Group Health Insurance Plan Definition
Group health insurance plan is employer-provided health insurance coverage for eligible participants or employees. The benefit of group health insurance plans is that it spreads risk across insured employees, which can help keep insurance premiums low.
Is Group Health Coverage Required?
There is no law requiring small business owners to provide health insurance. But large companies may face penalties if they do not offer health coverage. However, it is the best practice to have your employees covered under group health insurance plans, which protects your small business against many risks and is a great benefit that will help attract more talented employees.
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