Group Plan Insurance
The costs of a group insurance plan are usually stated in terms of premiums. For each type of coverage, one or several rates are set by the plan insurer. The total premium is calculated by multiplying the premium rates by the volumes applicable to each type of coverage.
The average annual premium for a group insurance plan normally ranges between $1,500 and $4,000 per employee. Typically, the premium payments are shared between employer and employee and optimized in order to minimize the tax impact for employees.
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