Group Benefits in Cary, Apex, and Holly Springs, NC

Group benefits insurance can be a valuable asset for organizations. This form of insurance can boost employee satisfaction and loyalty by showcasing an employer’s dedication to their health and wellness. Moreover, investing in group insurance can promote a healthier, happier and more loyal workforce.

What Are Group Benefits?

Group benefits can provide various coverage to a group of individuals, typically employees of a company or members of an organization. Options may include health insurance, vision insurance, dental insurance and others. Group benefits are typically offered to all eligible group members, including employees and often their dependents. Employers usually purchase group insurance plans as part of an employee benefits package, with the cost shared between the employer and the employees.

How Do Group Benefits Work?

The group’s sponsor, typically the employer or organization, will work with an insurance provider to establish the terms of the policy. This includes the types of coverage provided (e.g., health, dental, vision and life insurance), the level of coverage, and any deductibles or co-pays.

Once the policy is established, members of the group are given the opportunity to enroll. Premiums are often shared between the employer and the employee and are typically deducted directly from the employee’s paycheck. The insurance company then pays benefits according to the policy terms when a covered event occurs, such as an approved medical procedure.

How Much Do Group Benefits Cost?

The following factors may determine the cost of group benefits insurance:

• Number of employees participating
• Types of coverage
• Demographics of the workforce
• Company’s prior claims history
• Current interest rate
• Company size, industry and geographic location

These factors can vary significantly from one company to another, and it’s always a good idea to work with an experienced benefits consultant or broker to understand the specific factors that will influence the cost of group benefits for your organization. Contact a representative at Insurance Professionals Inc to review group benefits options for your business.