Whether you are planning a startup or an established business, group health insurance discussion for your small business is important. But when should you consider getting group health insurance, what are the eligibility requirements, and what are the main factors in choosing the right insurance for your small business?
Group health insurance offers many benefits to both your company and your employees. Group health insurance enhances your ability to retain highly efficient employees while attracting the best and brightest talent. You can visit getsmartquotes.com/illinois/ to opt for small business group health insurance in Illinois.
Group health also allows your employees to receive fast medical care that reduces illness-related downtime to a minimum without impacting productivity. Because individual health insurance can leave employees with monthly bills they can't afford, they can avoid additional health care costs and make employment the most desirable option for your small business.
In addition, many existing or prospective employees may not qualify for individual health insurance due to existing conditions and therefore seek only employers who can offer them health insurance.
When applying for your insurance, expect that you will complete an application that lists your employee and, to some extent, medical information about the employee. There are two main requirements for small business group health insurance:
Employer contributions: Health insurance companies only charge at least 50 percent of employer contributions for employees.
Employee participation: Insurance companies require that at least 75 percent of eligible employees enroll in health insurance offered by the employer.