If your business has employees, it’s important to offer them a range of benefits. This helps improve employee satisfaction, which is critical for success in any industry.

Health insurance is usually at the top of the list of benefits employees can receive. Choosing the best group health insurance for your employees involves several things.

Keys to Finding the Right Group Health Insurance Company for Employees


Don’t Focus Too Much on Price 

It’s only natural to look at price. Businesses need to be aware of budgetary concerns and their bottom line. But focusing solely on price is not necessarily a good idea with insurance. It may provide too few of options and it can send the wrong message to your employees. They may think that you’re just trying to save money, without any regard of their wellbeing and health.

A better strategy is to look over the coverage options first. You want employees to have a lot of options as far as the providers they can see and the specialists they can get help from. Also think about extensive prescription drug coverage as prescription drug expenditures are nearly 20% of health care costs.


Check for Limitations

When trying to locate the right group health insurance company, you’ll want to make note of any limitations. A policy may put limits on certain procedures, for example. Knowing what these are helps you choose plans more effectively and makes it easier for employees to avoid confusion and costs when they need a specialized procedure done.


Identify Additional Costs

Although costs shouldn’t be your primary concern when providing health insurance options to employees, they still matter. You need to assess costs like premiums, out-of-pocket maximums, and copayments.

Generally, the higher the premiums are, the less your employees have to pay out of their pocket. If you have employees who use a lot of specialized services or have some sort of health crises, opt for a platinum plan or a high-deductible plan with a generous HRA contribution.


Analyze the Merits of Choosing HMO vs. PPO

Group health insurance falls into two categories: HMO (health maintenance organization) and PPO (preferred provider organization). You need to weigh the pros and cons of both to make the right selection based on employee and company needs. With HMO plans, employees can only see approved doctors, while PPO plans let employees choose based on their preferences. They do have to pay more, though.

Keep in mind that employees are not just cogs that keep your business running. They are real people at risk of dealing with real medical problems. Nothing shows them your concern on for their well-being more than by providing them with adequate health insurance options.


Sources
The Facts About Rising Prescription Drug Costs, csrxp.org
10 Key Considerations When Comparing Health Care Plans, thebalance.com