Selecting a medical group plan for your team may be one of the most beneficial business moves you make. There are a wealth of advantages that come with supporting your team with healthcare benefits.
If you’re hoping to boost your company’s overall wellbeing in unexpected ways, you may be surprised at just how beneficial a group plan can be. Let’s discuss how group plans work and cover a few of the reasons that a versatile group plan works to improve your business foundation from the ground up.
How Medical Group Plans Work
As the name implies, a group plan covers a group of employees, their family members, and members of an organization. Thanks to the power of many, members of the group can access a plan at a reduced cost since the insurance company is exposed to less risk (because many policyholders are under the group umbrella). We won’t get into all of the different types of plans available (HMOs, PPOs, & more), but in general, most plans to involve a covered network of providers or partial coverage for out-of-network services.
Group Plans Attract & Retain Valuable Team Members
A significant advantage of offering a group plan is quality employee attraction and retention. By providing affordable health care coverage for your employees, they:
- Save money on pre-tax premium contributions:
- Have lower taxable income at the end of the year
- Can avoid the stressful process of trying to find and pay for a private plan
At the end of the day, your employees will be healthier, happier, and feel valued by your commitment to their wellbeing.
Employees Can Tailor Their Plan Options
While searching for the best group plan, you may want to consider a plan that includes optional dental, vision, or specialty services. Just like the reduced general healthcare premium, members of the group can often access affordable dental or vision with their pre-tax contributions, and if you offer a group plan that has great in-network providers, your employees can access exceptional services like teeth cleanings, discounted glasses, or contacts, and more at incredibly low rates.
Group Plans Save Money In Different Ways
Along with reducing your employee turnover with affordable Employee Benefits Plans in NYC that inspire them to stick with you, you can also take advantage of cost savings come tax time. All of your contributions to the employee healthcare plan are tax-deductible, and your overall payroll taxes will be lower at the end of the year (since your employees contribute to their premiums pre-tax).
Another hidden advantage of investing in a group plan is reduced company loss due to sick time. Your employees will have the care they need, meaning your team will be in better health to maintain a consistently productive work environment. All you need to do is find the right Insurance Companies in NYC to support your healthcare needs. You improve your company’s bottom line, your employees are healthier, and everyone is happier.