How do I know if I should obtain NJ group health insurance?
If you want to provide health insurance benefits and you’re able to contribute toward employee premiums, group health insurance is the way to go.
Offering group health insurance can help you hire and retain the best workers, and the amount you pay toward employee premiums may be tax-deductible. Since no one can be turned down based on medical history, group coverage also protects workers or family members who might otherwise go uninsured.
What are the benefits of providing group health insurance to my employees?
It’s no secret that employees value health insurance benefits. Surveys have shown that workers value health insurance coverage second only to monetary compensation. By offering group health insurance benefits to your employees, you may find it easier to hire and retain the best workers for your company.
As a business owner, you may not have health insurance coverage yourself. Perhaps you’ve considered shopping for an individual health insurance plan for yourself and your family, but did you know that by obtaining insurance through a company, you may get better rates than through the individual market?
Additionally, there are various tax incentives available to you and your employees when you participate in a group health insurance plan. For example, businesses can generally deduct 100% of the premiums they pay on qualifying group health plans and, by offering group health insurance as part of a total compensation package, you may be able to reduce payroll taxes. Plus, your employees can pay their portion of the monthly insurance premium with pre-tax dollars. Make sure that you take these incentives into consideration when determining the affordability of a health insurance plan for you and your employees.
What types of New Jersey group health insurance plans are available?
Group health insurance plans are categorized as either indemnity plans (also known as “traditional indemnity,” “fee-for-service,” or “FFS” plans) or managed care plans. Indemnity and managed care plans differ in their basic approach. Put broadly, the major differences concern choice of providers, out-of-pocket costs for covered services, and how bills are paid. You will typically have a broader choice of doctors (including specialists, such as cardiologists and surgeons), hospitals, and other health care providers with an indemnity plan while you will typically have less out-of-pocket costs and paperwork with a managed care plan.
Indemnity plans once dominated the American health insurance market, but are no longer as popular as they used to be. They are most common on the east coast. Managed care plans now take up a much larger share of the general health insurance market and are especially dominant in the western parts of the country. There are three basic types of managed care plans: PPOs, HMOs, and POS plans.
We make health plans work for businesses by providing a level of savings, simplicity and satisfaction you’ll find only with the state’s leading health insurer. Here are just a few ways we meet our commitment to you and your employees:
- A full range of health plan choices, from Direct Access to HMO and PPO options —all at competitive group rates
- One-stop convenience with available dental, prescription drug and life insurance coverage
- Flexible funding options – employer can contribute as little as 10%
- Access to an extensive provider network from the largest insurer in the state, and coverage when traveling
- Access to savings on value-added wellness services, including laser vision correction, fitness memberships and more