Posted by admin , on Jul, 2015
Employers who want to give their employees excellent benefit packages often opt for Group Insurance in Port St. Lucie. There are several different insurance products that are grouped into a group plan in most cases. Most of these products, if not all of these products, are overseen by the same benefit plan administrator. The most common type of insurance included in group insurance is medical coverage. Medical coverage can be nearly any kind of coverage, ranging from a highly flexible PPO to a fairly restricted HMO plan. Employees may pay a portion of their medical coverage or the employer may subsidize all of it.
While less common, some group benefit plans also include vision insurance and dental insurance. These two types of coverage are often option additions that the employee can add to their other medical coverage for a small extra fee each month. Group coverage often includes disability insurance as well. Both short term and long term insurance is typically included. Many employers require their employees to use up any accrued paid time off before they are able to tap into their short term or long term disability benefits.
Employee assistance programs that offer counseling and guidance are part of many group benefit plans as well. This type of coverage is usually included for all employees free of charge, and the employer has to pay only a small amount to maintain this type of coverage since it is more of an extra than an actual insurance product itself. Group insurance plan administrators may also oversee employee 401k plans. While a retirement plan isn’t an insurance product itself, it can be extremely convenient to keep all of the benefits in one single plan with a single insurance company administering it.
The cost of group benefit plans decreases as more employees are enrolled. The more business that a company gives to the insurance company that administers their group insurance benefits, the more likely they are to qualify for even more discounts. A Better Solution Insurance Services offers Group Insurance in Port St. Lucie for employers who want to make sure their employees get the very best! You can also visit them on Twitter for more information.