Health insurance is incredibly important to not only keep you and your family healthy, but it can also save you a lot of money in the case of disasters. Last year we covered how Illinois is on the path to improve the affordability of health costs – a big point of contention in the state and, in fact, across the US.
The US spends more on healthcare than any other country on the planet. As a result, you need to save where you can.
While there are many different ways individuals get their health insurance, one of the most popular is through their work or employer. Many employers will utilize group health insurance plans to help cover all of their employees.
But just what are the benefits of having a group health insurance plan? With that in mind, let’s look at the benefits of having a group health insurance plan, and also touch on how to get one even if you’re self employed.
One of the biggest benefits of having a group health insurance is that it offers cost savings both for the employer and the employee. Employees will generally get more affordable health insurance through their companies, and will often have more options due to the large pool of people.
For employers, group health insurance can provide helpful tax-related benefits. Any expenses related to health insurance can be deducted as business expenses. So companies will often be compensated depending on how much they paid out.
Group health insurance and benefits are among the best ways to improve the loyalty of your employees. If they know you are offering them great health insurance options, they are far more likely to stick around. They will appreciate you and be willing to work hard to help the business succeed.
Having good and affordable health insurance in place can also help your recruiting in the future. A good benefits package is a major selling point for potential employees, and can give employers a step up on their competition. Supporting employees is huge for morale and motivation, and offering group health insurance is a great way to show support.
Also check out our article on how telemedicine is making access to health services more affordable while improving both costs and outcomes.
Dealing with health issues can be stressful and all-consuming. It makes it hard for people to focus on anything at work, home or anywhere else they go (check out our podcast episode on how one startup is helping patients deal with medical conditions). This can greatly reduce the productivity of your business.
But by offering an affordable group insurance plan, your employees will know they have the coverage they need. This can stop them from dwelling or obsessing about the health issues they’re dealing with, and assist them in getting the help they need. Stress-free employees are often better suited at being productive and focused.
In the modern day, more and more people are opting to be their own bosses and becoming self-employed or freelancers. It is growing incredibly popular as it lets you set your own hours, do what you want in life and control your own success or failure.
However, one common question or concern self-employed individuals would have boils around the topic of health insurance. Because the have no employer, you will be unable to be provided any group health insurance by your employer. As this is how most people get their health insurance, it can be tough for you to know where to turn and what to do next.
Thankfully, you can also get a group health insurance plan if you’re self employed? Well, it’s true. According to Health Markets, it is completely possible to buy group health insurance for self employed.
If you work completely by yourself, getting group health insurance is tough as only a few certain states allow it. More often than not, you’ll need to simply purchase an individual health insurance plan. But if you have employees, it is much easier to do and you have far more options.
If you need more guidance, it is a good idea to reach out to an expert or insurance provides in your area for clarification on your unique situation. Hopefully this article has helped you not only understand the benefits of a group health insurance plan, but also how to get one if you’re self employed.