The Right Health Plan for Your Small Business
If your small business is currently weighing your options for employee health insurance, you may be overwhelmed with the amount of information out there about different plans. Offering health insurance to your employees is a great way to help attract and retain top-quality workers for your business. It’s also important to make the right choices in coverage options so your business and your workers can benefit. Here are some essential things to consider when looking at various health insurance programs for your company.
The first thing that most businesses think about when considering the option of adding health insurance is how much it’s going to cost. The cost of offering health insurance can be offset a little by some of the tax credits or benefits that your company could take advantage of if you choose to participate. Additionally, you must also consider the extra value of attracting better employees to your company and keeping your best and brightest from leaving you for the competition.
The next factor to consider when shopping around for a group health plan is how much it will cost to your employees. Your employees will want to know about the cost of a few different parts of the health plan. First, they’ll want to know how much they will be responsible for paying in order to participate in the program, or how much the premium is. Next, they’ll want to know how much their doctor co-pays will be. Finally, they may want to find out how much their insurance deductible is before the insurer starts covering the bills.
When you’re shopping around for the best health coverage, you also want to ensure that the plan is sufficient with its coverage options. This is where it’s best to have an insurance consulting firm by your side. Most health plans should cover routine wellness visits to a primary care doctor. They should also cover emergency room services and hospital stays. Additionally, most employees want to have coverage for specific cases, like pregnancy, mental health, or chronic care.
Exclusions Not Covered
Another important part of your group health plan is what is not covered. After weighing the costs and plan options, you’ll want to make sure there are no unreasonable exclusions to the health coverage you plan on offering. Exclusions are conditions that are not covered by the insurance company. Some common examples of exclusions include plastic surgery, weight loss surgery, or alternative medicine.
After you’ve chosen your primary health plan coverage, then it’s time to think about additional coverage options to give to your employees. Some companies offer more than one insurance plan to give workers a choice in their coverage options. Other extras you may want to offer include dental plans, vision plans, or short-term disability coverage options. All of these together could help promote a sense of wellness at your place of business while also enticing new employees to come and work for you.
Offering group health insurance is a great way to take your business to the next stage of success. When your small business is ready to take the plunge into this type of coverage, it’s vital to evaluate the pros and the cons of each plan in your budget.