Group health insurance is a great way for you to give your employees a benefit that they will appreciate. In today’s world of high health care costs, where small businesses usually don’t offer this benefit and even large employer are beginning to scale back their programs, this is a benefit that employees know not to take for granted. As a matter a fact, offering health insurance coverage can help you retain better employees and keep them around longer, all without having to raise your salary offer. However, if you are choosing a group health insurance policy for the first time, all of the options may seem overwhelming. Below are several tips to help you find the right group health insurance policy for you and your employees.
- First you will need to consider your employees’ base and their needs. Do you have both full and part-time workers? Will you offer coverage to part-time workers? How many total employees do you need coverage for? Once these questions are answered, you then need to choose a policy that includes the needs of all of your employees. This may be harder if you have more employees, but you can always settle with the needs of the majority.
- Consider reimbursement levels for both in network doctors and out of network specialists. These will be important considerations when it comes to how much your company and your employees spend on health insurance.
- It may be a good idea to stay away from policies that have patients pay more than 25% of the cost of treatment (co-pay). Anything more than that will likely be hard for your employees to deal with financially.
- Stay away from policies that have very high deductible expenses for your employees to pay. Of course, a good way to help your company and your employees out at the same time is to couple a higher deductible plan with a Health Savings Account option, but the minimum deductibles on HSAs are only $1,100 for an individual or $2,200 for a family.
- Get a plan that includes long term treatments such as substance abuse or mental health treatments. If one of your employees suffers from one of these issues, it will be better for your company if that employee has a way to seek treatment and receive help in order to get well.
- Make sure you know how the insurance company resolves grievances for members.
- Avoid hospital indemnity policies and ‘dread disease’ policies, if you can.
- Try to offer the choice of more than one insurance policy option to employees, if you can.
These tips will help ensure that you find the best policy for your company and your employees and that everyone ’s needs are taken into consideration, without breaking the bank. If you want a way to compare the best group health insurance policies, insurancebudget.com can help you find the best policy for your company quickly and easily.