When looking for employee benefits, one of the most important items to offer is group health insurance. Everyone needs health insurance. Although offering group health insurance isn’t typically legally required, it’s important for every business with employees. Medical bills can be incredibly expensive, so most employees look for a company that offers reliable and comprehensive health insurance coverage.
But who qualifies for group health insurance?
Group health insurance is typically available for full-time employees (working over 30 hours a week) and their dependents. All full-time employees are eligible for group health insurance regardless of health or preexisting conditions. Some part-time employees may also be covered under group health insurance, depending on the employer’s policy. Since group health insurance is spread over multiple employees and their families, the premiums and deductibles are typically affordable.
Group health insurance covers medical expenses such as:
This insurance can also help with the cost of prescribed medications.
Who Counts as a Dependents?
Eligible dependents that can be covered under group health insurance include spouses, children and occasionally domestic partners. Dependents receive health insurance through the insured employee. If the employee leaves the company, they and their dependents may be left without coverage if they don’t carry individual health insurance policies.
Group health insurance is often more affordable for families than individual health insurance policies and can cover dependents up to 26 years old.
How Does a Business Qualify for Group Health Insurance?
Your business may or may not qualify for group health insurance. Small businesses with 2 to 50 full-time employees automatically qualify for group health insurance. Even sole proprietors with only one employee may qualify for group health insurance, as the proprietor or owner is also counted as an employee when it comes to group coverage. Keep in mind that, as an employer, if you offer health insurance coverage to any part-time employees, you must offer it to all part-time employees.
Other Additional Coverages
General health insurance covers a range of medical expenses, but it doesn’t cover everything. To set your company apart from others that offer health insurance, consider offering additional coverages for health insurance.
Expenses related to dental health can be expensive and typically aren’t covered under basic health insurance. Dental expenses such as copays, cleanings, crown fillings and deductibles can be covered by a supplemental dental insurance coverage. Every employee needs some sort of dental care, especially those with children who may need braces or fillings.
Accident and Critical Illness Coverage
Accident and critical illness coverage can help with the costs associated with sudden accidents and critical illnesses that affect the employee or their dependents. It can help with emergency expenses as well as deductibles and coinsurance.
Group Health Plans
Group health plans are different than group health insurance. Plans like these are not insurance, but plans tailored to encourage health in employees. These plans can include onsite gyms, gym memberships, healthy snacks or provided lunches and more.
If you’re an employer, it’s beneficial to review other companies’ plans and ask employees what they would like to see in their employee benefits. The job field is competitive, and employees primarily look for great benefits packages both for themselves and their families. Having an impressive employee benefits package can not only draw talent to your company but keep them. Many employees leave jobs due to other companies offering better health insurance or more impressive benefits packages.
How Much is Group Health Insurance?
The cost of group health insurance for businesses is about $6,896 a year on average.
Contact Remco Insurance today to get started on your group health policy.