Small business owners are leveling up. Across the world, small businesses are starting to realize that their employees are their most significant asset. Protecting their health with adequate group health insurance may be the best way to show them you care (especially in a "pandemic-stricken" world).
Group health insurance for employees
Group health insurance is 2021's leading health insurance benefit and offers a tremendous competitive advantage for small businesses in the job market.
With the right group health insurance, employers can cover all of their employees for a specific time. As a business owner, you pay the insurance premiums while employees can make claims under the policy in a health emergency. Group health insurance provides a safety net for employees, reducing the financial strain from an unforeseen hospitalization or health issue and helping them focus on their job, improve performance, and increase loyalty.
Of course, employers will have to bear most of the financial burden when offering health insurance benefits. That's why small businesses must explore the spectrum of group health insurance plans which provide the right balance of variety, quality, and cost control.
What does small business health insurance cover?
Group health insurance coverage can vary depending on the insurance carrier you choose. HealthFirst is a great place to start easing your business into the benefits game. HealthFirst offers small businesses (with less than 100 employees) a benefits package that is affordable and comprehensive, with rewards and reimbursements for employees to become active and stay healthy.
Their employer insurance plans cover a range of benefits, including:
No-cost annual checkups
Hospital stays, emergency room, urgent care, and retail health clinic visits
Lab tests (blood tests and X-rays)
Hearing, vision, and dental
Maternity and newborn care
Prescription drug coverage
24/7 access to care with telemedicine (Teladoc)
Unlimited acupuncture visits
HSA-compatible plans
Annual gym membership reimbursement
Do employers need individual health insurance too?
As an employer, your company's group health insurance policy covers both you and your team. Unfortunately, your group health insurance coverage may not be enough if you are diagnosed with a critical illness. You'd be left with substantial medical bills to pay out of pocket or from the profits your business makes - increasing the strain on both you and your company.
To save yourself the added stress of unexpected illnesses and medical expenses, purchase an appropriate individual health insurance policy for yourself - irrespective of your company's group health policy.
Talk about your company's health insurance needs with one of the professional insurance experts at NYSmallHealth. We'll help you find a group health insurance policy that perfectly combines quality and affordability from insurance carriers that care about your team as much as you do. Visit NYSmallHealth to learn more.