuable life insurance protection provided at a low group rate. It also contributes to employee security, loyalty and higher morale and reduces employee turnover, saving your company money in hiring and training costs.
Group life can be purchased in term insurance or whole life insurance. Term life is the most common and cost effective and remains in force until the employment is terminated or until the specific term of coverage ends. The employee has the option of converting the group coverage to an individual policy when leaving employment, but the premium tends to be much higher than those available to individuals.
Group health insurance is one of the most important employee benefits offered and consistently the most popular. Employers have a few plan options including Preferred Provider Organization (PPO), Health Maintenance Organization (HMO) and Consumer Driven Health Plan (CDHP). You’ll also want to consider part-time employees or those who don’t qualify for the same benefits as full-time employees. There are plans to accommodate your diverse work force.
Coverages may include:
- Health Savings Accounts
As an employer, you are aware of the importance of a good comprehensive benefit package and its contribution to business success. The Jager Agency licensed agents can help gather the information needed about your business, employees and objectives to find group life and health plans for your employees.