Health insurance is an attractive benefit for employees. Not only that, but many employees think good health coverage is the best benefit their employer can offer. This means if you pick the right policy, you will likely have a more enticing work environment. How can you go about picking the best health plan for your employees? You have to know what to look for in a plan, which requires you to evaluate different policies, research the insurer and figure out what’s best for your business.
If you want to find the best policy, you have to know what elements that policy should include. As you evaluate plans, you have to look at four main factors:
- Cost: How much is the plan going to cost your business? Will the employee have to pay extra? If so, can the employee afford it based on her or his salary? What other expenses will the employee have to pay, such as deductibles, co-pay and the like? You want to find a policy that not only fits your budget, but also the budgets of your workforce.
- Coverage: You also have to understand what sort of coverage your employees are going to get. Ideally, you should find a policy with great general coverage. You want something that will take care of your employees, but also something they can easily afford.
- Reimbursement: Think about how much common medical procedures actually cost, then look at what the insurance is going to pay. Is the reimbursement enough to make the coverage worthwhile for your team?
- Restrictions: Look at different policy restrictions, and then consider what your business does. If you have salesmen who travel through various states and countries, you will want insurance coverage that protects them in each location. Make sure the policy you pick isn’t restrictive to the type of business you run.
You also have to consider the different insurance providers. You want to find a firm that is reliable and willing to pay claims. You can easily investigate different insurers by examining ratings books published by different agencies. Compare different insurer’s ratings over time and across different services to get an idea of which firms are best for your business and employees.
Consider Your Business
Finally, you have to think about your company in particular. What type of health insurance should you offer? Do you need to use an insurance broker? The answers to these questions are going to be different for every company. When you think about your business, also think about your workers. What kind of health care providers are local? Will the insurance you’re considering work in a majority of those locations?
As you consider your employees, think about their health and the types of coverage they will want and need. Is it important that you have dental, mental health and maternity coverage? Are the majority of your employees overweight, or are they physically fit? Can you implement a wellness program to help lower the costs of premiums and increase your employees’ health at the same time?
If you decide to work with a broker, you need to do your research here as well. You want to find a broker who will look at your company’s best interests, not her or his own. Many small businesses choose to use a broker to buy their health care plans because a broker can make the buying process easier. This may or may not be right for your business.
Pick the Best
Once you have considered each of these elements, you will likely be much better equipped to pick the best policy for your company. Work with a professional, or do the research on your own, but always make sure you are getting a plan that fits your needs as well as your budget.
The content on our website is only meant to provide general information and is not legal advice. We make our best efforts to make sure the information is accurate, but we cannot guarantee it. Do not rely on the content as legal advice. For assistance with legal problems or for a legal inquiry please contact you attorney.