Group Health Insurance for Contractors

One of the most important parts of running a business as a contractor is taking care of your employees and ensuring that every moving part of your business is, well, moving. Attracting and retaining incredible talent that can boost your business and overall help you to succeed in whatever industry you’re in is possible and may be greatly aided by offering a comprehensive employee benefits package.

Of course, providing the right health insurance benefits for both yourself and your employees can be difficult. Healthcare costs are becoming increasingly expensive, and regulations are ever-changing. For contractors and their businesses, it’s become important to find a good solution for both yourself and your employees.

In this blog post, we will go over the various benefits of group health insurance for contractors and the information that you may require to make an informed decision.

Why Group Health Insurance is Important for Contractors

There are numerous reasons, for any business, why having group health insurance is so important. For one, group health insurance is critical to ensuring your employees’ well-being is protected, but it can also help to boost your business’ efficiency. For contractors, group health insurance offers the following list of benefits to boost your business:

• Increased morale at work. Having access to quality, dependable health insurance can alleviate employees’ worries about the cost of healthcare and allow them to focus on work.
• Attract top talent. With such an array of highly skilled and highly talented workers, your business will surely succeed. The only issue is attracting that talent to ensure that the competition doesn’t get to them, first. Offering group health can be a way to incentivize workers.
• Retaining employees. Similar to the notion above, group health insurance can help to retain top workers and ensure they’ll continue being a part of your business for a long time.
• Regulation compliance. Specific states have regulations around employers providing employees their with health insurance benefits. If you fail to do so, you could face severe penalties and fines. Adequate group health can avoid this issue.

A healthy workforce is people that are happy to help and contribute to your business’ effectiveness and efficiency. When it comes to contracting, no amount of high-tech machinery or financial muscle can replace high-quality, motivated workers.

How Much Does Group Health Insurance Cost?

Group life insurance can be less expensive for employees and families when purchased through an employer, which can offer tremendous peace of mind to your employees. A lot of the reason people decline to purchase it individually is its astronomical costs.

The cost of group health insurance is extremely variable based on a wide range of factors, including the population health of your employees, the type/amount of coverage being purchased (i.e. a basic plan or a plan including dental, vision), and deductibles. How much you choose to contribute as an employer may vary based on state regulations.

How to Choose Group Health Insurance for Contractors

Choosing group health insurance for contractors isn’t exactly a simple science. There are several important factors to be considered when purchasing a plan.

Make sure to inquire about the following:

• The cost of the group health insurance plan. Remember, as per the section above, costs can vary greatly, so it’s important to consider the size of your group and the “complexity” of your individual plan. Try working with an insurance agent to find a solution that suits your budget.
• Coverage options. You’ll want to be mindful of not only cost but also the exact needs of your current employees. Depending on your industry, you may want to take into account potential at-work injuries, and what the cost/care of those might be. Note that a huge number of different plans exist, such as PPOs, HMOs, and indemnity plans. Ask an agent what might be best for your business and employees.
• Self-insured or fully-insured. You may choose from one of two options: self-insured, or fully-insured. Self-insured gives you the chance to set aside funds so you can cover healthcare costs, where fully-insured plans require you to pay an insurance company. Again, working with an agent to discuss options on this is your best bet.
• Regulations compliance. Every state has its own, so you may want to ensure that your current plan offerings are in compliance with state regulations. An agent can help you ensure that your plan fits within legal parameters.

Group health insurance is an important, if not necessary consideration for contractors. Give Hitchings a call if you’re struggling to choose a group health plan for your employees.

Looking After Your Workers with Group Health Insurance

When they’re at work, your employees are operating with powerful equipment, working in all extremes of weather, and creating the various structures, locations, and assets that we enjoy. Your employees deserve peace of mind while they’re at work, so they can focus not only on the job that they’re doing, but also their life at home and their financial future.

A robust group health insurance plan is vital for any contracting business. Hitchings Insurance believes that offering sponsored group health insurance plans makes your company that much more appealing, and can foster great loyalty among your employees – particularly those who may have medical concerns within their families. Give us a call or request a free quote today.