At Blue Lion Insurance Advisors, LLC, we know how valuable Group Benefit Plans can be to companies and individual employees in Red Bank and throughout Monmouth County.
Contact us online or at (732) 649-1600 for a free consultation so we can assist you in choosing the group health plan best suited to your organization’s needs and budget.
You will find our approach refreshingly efficient and collaborative. As insurance advisors, not affiliated with any particular insurance company, you will be happy to find us always able to put our clients first
How Group Benefits Work
By providing coverage to a group of members, typically employees, Group Medical Insurance Plans are able to offer lower overall rates. Though employees have the option of declining to enroll in these plans, they are usually grateful to have this important benefit. Most also find it expedient and economical to add their family members to their plan for an additional cost.
The Benefits of Offering Group Benefits
Making Group Benefits available to employees has a number of advantages to the companies that do so since health benefits are often as strong a lure for recruitment as higher salaries. Providing Group Benefits also serves to reduce absenteeism, increase retention of workers, and boost employee satisfaction. Because all of these factors help to boost morale and encourage productivity, contacting our efficient, knowledgeable insurance advisors is a wise move.
Types of Group Benefit Plans
At Blue Lion Insurance Advisors, LLC, we want you to have a full understanding of Group Benefits Plans before you purchase one. Here is a synopsis of the various packages available:
Fully Insured Plans charge your company an annual premium, a cost that you will split with your employees, who each pay a proportionate amount. Premiums will vary depending on:
- Type of business
- Level of coverage and add-on benefits
- Claim history
- Health histories of employees
- Number of employees
- Average age of staff member
Self-Funded Plans with Stop-Loss Insurance
These plans establish a trust fund to pay routine healthcare costs of employees. Though at first they may appear more affordable than Fully Insured Plans, they present a threat to the employer since one employee’s potential catastrophic injury or long-term illness could decimate the trust and throw the company into bankruptcy. This is why it is essential that self-funding employers buy Stop Loss Insurance as a back-up. Contact us, so we can explain Stop Loss Insurance to you in greater detail
Level-funded plans are paid on a monthly basis. The insurer estimates the annual cost of the Group Policy and divides it by the number of employees. The total cost is split between employer and employees. Like Self-funded plans, Level-funded plans also include stop-loss clauses, but with the latter, if the claims are lower than the estimated, the insurance company may make a partial refund of the unused funds to the employer.
Further Considerations When Shopping for Group Benefits Plans
As if all of the above choices were not confusing enough, as an employer you also have to explore which kind of coverage you prefer out of the following four choices:
- Health Maintenance Organization (HMO) in which insured parties are only covered for healthcare providers in a particular network
- Preferred Provider Organization (PPO) in which there is a similar network of healthcare providers, but policyholders may seek healthcare outside the network for higher co-pays and additional costs
- High-Deductible Health Plan (HDHP): HDHPs offer lower premiums in exchange for higher deductibles, worthwhile for employees with low medical costs
- Group Benefits for Term Life Insurance: Some employers offer their employees (not employees’ family members) Group Benefit Term Life Insurance in addition to healthcare coverage, a good value, but typically limited to the period of employment
Contact Us for the Best Group Benefit Plans in New Jersey
You know that treating your employees well is to your advantage and our experienced insurance advisors will help you do just that. Offering a well-designed Group Benefits Insurance Plan and possibly additional wellness programs, will bring the most talented, responsible candidates to your door and encourage them to stay. The sooner you get in touch with Blue Lion Insurance Advisors, LLC, the sooner we will make sure your insurance is Blue Lion Strong™.