What are Group Benefits?
Group benefits are insurance that covers a group of people who are usually the members of societies, employees of a common employer, or professionals in a common group.
Group coverage helps reduce premium costs because it reduces the insurance carrier's risk by creating a pool of people to insure who are together for reasons other than obtaining insurance. Group benefits can also be a powerful incentive to keep and attract great employees.
Major Types of Group Benefits
Group Health Insurance
Group health insurance coverage is a policy that is purchased by an employer and is offered to eligible employees of the company (and often to the employees' family members) as a benefit of working for that company. A group health insurance plan is a major part of many employee benefits packages that employers provide for their employees.
Group Life Insurance
Group life insurance (also known as wholesale life insurance or institutional life insurance) is term insurance covering a group of people, usually employees of a company, members of a union or association, or members of a pension or superannuation fund. Individual proof of insurability is not normally a consideration in the underwriting. Rather, the underwriter considers the size, turnover, and financial strength of the group.
Group Disability Insurance
Group Disability Insurance is a type of group insurance that provides regular income replacement payments to an insured member of the group in the event of an eligible disability resulting from illness or injury. Coverage is generally offered in two types: short-term disability (STD) or long-term disability (LTD).
Group Accident/Supplemental Insurance
Supplemental insurance is extra or additional insurance that you can purchase to help you pay for services and out-of-pocket expenses that your regular insurance does not cover in the event of an accident or other covered loss.
Group Dental/Vision Insurance
When organizations want to offer the best dental and vision care benefits to attract and retain the best employees they need to work with our group dental and vision experts. We have access to the benefit plans that will keep your group members, employees, and their families healthy.
Why Voluntary Benefits?
It’s very simple, employees want more access to benefits, not less.
In today’s environment of ever-increasing health care costs, more and more employers are looking to Voluntary benefits as a way to improve their corporate benefits package. Voluntary benefits are typically fully funded by employees through payroll deduction and have no direct cost to the employer. In most cases, the employer will also experience savings on matching payroll taxes. Voluntary benefits satisfy a critical need for individuals — by allowing employees to protect themselves against out-of-pocket health care costs and as a way to create a financial safety net for their families in the event of a serious health situation.
Why Do Employers Choose Voluntary?
Voluntary programs can range from traditional Disability, Dental, Vision and Life products, to emerging solutions like Critical Illness, Accident, Hospital Indemnity, Cancer expense, and Medical Gap Plans. At WellSaves we specialize in planning, implementation and service of voluntary benefits plans. Our number one goal is always to create a positive benefits experience for both the employer and their employees.
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