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Group Insurance

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The many benefits of group insurance in a company

Before knowing about the various benefits of group insurance in a business, you should know a little bit about the insurance itself. Group insurance is generally taken up by an employer to provide health insurance coverage to their staff members. The coverage can be extended up to the staff’s family members as well. This type of policy is very affordable as the employee also pays a share of the cost. For advice or to discuss your requirements, contact our insurance brokers at NOB. We look forward to hearing from you.

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Coming to the advantages of group insurance

  • With group insurance, you save money on high premiums and so does your employees. At the same time, your employees can afford insurance for themselves and for their families.
  • If your business has a higher number of employees there is a chance that you might get the insurance policy at a lower price. Not to mention, you will be able to choose from a diverse range of insurance policies.
  • Small businesses can qualify for a tax credit in which they can be compensated for the amount they are paying as insurance premiums.
  • Your employees feel appreciated and more valued which can lead to low attrition rates as your team members may think of building a career in that company.

For the employees, the benefits of group insurance include:

Coverage for a wide range of pre-existing health conditions

  • In the event of an employee passing away, the beneficiary would receive the coverage amount

  • Cost for prescription drugs, eye examinations, medical supplies and devices are also covered

  • Reimbursement for full or part of expenses for certain dental surgeries including dentist visits and examinations.

  • Employee assistance programme: Additional services offered to the employees and their families which includes assistance for various problems such as family problems, alcoholism, depression etc.

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    As an employer, if your company has more than employees working, then it is your legal obligation to apply for group insurance. There are many types of group insurance that you can choose from such as fully-insured plans, level-funded plans, HMO, PPO and more. Just call us if you are facing any issues in choosing, we will be glad to assist you.