Group Benefit Information
As a small business owner, a strong group employee benefits plan can help you attract and retain talented employees. In addition to contributing to employee health and wellness, businesses that offer comprehensive group benefits plans may appear more desirable than companies that provide higher-paying jobs with no benefits.
Our experienced agents are here to help you find the best group insurance plan for your business. Contact Diamond Insurance Agency to speak to an insurance agent today.
What Are Group Employee Benefits?
Group employee benefits allow your employees to join your chosen coverage plans. Small businesses share the cost of group benefits premiums with their employees to offer benefits plans with a variety of protections, including:
· Health insurance
· Retirement plans
· Life insurance
· Paid time off
· Dental insurance
· Disability insurance
· Vision insurance
· Employee stock options
· Financial wellness programs
When deciding which group insurance plan is right for your small business, you must keep your employees’ needs in mind. It can be helpful to consider your workforce demographics and any other key characteristics of business operations.
Let us help you find the right coverage for your business and employees. Contact Diamond Insurance Group for more information on our group benefits coverage plans.
How Does Group Insurance Work?
Typically, insurers will require at least a 70% buy-in from employees to provide group benefits. This is because insuring a larger group of people spreads out the insurance company’s risk, allowing them to offer lower premiums than they can on individual policies. Employees are usually able to add spouses or dependents to their insurance policies.
In addition to benefiting employees and their families, your small business may experience tax benefits from purchasing a group benefits policy.
How Many People Make a Group?
If you own a small business, you’re probably wondering if you have enough employees to qualify for a group insurance plan. Under the Affordable Care Act (ACA), all businesses with fifty or more employees must provide health insurance to full-time employees and their dependents or pay a fee. Smaller businesses that wish to provide group benefits to their employees can qualify for health insurance if they meet the following requisites:
· They have at least one employee on payroll.
· The business pays payroll taxes.
Businesses with fewer than 25 full-time employees may also be eligible for small business healthcare tax credit benefits. Visit the IRS webpage to learn if your small business will qualify for tax credits when you enroll in a group benefits plan.
How Do I Get Group Benefits Insurance?
Employers who keep their employees happy and healthy are less likely to experience high employee turnover. Offering the right group benefits plan for your employees is crucial for attracting and maintaining a robust workforce. Contact Diamond Insurance Agency today for a free group benefits quote.