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Group Benefits Insurance in Tennessee
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Group Benefits Insurance Information
Group health insurance is a resource that can significantly benefit both a company and its employees. This insurance can enhance employee satisfaction and retention rates by demonstrating a workplace’s commitment to their well-being. Overall, investing in group health insurance is a decision that can foster a healthier, happier and more loyal workforce.
Group insurance and individual insurance differ in several key aspects. Group insurance is provided to a collective of individuals, typically employees or members of an organization, while individuals directly purchase individual insurance. The premium structure varies, with group insurance premiums generally lower due to the shared risk among a larger pool. In contrast, individual insurance premiums are influenced by factors specific to each person.
Employer contributions are common in group insurance, helping offset members’ premium costs. In contrast, the policyholder fully funds individual insurance without employer assistance. The coverage in group insurance is uniform for all members, offering a standardized plan, while individual insurance allows for greater customization to meet specific needs.
Another distinction lies in the association with employment. Group insurance is often tied to employment, and individuals may lose coverage upon leaving the group. On the other hand, individual insurance is portable, allowing policyholders to maintain coverage regardless of their employment status.
Contact a representative at the Mike Dyer Insurance Agency to review group benefits options for your business. We’re licensed in Tennessee, Alabama, Georgia, Ohio, Virginia, North Carolina, South Carolina, Florida, Michigan and Arizona.