#Small Business Health Insurance in Princeton and Martinsburg

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Reasons To Provide Small Business Health Insurance in Princeton and Martinsburg, WV

Protecting one's assets is important, but the greatest gift every individual enjoys is life. It is essential to guard it fiercely, too. Yes! A person may overcome health issues by getting proper treatment, but sudden demise often leaves the dependents in jeopardy, especially when the financial situation is not too good. No worries! This is what insurance is all about. Buying individual life insurance may be extremely pricey and comes with many restrictions, many individuals find it advantageous to be covered by group life insurance in Huntington and Charleston, WV. ​ Interestingly, group insurance is provided by the employer or an organization to its employees or members. The employer may provide coverage for free or share the cost of the premiums. Employees are happy to find a means of protecting their dependents after their death.

Some of the facts to understand about group life insurance policy include the following: -

· The employees /members included within the group do not have to undergo a medical examination to be eligible for insurance coverage

· The coverage is usually limited and not as extensive as an individual policy

· The employer often provides group life insurance as an employee benefit. While the employer owns the policy, it may also be linked to the company pension scheme.

· Alternatively known as death in service benefit, the payouts go to the beneficiaries of the employee who dies when being employed.

· The group life insurance is not the same as workers' compensation insurance, though. The insured group members do not have to die on the job to obtain the benefit. Instead, the life insurance money will be paid to their family members as long as the insurance policy is in force.

· Choosing the plan is the employer's prerogative who is free to choose the coverage that amounts to a multiple of the employee's gross salary paid yearly

· The employee who leaves the company or passes away will not be eligible for the payout by the insurance company.

Group life insurance is popular with both employees and employers for various reasons. The company owner finds it to be an excellent way to ensure the following: -

· Retention & Recruitment- A majority of small and medium companies lose out on retaining the best talents in the industry as bigger competitors pick them up. The valuable employees are interested in being covered by group life insurance that looks after them and their families. Quitting the company for better prospects is rare for employees covered by group insurance

· Tax Benefits- The business owner is pleased to know that providing group life insurance to the employees can be a tax-deductible expense. However, the employer should seek advice from financial advisors before going ahead without knowing the extent of benefits.

· Improved Employer-Employee Relationship- The workforce is happy to be provided with insurance coverage without spending money. This ensures a good relationship between the two, increasing workplace productivity.

Most employers also provide small business health insurance in Princeton and Martinsburg, WV, especially when the company in question is unable to compete with more prominent players in the industry.

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Mark E. Snapp & Associates specializes in small business health insurance in Princeton and Martinsburg, WV. We also offer group life insurance plans in Huntington and Charleston, WV, tailored to your company's needs.

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Benefits Of Group Health Insurance in Martinsburg and Princeton, WV

Most Americans cannot go through life without some health insurance coverage. Sure, the Affordable Care Act has opened many possibilities, yet most employed Americans rely on employer-sponsored group health insurance in Martinsburg and Princeton, WV. Employers are willing to provide insurance coverage as part of employee benefits to retain and recruit top talent in the industry. ​ It suffices to know that group health insurance is a specific type of health insurance policy that covers a group of individuals. The group may be employees of an organization or members of any other type of group. This type of insurance is easy on the pocket for the employee, who may have to pay a part of the premium or nothing at all. Regardless, it remains much cheaper than individual health insurance policies. The company owners, alternatively termed as the employers, must do some research before making the final decision in favor of a particular group health insurance plan or carrier. It is interesting to note that the concerned employer has to follow the steps below to buy such a group insurance plan successfully: -

1. Contract with a captive/independent health insurance company to inquire about available group health plans

2. Employees need to select the plan during the open enrollment period

3. The policy terms are included in the document emphasizing premium payments that may be shared between the employer & employees or be borne by the employer entirely.

4. The plans are provided through a provider network available in the specific area

5. Group insurance policies also include health insurance deductibles and coinsurance, with the deductible being paid before the health care services are provided.

Employees are usually happy to be provided with such an opportunity. Providing insurance coverage to the employees of a small business entity is particularly beneficial as the employees do not consider quitting for a better salary. Moreover, such business entities can compete with more prominent companies in the same industry.

The advantages appreciated by the workforce are diverse as well. The insured employee is pleased to be ensured of the following: -

· Low Premiums- All group insurance plans, including health insurance, are available at a lower premium than the individual plans and even the unsubsidized Affordable Health Care Act Plans.

· Employer’s Responsibility- The employer is sure to contribute to the premium payment completely or partially. This reduces the financial burden of the employee substantially.

· Additions- Since the group health insurance is a part of employee benefits, the employer may offer several extras, such as vision and dental plans alongside health coverage. Being covered for preventive care and vaccinations helps to keep absenteeism at bay, too. Workplace productivity remains high, making the employers happy as well.

· Tax Benefits- The group health insurance plans can help employers and employees make substantial tax savings.

Small companies find the prospect of buying business health insurance in Martinsburg and Princeton, WV, beneficial for varied reasons.