Group Health Insurance in NJ
Protect Your Most Valuable Asset: Your Employees.
If you run a business in New Jersey, you know how important it is to offer employees health insurance. Not only is it a major perk that makes working with you more attractive, but it also signals to prospective employees that you are interested in their well-being. Workers will often look at the perks a firm offers before the base salary, highlighting just how important health insurance has now become.
WHAT IS GROUP HEALTH INSURANCE?
Group health insurance is a product offered by insurance carriers in which a group of people sign up to a single policy. Group health insurance policies tend to be cheaper than individual ones because the insurance firm can spread the risk across a large number of people. It’s unlikely that everyone on the policy will get sick and necessitate large payouts.
Cheaper policies are great news for employers. Employers can sign their workers up en masse and enjoy reduced premiums per employee than if each worker bought health insurance for themselves.
WHY CHOOSE A GROUP HEALTH INSURANCE PLAN?
The most significant advantage of group health insurance plans, as discussed above, is the lower price. Group coverage is an excellent tool for firms who want to offer coverage to all employees who join their organizations, not just those without preexisting conditions. Carriers are often more willing to entertain people with preexisting conditions if an organization already has many people signed up to a group policy.
Insurers also frequently contract with healthcare providers through health maintenance organizations to agree that employees will use their facilities should the need arise. When insurers guarantee patients to providers, providers are often willing to lower their fees, which the insurer can then pass onto the employer. You can, of course, opt out of this system and offer workers a choice but it tends to cost more money.
There’s another benefit to choosing group health insurance plans: happier workers. If you don’t provide corporate-sponsored healthcare insurance, then workers will need to buy their own. Not only is it more expensive for them to do it by themselves, but it also makes your company less attractive. Workers want and sometimes expect to receive coverage from their employer, and if they don’t, it can sway their decision to work with your firm.
Tried & True
Employer-sponsored group health insurance plans began to emerge in the 1940s as companies competed against each other to attract labor returning from the Second World War.
Since then, it’s become a vital tool for firms to attract and keep talented people in their organizations, and to protect their reputation as responsible employers.
Get More Information About Group Health Insurance
Finding a great group health insurance plan can be tricky: the needs of every business are different. If you’re struggling to find a plan that suits you, then get in touch with us. Our team will take care of managing your health insurance needs and COBRA administration. We’re an insurance broker, not a carrier, so we can find the best services for each client, not just the one we sell.