Our objective is to work with employers to implement the best benefit packages to meet your strategic business goals. Many employers offer group health insurance coverage because ultimately, an attractive benefits package helps employers appeal to top employees and retain them. An employer’s benefits package usually offers medical insurance and may include ancillary coverages such as dental, vision, life, short term disability and long term disability.
What is Group Health Insurance?
A group health insurance plan is a key component of many employee benefits packages that employers provide for employees. The majority of Americans have group health insurance coverage through their employer or the employer of a family member. One of the advantages for employees in a group health plan is the contribution most employers make toward the cost of the health coverage premium – in many cases, employers pay the monthly premium or a portion of the monthly premium for an employee. Another advantage is that most employers have established Premium Only Plans (POP plans) that allow employees to pay any employee-required contributions to premiums on a pre-tax basis. Between the employer contributions, which aren’t taxable for employees, and the POP plan, employer-provided health insurance is significantly subsidized due to these tax breaks.
The Affordable Care Act (ACA) requires that insured small group plans offer health plans that meet certain benchmarks. The benchmarks are represented by the metal levels of platinum, gold, silver and bronze. Each metal level tier plan is designed to provide an average level of benefit to an enrollee.