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In general, group health insurance is the first priority for employees and is the second largest expense for employers behind payroll. We'll help you navigate the healthcare process so you can hire and retain top talent.
Some employees may prefer a nice bonus, but in most cases, employees see health care as a core part of the compensation package—arguably as important as the salary itself. Buying group health insurance is an economical way for your business to recruit and retain staff while increasing the likelihood that they'll be fit to work.
Depending on the plan, your business may cover employees only or may choose to offer coverage to the family and financial dependents of employees, as well. Additionally, your company may choose to cover the premiums in full or split the cost with employees.
Since the Affordable Care Act took effect, the medical history and pre-existing conditions of employees don't matter. Because you're pooling the risk, the price your business pays per employee may usually be much less than the average amount they'd pay if they bought insurance individually.
The costs associated with this type of coverage may vary depending on where your business is based, how many employees you want to cover, and the ages of your employees.
Insurance also comes with tax benefits. The premiums you pay as an employer are fully tax-deductible. Very small businesses may also get a tax credit worth up to half the cost of the premiums.
Ready to offer group health insurance to your employees? We can help you weigh your options.