Employee benefits are a key factor in recruiting and retaining top talent. Group health insurance is an important part of your employee benefits package that helps your company compete in the marketplace. If you are shopping for a group health plan, the following rank among the top factors to consider.
Number Of Employees
To be eligible for group health insurance, you must have between one and 50 employees. The minimum number of employees required can vary, depending on the insurer. If you have more than 50 employees you will need to apply for large group coverage, meet certain reporting requirements, and meet minimum group health insurance standards.
Benefits Of Group Health Insurance For Employees
Have discussions and survey your employees to determine their needs as regards health insurance. Employers should consider the medical requirements of their employees, and their financial ability to pay premiums. They should also consider their employees’ ages, medical conditions, and family members. This will make it possible to select the most suitable type of health plan.
Type Of Health Plan
Traditional health insurance is a defined benefit plan, in which employers provide coverage through a group plan. If you choose this type of plan, there are still choices to be made among options that include:
HMO: A health maintenance organization (HMO) plan can lower costs, but it limits your employees’ healthcare options.
PPO: Preferred provider organization (PPO) plans offer more options but come with higher premiums.
EPO: An exclusive provider organization (EPO) plan is like a PPO and HMO combined. Employees must stay within a defined network, but do not need a referral to see a specialist.
Premiums & Rates
Cheaper is not always better when it comes to group health insurance. Consider the types of benefits and coverage provided under different plans and rates. Perform a comparative review of several selected plans from different insurers to help you assess the most suitable plan for your company.
Quality Of Service The Insurance Company Provides
It is important to select an insurance company that will provide outstanding service. Consider whether the company is prompt in responding to your queries and whether its customer service is helpful. Ask bidding companies to provide references within the industry and speak with those individuals.
Whether The Policy Can Be Tailored
Employers have the option of tailoring the terms of a health insurance policy to meet their employees’ needs. Look into policies with no 30-day waiting period, policies that provide maternity coverage, with or without a nine-month waiting period, coverages for diseases and health conditions existing at the time of purchase, policies that include or exclude certain types of treatment, and any other issues of concern to your employees.
What The Competition Is Offering
It is important to know what your competitors for top talent are offering to their employees. If you cannot match what they are offering exactly, you can still add different incentives that will appeal to your employees.
Choosing a health insurance plan that benefits your company and suits your employees’ needs can be a difficult and exacting processing. For professional assistance in selecting a plan, speak with our knowledgeable agent.