Benefits of group health insurance
Employers often offer group health insurance plans for members of staff as an employment benefit. There are a number of benefits attached to group life insurance such as cost and convenience. Mid-Florida BCBS is a Blue Cross Blue Shield agent offering and group, family and individual health plans in Eustis and The Villages.
When insurance is spread across a group the cost per participant is lower. This makes group health insurance a cheaper option for an employee than an individual health plan. An employee also gets benefits in the sense that offering group insurance is an attractive benefit to potential employees. It can also help to increase and improve employee retention. There are also potential tax benefits for both employers and employees. In addition small businesses can get tax credits as outlined by the Affordable Care Act offers
Offering health insurance as a perk has a positive effect on recruitment and employee retention. Health insurance enables workers to obtain fast medical treatment and this will lower absenteeism. People without medical insurance will often delay seeking medical treatment whereas people who have health insurance have no financial reason to delay treatment.
Health insurance makes professional medical care more accessible. It also encourages participation in preventative activities and practices. The costs of a serious medical condition will be out of the reach of most people and health insurance removes this burden. Group health insurance brings these benefits to all participants. These benefits also help to improve office morale and productivity.
Most employees expect and demand health insurance as part of their work remuneration. It is clear that group health insurance offers tangible benefits to both employers and employees.
Group health insurance can also benefit members of a society or a group of professionals who together might be able to qualify for group schemes.