Group health insurance, also known as employer-sponsored health insurance. It helps employees pay for health insurance and other health care expenses. As the name implies, this type of insurance can only be purchased by groups—not individuals. Plus, group health insurance is typically less costly for members than individual health plans since the premiums are usually split between the employer and employees. Employees have the choice to accept or decline the insurance products offered.
Benefits of Group Health Insurance for Employees
- Premiums are typically less expensive than individual health plans
- Premiums are typically paid pre-tax
- Group health insurance sometimes offers better coverage than individual plans
Benefits of Group Health Insurance for Employers
- Contributions to employee insurance premiums may be a tax-deductible
- Small businesses may qualify for tax credits
- Offering these benefits can help recruit talent
At Cosmo Insurance Agency, we work with our clients to simplify benefits management, reduce costs, and save time. Contact us today with questions or for a free quote.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.
