As a valuable component of a compensation package, a group health insurance plan can help you hire and retain the best workers. Plus, there are special tax incentives for businesses that provide health insurance. At Burton Insurance we understand the many complex and financial decisions that have to be made when considering providing a Group Health Plan. Our commitment to unqualified personal service could very well be the key to helping you make your decision about a Group Health Plan.
Considering a Group Health Plan or reviewing your current Plan? Here are a few things to consider:
Is Group Insurance for us?
Group health insurance covers the medical expenses of many different people in a single policy. All eligible participants are covered, regardless of age or physical condition. Besides employers, different groups such as trade associations, churches, and clubs may offer group insurance to its members. Group Health Insurance is necessary to attract and keep good employees. While employers may not like the cost of group health, they should be aware of the benefits to the company and overall morale. There may be things you as an employer can do to alleviate some of this costly pain. Also, all Group Health companies and insurance agents that offer them are not created equal.
Compare quotes and benefits from multiple insurance companies.
You wouldn't buy a car without first familiarizing yourself with the different makes and models available. Similarly, when shopping for group health coverage, don't limit yourself to the offerings of a single insurance company. The most convenient way to get an overview of the insurance options in your area is by working with an agent that can provide you with the benefits and rates from a large number of insurance companies and plans. With more to choose from, an agent will help you match your business to the best plan and save you money by making sure you're not paying for "extras" that you and your employees don't need. Burton Insurance is prepared to do that for you.
Consider a high-deductible plan.
Another way to save is by opting for a high-deductible plan. If your employees are healthy and don't make frequent visits to the doctor, this may be a good option for you. You can save money and still retain valuable coverage for your employees through a high-deductible plan. Though they will face deductibles before coverage kicks in, your employees will be protected from the catastrophic consequences of having no coverage in the event of serious illness or injury. Burton Insurance can provide you with information on high-deductible plans in your area and help you determine if such a plan makes sense for your business.
Take advantage of available tax incentives.
Educate yourself on the tax benefits available to you as a business owner when you provide group health insurance for your employees. You may be able to fully deduct the premiums paid on your group health plan, and offering coverage as part of a total compensation package may reduce your payroll tax. Health Savings Accounts (HSAs) provide another important tax break for you and your employees. These tax-favored accounts can be used in conjunction with certain high-deductible plans and your contributions to them are exempt from payroll tax. Talk to us about HSAs and HSA-eligible plans. All these incentives contribute to the affordability of your group health insurance plan.
Burton Insurance Services, Inc.
890 1st Avenue North
Naples, FL 34102
239.591.0716
f:239.591.1452
890 1st Avenue North
