When deciding on the best health insurance plan for your employees there are some important determinations you’ll want to make and questions to ask when speaking with to a group health insurance company. Follow the steps below to make sure that you end up with the best possible health coverage for everyone in your company.
Determine Your Requirements
- Number of People Covered – Find out how many of your employees are actually going to participate in your group health plan. Some employees might have coverage through their spouses or other family members and will not be participating in your plan. Also, find out how any dependents participating members will be adding.
- Budget – Remember, that premiums are paid by both the employer and employees so consider both of those when shopping plans and costs.
- Employee Survey – You can’t pry into your worker’s individual medical histories but you can ask them what types of coverage and benefits they feel are vital.
Choose between Full and Partial Coverage
Determine whether you want to provide full or partial health coverage to your employees. If you have the budget for it, providing full health coverage will provide the most benefits to your employees and their medical needs.
However, if your budget does not allow for full coverage, partial coverage is also an option. Partial coverage is designed to keep health care costs to a minimum by covering a partial amount of the medical costs. The employee pays the difference between what is covered and the cost of the care (until a deductible is met). This way the employee doesn’t have to worry about suffering a major financial burden and they can also get all of their necessary procedures and checkups knowing that the costs will be manageable.
Consider Going for Some Voluntary Benefits
There are some voluntary benefits that are most requested by employees. These refer to insurance products that employees are willing to pay for so that it can be added to their plans to further meet their medical and healthcare needs. Voluntary benefits often include vision and dental along with wellness programs. Check with your employees which ones matter the most to them so that you can get a plan that incorporates all of their needs.
See If You Are Eligible for Tax Credits
Some small businesses are eligible for tax credits if certain qualifications are met.
Get Help
As you can see, selecting the right plan is a complicated process. One that would benefit from talking to a health insurance broker or benefits expert. When talking to them you can discuss your options, analyze your needs and get all of your questions answered so you choose the right group health insurance plan for your company. Providing health coverage to your employees is enormously important to your workers and it allows them to take better care of themselves and therefore, take better care of your company.
Sources:
7 Tips for Choosing the Best Group Health Insurance, insurancequote.org
Key Differences Between Partial And Full Coverage, girlsjustwannahavefunds.com
