Group Medical Insurance

A group health plan helps you and your employees pay for health care expenses. Businesses with 1 or more employees are eligible to purchase group health insurance and are designed to be more cost-effective for businesses.

Employee premiums are typically less expensive than those for an individual health plan.

Premiums are paid with pretax dollars, which help employees pay less in annual taxes. Employers pay lower payroll taxes and can deduct their annual contributions when calculating income taxes.

Health insurance helps businesses pay for health care expenses for their employees. When you purchase group medical insurance, insurance companies pay a portion of your employee’s medical costs, including for regular doctor checkups or injuries and treatments for accidents and long-term illnesses. The amount and services that are covered vary by the medical plan you purchase.

For example, an employee may have a $40 co-payment for each doctor visit. Or, their plan may not cover any expenses until they have paid their deductible. Generally, the higher an employee’s monthly premium is, the richer the plan and the lower their deductibles and co-payments will be.

The Affordable Care Act (ACA) requires business owners and employees to carry health care coverage that meets certain requirements. Qualifying health care plans include general medical coverage. Specialty plans that cover only dental care or vision care do not meet the ACA minimum requirements.

Granite’s CoverEase Division offers options for businesses of all sizes and all plan types.  Contact us today for more information.