What is Group Health Insurance?
Group Health Insurance helps you and your employees pay for health care expenses. Companies with 1 or more employees are eligible to purchase group health insurance plan. Towerhillcorp will assist your Business in finding Insurance carriers that offer Group Health Insurance options of all sizes both small and large.
What is the functionality of Group Health Insurance?
Group Health Insurance functions in a way that helps businesses pay for health care expenses for their employees. When you pay an Insurance premium, the Insurance company will pay a portion of your medical costs, including regular doctor checkups or injuries and treatments for accidents and long-term illnesses, Health and Wellness Programs, Behavioral Health and Well-being Management. The amount and services that are covered vary by the plan type.
For example, an employee may have a $20 copay for a typical doctor visit. The plan may have a deductible in which their plan may not cover any expenses until they have paid their deductible. Generally, the higher an employee’s monthly premium, the lower their deductible will be.
Group Health Insurance plans are designed to be more cost-effective for businesses. Employee premiums are typically less expensive than those for an individual health plan in most circumstance. Premiums are paid with pretax dollars, which help employees pay less in annual taxes. Employers pay lower payroll taxes and can deduct their annual contributions when calculating income taxes.
What are Voluntary Benefits?
Voluntary benefits, also called voluntary group insurance, are plans for employees that are provided at little to no cost to the employer. They enable employees to enroll in coverage at significantly lower rates than they would pay as individuals, and often help employees cover expenses that may not be paid for by other types of insurance.
Voluntary benefits allow employers to offer more extensive coverages without added costs. In addition, they help employers save on taxes. Since premiums are paid via automatic pre-tax payroll deductions, employers pay less payroll taxes – a win-win for you and your employees.
Voluntary benefits can be offered in the following ways:
Traditional voluntary plans – 100% employee-paid. Employees select benefits that best meet their needs and budget, often at lower group rates.
Voluntary buy-up plans – Employers pay for basic coverage, and employees are given the option to buy up or purchase richer benefits.
Multi-coverage packages – Products offering basic protection are bundled together (age-banded for easy selection and rates). These packages offer employees both convenience and affordable rates.
Ancillary Insurance Options & Group Life
Contributory or Voluntary