• They are less expensive and cost-efficient.

• They are easy to implement and administer.

• They provide coverage for substantially all employees (including uninsurable ones).

• The employer can pass some or all of the cost to the employee.

• The employer generally receives a tax deduction for any premiums paid. And the employee may generally exclude from income employer contributions to the plan.

• They are limited in their flexibility because group plans cover substantially all employees.

• Group plans may not provide a high enough level of benefit to retain and attract key employees.

The business contributes toward the payment of premiums for the group benefit plan. In most cases, group benefit plans are funded by the purchase of appropriate insurance contracts, although some larger businesses may "self-insure" the benefits. An Employee Benefit Specialist can consult with you on your options and provide you with a detailed analysis of possible solutions.