Offering a health benefit is critical for attracting and retaining talent. Many employers choose to offer a traditional group health insurance plan as their health benefit. But before deciding whether a group policy is right for your organization, you must consider the advantages and disadvantages.

In this video, we'll share the pros and cons of group plans and walk you through other health benefit options that can work for your organization.

Learn more: https://www.peoplekeep.com/blog/pros-...

CHAPTERS:
0:00 - Introduction
0:32 - What is employer-sponsored group health insurance?
1:39 - What are the pros of group health insurance?
2:37 - What are the cons of group health insurance?
3:41 - Alternatives to group health insurance
5:23 - Conclusion

A group plan is a popular form of health insurance employers offer to their employees. It typically provides coverage to participants at a lower cost since insurers spread risk across the entire group.

Employees enrolled in the plan pay a portion of the monthly premium, generally as a pre-tax paycheck deduction, with employers covering the rest.

Group plans are familiar to employees, have tax-advantages, and boost retention. However, they're also expensive and lack flexibility.

As an employer, it’s important to care for your employees. However, traditional health insurance may not be the best way to do it.

If you want an alternative to group plans, consider offering a stand-alone health reimbursement arrangement, or HRA. An HRA is an employer-funded health benefit designed to reimburse employees tax-free for individual health insurance premiums and more than 200 out-of-pocket expenses, like prescription drugs.

With an HRA, employers set a monthly allowance for employees to spend on healthcare services and items. Once an employee incurs a qualified medical expense and their proof of payment is approved, the employer reimburses them up to their maximum allowance amount.

Employers reimburse employees for the individual health insurance policies they choose rather than choosing a group policy for them. This means your employees can choose the insurer, individual plan, and medical providers that best meet their needs.

Learn more here: https://www.peoplekeep.com/

Since starting in 2006 as Zane Benefits, we've helped thousands of organizations offer affordable benefits to their employees. PeopleKeep is part of Remodel Health.

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