What Are The Advantages Of A Group Plan To The Employee?
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UPDATED: Jul 16, 2021
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The employer usually pays some or all of the cost. For a noncontributory plan the coverage is a nontaxable benefit up to $50,000. Above $50,000, the IRS charges tax on “imputed income.”
Because many people are getting their coverage under one policy, the per employee cost tends to be low and the underwriting minimal.
You do not have to write checks to pay the premiums. If you contribute to the cost, it will usually be deducted from your pay.