What is a Group Employee Benefit Plan?

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Group health benefits packages are important for many businesses, allowing employees’ families to access crucial healthcare and other support services. By offering valuable benefits like coverage for doctor and hospital visits, preventive care, prescription drugs, and more. Employers partnering with insurers can ensure their employees and their families can access the best healthcare. In this article, we’ll look at what group health insurance offers so you can confidently decide which benefit package is right for your business.

Group health insurance plans are one of the most affordable plans available today. They are so affordable due to risk being spread among the insured people of the group, resulting in lower premiums for the individuals. The insurer assumes less risk as more people participate in the group benefits package. Affordability is a desirable benefit for employees who ordinarily could not afford individual health insurance policies.

Health insurance benefits offered by employers vary depending on their company’s size and industry but typically include a health insurance plan covering a specified number of employees. spouses and dependent children, along with the essential services they may need. On average, a group health insurance policy is a little over $7,400 for an individual annually, with employers paying approximately 80% and employees paying the difference. An average family coverage policy under a group benefits package is slightly more, averaging $21,000 annually.

Depending on the size of your company, your group benefits may qualify for lower rates. Group benefit packages can also contain a wellness program that can provide free or low-cost healthcare screenings, vitamins, fitness programs, weight loss programs, and more. Supplementary medical coverage available in group benefit packages includes specific types not offered in a standard health insurance plan, such as disability or coverage for dental work. These are also available at discounted rates when purchased in bulk by companies.

Group health insurance plans are becoming increasingly popular as they provide coverage to many people, saving them money while gaining access to quality health care services. Group health insurance packages typically include various features, such as coverage for doctor visits, prescription medications, and more. They can offer additional benefits like dental and vision care, emergency care, and mental health care options. By pooling resources, these packages can be more cost-effective for the participants. Knowing the details of group health benefits packages can help employers decide which plan best fits their organization’s needs and interests.

Group Benefit packages are built individually for each organization, tailored to fit your organization’s needs. Talk to an Avery Hall Group Benefit specialist today, and we can help develop a plan that best fits your organization’s needs and interests. Contact us at 410-742-5111 (Salisbury) or 410-822-7300 (Easton).

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