Do you want to offer group insurance, such as life or health to your employees? Then you need to know how many employees you need for group insurance in New York. Laws and regulations regarding insurance can vary between states and federal requirements often increase the difficulty in comprehension. Knowledgeable brokers can help you navigate this unfamiliar terrain.
Charles Newman Company has a team of experienced brokers who can answer questions and provide options for group insurance. Proudly serving Westchester businesses for generations with a commitment in helping employers to provide the best benefits available.
Benefits of Group Insurance
When it comes to attracting and retaining employees, benefits packages are an important and vital tool. A 2016 study by Aflac states that 60 percent of employees were willing to accept a pay decrease in return for better benefits. While 42 percent of employees would stay at the same company longer due to benefits, another 16 percent have quit or refused employment because they weren’t happy with the benefits offered.
One key benefits of group insurance is that group rates are often lower than individual rates. This is due to the fact that risk is spread among a wider pool of individuals with different demographics. A wider population pool allows for the insurance company to offer lower rates.
Group Life Insurance
Many life insurance providers require a company has at least 2 full-time employees to qualify for a group plan. Often many single life insurance policies require the applicant to qualify medically, but group policies often waive this requirement. It is important to note that life insurance policies that an employer offers should not be an employees only policy. Many employers have stipulations that they are only in effect during an individuals employment.
Group Health Insurance
The federal Affordable Care Act requires all business owners with 50 or more employees to offer health insurance to their employees. This doesn’t mean that smaller companies cannot offer group health insurance. Many insurance companies will offer group insurance to companies with only 1 full-time employee. Additionally, there are federal and sometimes state tax deductions for companies that offer health insurance while paying part of the insurance premium.
Group Insurance Brokers New York
There is no better way to attract new quality employees and maintain current employees than offering a comprehensive benefits package. This package should, at a minimum, include health and life insurance plans. Charles Newman Company has decades of experience in providing complete employment packages that include a variety of benefits.
Our brokers are extremely knowledgeable and will make the normally complex insurance language easy to understand for you and your employees. Contact us today to discuss how many employees you need for group insurance in New York.
