Approximately 50 percent of the American workforce relies on their employer for health insurance coverage. When it comes to selecting a health insurance plan for their employees, business owners want to provide the best coverage to their employees at the most economical cost. In order to accomplish this, small to midsize business owners should work with an experienced benefits broker like Employers Select Insurance Services, Inc., Inc.
A capable broker can provide businesses with a number of group health insurance plans to choose from according to their specifications and budget. The key is understanding what each plan offers and making sure that the coverage addresses the needs of your employees. Choosing the right plan requires a research and a comprehensive analysis. With that said, here are a few tips to help you get started on selecting the best group health insurance plan for your company:
Check What Your Competitors Are Offering
A good baseline for choosing the best health insurance is to research what kind of plans your competitors are offering. This provides you with an insight into what employees are looking for and ensures you choose an industry appropriate plan (and maybe one that offers a little more than your competitors). This allows you to provide your employees quality coverage and helps you attract better employees.
Be Mindful of What’s Important to Your Employees
As a business owner, be aware of what’s important to your employees. Also, choose a plan that addresses the make-up of employees. For example, if your employees are mostly young and healthy you may want to consider a plan with lower monthly premiums and higher deductibles. Additionally, you can survey employees to get a better understanding of what is important to them.
Read Up on the Costs In Addition to the Premiums
While premiums are extremely important and you should compare them for various plans, they are not the only cost you should be concerned with. When faced with medical issues or emergencies the premium can be the smallest out-of-pocket expense.
Deductibles, co-payments and co-insurance can be a much larger cost. Make sure you look at all of the costs when comparing plans.
Take a Look at the List of Accredited Physicians
Group health insurance plans will provide you with a list of accredited physicians within the insurer’s network. Make sure there are plenty of doctors and practices located in convenient geographic areas. Some insurance plans will not cover checkups and expenses if an employee sees a physician outside of the network. Others may provide partial coverage. Make sure you choose a plan with an extensive and varied list of accredited physicians.
These are just a few tips to help you start your search. This is a complex and multi-faceted process and consulting with a health insurance broker can help you navigate this process and ensure you make the right decision.
Sources:
Health Insurance Coverage for the Total Population, kff.org
4 Tips To Choose Your 2017 Health Coverage At Work, forbes.com
5 Tips for Selecting the Best Health Insurance Plan, entrepreneur.com
