Companies often have a legal obligation to provide their employees with a certain amount of insurance coverage. These requirements are established by the state, and your group health insurance broker will know what kind of policy will keep you in compliance. If you haven’t decided what type of insurance to offer yet, here is a quick overview of what group coverage is.
The Coverage Costs
When you provide your employees with a group plan, the coverage costs are often split between your company and the employees who take part in the benefits program. While this may bring an increase to the cost your company has to manage, a group plan offers significant cost savings to the individuals who choose to take part. According to the experts at iSure Insurance Brokers, the average cost of a single group participant is around $450. However, the coverage is also only extended so long as the employee still works for the company.
Because it is considered a group plan, the choices are much more limited than those for individual coverage. The HR department is usually responsible for establishing the health plan choices, and the final options may not always fit the needs of the various employees. In comparison, an individual could choose from among at least ten options based on their needs and budget restraints.