As an employer or CEO, there are many things you must consider as we approach Open Enrollment. Should you offer individual plans or group health insurance, What about voluntary benefits? These are just a few of the things you must decide prior to Open Enrollment.
At LUXA, we are passionate about educating and empowering our clients to make Open Enrollment decisions that benefit both their workforce and their bottom line. Let’s take a look at what group health insurance is, how it benefits your business, and why you should consider group healthcare during Open Enrollment!
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What is Group Health Insurance?
Group health insurance is an employer-sponsored group plan that offers healthcare coverage to employees and their eligible dependents. Group plans are sometimes referred to as large group or small group, depending on the size of your workforce. (This is typically determined by the number of full-time employees.)
There are many benefits associated with offering group health insurance plans to your employees. They include:
- Allowing Employees To Choose From Multiple Plans
- Providing Them With Affordable Coverage For Their Families
- Lowering Your Company’s Costs By Sharing The Risk Of High Claims
Group Health Insurance and Voluntary Benefits
In addition to offering group health insurance plans during Open Enrollment, you can also offer voluntary benefits. These are non-insurance perks offered by your company that allow employees to receive discounts on healthcare services and products they may need outside of their medical plan coverage.
You want to make sure employees have coverage in the event of an accident outside of work hours and voluntary benefits can help them do that! LUXA Advisors will communicate these options with your employees during Open Enrollment so they know
How Does Group Health Insurance Benefit Your Business?
Group health insurance plans can benefit your business in several ways. First, they give employees an affordable way to obtain healthcare coverage for themselves and their families.
Second, group health insurance lowers your company’s costs by sharing the risk of high claims with other companies that are part of the same plan (i.e., pooling).
Finally, employees are able to choose from multiple plans within the same network.
As you consider your Open Enrollment options, it’s important to remember that group health insurance plans are not one size fits all. There are many types of coverage available depending on your workforce demographics and budget.
It is important to work with an HR expert leading up to Open Enrollment. Doing so will ensure that you understand the benefits of offering group health insurance to your workforce.
When to Consider Group Health Insurance
The best time for employers to consider group health insurance during Open Enrollment is when your workforce reaches 50 or more full-time equivalent (FTE) employees.
You can also offer group health insurance to part-time employees, but only if your full-time workforce is 50 or more.
If you have a smaller business with fewer than 50 FTE employees, offering group health insurance may not be right for you during Open Enrollment. However, there are other options available that can still help lower the costs of healthcare coverage for small businesses.
If you would like to learn more about the benefits of group health insurance and how it can help your business, contact LUXA today. Your dedicated HR expert will be happy to answer any questions you may have!
LUXA Enterprises specializes in HR services, outsource accounting, bookkeeping, and payroll services. We match up with ideal candidates for services by allowing small to midsize businesses to increase focus on their growth through outsourcing. If you want to know how we can help you, contact us today!
REQUEST ONLINE PRESENTATION
We’ll demonstrate how you can save money while improving your efficiency and accuracy when you outsource your back office services to TEAM LUXA.
Let Us Present A Plan →
Call TEAM LUXA today at (918) 928-7288 to learn more about why outsourcing is right for you!