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Comprehensive Group Health Insurance Solutions

Affordable Group Health Plans for Businesses in Illinois
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Group Health Insurance Solutions Provided By Freedom Brokers

Group health insurance is highly important for employees, as individual health coverage can be quite expensive. For employers, it's a significant expense, second only to payroll. Freedom Brokers is here to help your company navigate this complex process, alleviating some of the burden so you can focus on attracting top talent who will drive your business forward.

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Cost of policy
Employee value
Additional benefits
Family protection
Claim process

Cost of policy coverage

Risk Factors

If you buy an individual policy for a particular employee, you may end up paying a higher cost.

Solution

Group health insurance plans are always cheaper than individual or family floater health insurance plans. This is due to the shared premium amount among the employees.

Employee value coverage

Risk Factors

If an employer fails to offer benefits to its employees, the employees don’t feel valued which eventually decreases their productivity.

Solution

With group health insurance cover, the employees feel happy that the organization values them. In return, they also work hard to deliver their best and make better for all.

Additional benefits Coverage

Risk Factors

An individual health policy you buy for your employee won’t provide additional benefits.

Solution

As more people are covered under group health insurance plans, its advantages increase for the policyholders. They get a higher value with added benefits like cover for pre-existing diseases, hospitalization expenses, etc.

Family protection coverage

Risk Factors

Purchase an individual health policy for your employee. The family members may have to buy another family floater health insurance plan and pay the premium out of their pocket.

Solution

It may depend on the policy, but group health insurance plans also often cover your family members. These plans protect the dependents of the employees by offering them financial help in a time of need.

Claim process coverage

Risk Factors

An individual policy’s claim process might take time since you may need to collect all the required documents before the claim process starts.

Solution

Instead of running around health insurance companies for a claim, all you need to do in group health insurance plans is connect with your employer with relevant bills. As a large number of employees are insured, the employer ensures that your claim request gets approved. The employees can even enjoy the cashless treatment.

What is Group Health Insurance?

Group health insurance is a type of coverage that spreads the risk across multiple policyholders. This insurance provides healthcare benefits to members, typically employees of a company or members of organizations like professional associations. Group plans often enjoy discounted rates from service providers since they can share costs among their members instead of paying individual rates based on personal needs and medical history.

Why Do You Need Group Health Insurance?

Group health insurance plans are more cost-effective for businesses. Employee premiums are generally lower than those for individual health plans. Additionally, premiums are paid with pre-tax dollars, reducing employees' annual tax burdens. Employers benefit from lower payroll taxes and can deduct their contributions when calculating income taxes.

Advantages of Group Health Insurance

The primary benefit of group health insurance is that it generally has lower premiums due to larger risk pools. When more individuals enroll in a group plan, the risk spreads to more members, making the insurance cost more balanced and affordable.

Other significant advantages include potential tax benefits. For employers, contributions toward employee premiums are typically tax-deductible. Employees benefit from paying premiums with pre-tax dollars, reducing their taxable income. The Small Business Health Care Tax Credit may be available to small firms.

How Much Does Group Health Insurance Cost?

The cost of group health insurance is influenced by several factors, including:

  • Demographics of the insured (age, gender, marital status)
  • Salary
  • Industry type
  • Types of coverage offered (e.g., dental, short-term disability)
  • Levels of coverage (co-pay, deductible, maximum, insured volumes)
  • Plan usage (claims experience)

Group health insurance can significantly enhance the working relationship between employees and employers. While it won't solve all company or employee issues, it does provide peace of mind and a sense of security.

Choosing the right group health insurance is challenging, but Freedom Brokers is here to assist. We offer expert guidance on the coverage you need and the benefits that work best for both employers and employees in Illinois. Contact us today to learn more!

Already have Group Health Insurance? Switching is easy

It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options

If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.

Contact us today to help you with multiple options to choose from.
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