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What is Group Health Insurance?

What is Group Health Insurance?

Group Health Insurance helps your employees protect their financial well-being in case of an unexpected illness or injury 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.

Our Solutions

All-in-one Benefits Platform

Our All-in-one Benefits Platform allows us to quote, enroll, and manage your companies benefits with our industry leading benefits platform.

We have the capability to Engender Real-time quotes from multiple carriers, Generate proposals in minutes.

Our Integrated Process Explained

With our process, we are able to provide a faster turnaround time through an integrated system and provide continuous Broker support to help keep things simple.

We can update an employer census and re-run the quote, change an employee’s plan assignment.

Simplified Enrollment Process

Complete online employee enrollment and provide ongoing membership management.

We can run a new hire quote with built-in new hire worksheets and drill down into rate & benefit details for our clients. Get access to preferred doctors with our integrated Provider Search.

Additional Services

Get Emergency Help

Contact your provider’s 24/7 emergency assistance department to get help now.

Hassel Free Claims

Contact your provider’s claims department to start the claims process.

Manage Your Policies

Access your active policies, save your searches, and contact your provider.