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Group Health and Benefits: Health Insurance

Do you have a group health and benefits program for your business? If not, you could be missing out. Having a robust health and benefits policy in place is essential…

March 15, 2022

Written by Trey Bongiovanni

Do you have a group health and benefits program for your business? If not, you could be missing out.

Having a robust health and benefits policy in place is essential for any business. There are numerous advantages that Nesso Benefits can offer businesses of all sizes in Connecticut

First, let’s tell you more about what group health and benefits mean for your business.

What is Group Health Insurance?

A group health insurance policy is an insurance policy that covers individuals and families in your workforce. That means that should anyone in the company fall sick, they’ll receive the same quality of diagnostic treatment and care based on the health and care provider that you partner with.

A health insurance provider will assess the health of your employees to work out a policy that will cover their individual needs, giving your workers the care they need in the instance they require coverage for preexisting conditions. This will ensure that your employees will get high-quality treatment and can make a full and speedy recovery if they get sick. 

Depending on how you set up the policy, your staff may either opt-in and out of the policy or apply automatically upon joining the company. You can choose whether employees are charged for being included in the policy, whether the policy is subsidized or whether the employer covers it. 

What are Group Benefits?

Group benefits are a package of options, choices, and programs that many companies make available to their employees.

Employees can choose the benefits they most want to take advantage of based on their specific habits, needs, or lifestyle choices. The number and range of benefits you offer should reflect your employees’ diverse range of preferences and needs.

The benefits are offered to employees at a reduced cost in comparison to the original pricing. Employees may even make salary sacrifices in exchange for being eligible for the benefits. No matter which system you choose, the pricing system you set as an employer will depend on your own benefits budget and whether you want to incentivize certain behaviors in your staff, like encouraging healthy eating or cycling to work.

To help you get a sense of the common benefits many companies offer, here’s a list of the Top 10 Company Benefits of the most popular group benefits that employees enjoy:

On-Site Health Clinic

A growing-number of companies offer on-site health clinics as part of their benefits programs. This allows their workers to have easy and convenient access to quality medical care without having to go elsewhere. 

Training and Development

Fund an employee’s training scheme costs to earn a professional qualification that helps them better perform their role in the business.

Professional Subscriptions

Cover the cost of your employee’s subscription services where it benefits their job – for example, an industry-oriented magazine that allows them to keep up-to-date with the latest developments.

Wellness Benefits

Run initiatives to improve employee wellness. A variety of wellness programs offer customized plans to fit your company’s needs. Such as Physical Fitness, Nutritional health, mental and emotional health, financial well being, campaigns and challenges, motivation and support, as well as health and wellness education benefits. 

Home Office Budget

Cover the cost of tools that help your employees work from home more effectively, such as a spare monitor, desk or ergonomic chair.

Company Car

Employees get access to a company car they pay for on a hire purchase agreement at below-market rates.

Cycle to Work

Fund an employee’s new bike where it helps them get to work in a more environmentally-friendly way.

Dental Cover

Cover the dental fees that employees face when dealing with unexpected dental issues.

Employee Discounts

Employees get access to a range of discounts – such as theater tickets, music concert tickets, or gym memberships – that they can choose from based on their hobbies or interests.

VTO: VTO or volunteer time off is paid leave from work to support an employee’s work for a charity that’s close to their heart.

What are the Benefits of Group Health Insurance?

Group health insurance and benefits can benefit your business in several different ways. Let’s look at group health insurance first.

The Benefit of Offering Group Health Benefits In Connecticut

A major benefit of group health insurance is to improve the general well-being of your workforce. If an employee does not have their own private health insurance, they may be hit by unexpected medical fees if they suddenly fall ill, which could put a big strain on their finances. Some may even skip important procedures altogether if they can’t foot the bill. A group health insurance plan helps ensure your workforce stays fit and healthy all year round.

Under a group health insurance policy, all your employees can get access to faster diagnostic tests and treatments, so health issues can be dealt with sooner and time off work due to sickness is reduced.

Another important benefit of group health insurance is the cost. It costs less per person for your business to take out a group policy than for each employee to take out an individual policy, leaving your employees with a reduced financial burden and a higher disposable income overall.

What’s more, you may be able to claim tax relief against the total cost of the group policy, saving your business yet more money with reduced taxes.

How Group Benefits Improve Your Business’s Well-Being

One significant advantage of group benefits is for use as a retention tool for your business. When it comes to recruitment, businesses aren’t just competing on salary: increasingly, applicants want to know more about the employee experience and whether it’s the right fit for them. 

Having an impressive benefits program is one major way to achieve this. That means you’ve got the right benefit options in place that a potential employee is keen to take advantage of. If you don’t, they may be tempted to go to another employer that has a more extensive benefits system in place.

Another big advantage of group benefits is the cost. Often, as a business, you may be able to bulk purchase benefits like cars, bicycles, and gym memberships at a much cheaper rate than your individual employees could yet. Hence, it’s in both your and your employees’ interests that you get the best deal. Some types of benefits also come with tax exemptions, saving you more money.

Finally, group benefits are important for your staff’s well-being. Not all your employees are prepared to commit funds to keep up their well-being, whether that involves attending regular fitness classes or having a healthy diet – but having a benefits system that makes their well-being needs more affordable may encourage them to make better lifestyle decisions, increasing the overall well-being of your team.

Ultimately, a healthy employee is a happy employee. Having a comprehensive company benefits system is mutually beneficial to both you and your employees because it improves well-being in more ways than one.

How Nesso Group Can Help Your Business 

If you don’t currently have a group health insurance or benefits system currently in place for your business, why not consider Nesso Group? There’s a reason why Nesso Group has built up a growing portfolio of loyal customers over the years: it’s because we always go the extra mile. Nesso Group is proud to offer some of Connecticut’s best group health and benefits packages and make providing benefits to your employees much easier.

We Tailor Plans to Your Business and Team Members 

Unlike some other insurance agencies, we don’t just give you a standard, off-the-shelf insurance and benefits plan. Instead, we’ll work closely with you to understand the needs of your business and your employees to deliver a unique benefits plan that’s the right fit for you.

We Take Care of Administrative Duties

Once the plan is set up, we’ll manage the administrative side of the plan to ensure all the benefits are appropriately delivered to your employees, taking care of any questions or problems they have. Your HR department will have more time to dedicate to our tasks, increasing productivity and efficiency at your business.

We Work Closely With Clients

At Nesso Group, we are not satisfied with simply keeping things going. Our mission is to proactively monitor, evolve and develop your group health and benefits plan with us to ensure it consistently delivers for the needs of your employees.

That means having regular engagement with your employees, such as by organizing periodic benefits reviews, so employees have the chance to revisit their benefits options and switch things around if an alternate plan better suits their changing needs.

Our fast and efficient team can put together a proposal that meets your needs and implement it quickly and effectively. Don’t just take our word for it – take a look at the reams of positive feedback we’ve had from clients and customers.

Connect with Us Today

Health and benefits are just one of the many products we offer to support your business. We have an extensive product range, including tax and accountancy services, wealth management, legal advice, and more.

Get in touch with us today to learn more about the wide variety of solutions Nesso can offer to your business. Whether you’re looking for just group insurance or a customized package of bundled services, one of our friendly professionals would be happy to meet with you to assess your needs and how we can support you.


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