The right employee benefits assist you in attracting the best employees for your company. Although there are regulations as to the minimal requirements of health insurance for most companies, there are benefits to offering better options for your employees. For one, it helps you to compete with other companies, since higher quality candidates will choose to work for you rather than other companies due to better benefits.When reviewing health insurance plans, think about what benefits your company as well as your employees, to determine which one is the best fit for you.
Start with the Policy
What type of health insurance policy do you plan to provide for your company? When assessing the different options, there are four key elements to review:
- Coverage
- Cost
- Restrictions
- Reimbursement
Although the cost to you and your employees will play one of the biggest roles in your decision, don’t forget to weigh in the level of coverage the policy provides. Some policies provide very basic coverage with high deductions and co-insurance costs.The law regulates the minimal type of coverage a policy provides; however, some policies don’t cover certain conditions and procedures. For example, some policies cover complementary alternative therapies such as chiropractic visits or acupuncture services, while others do not.
HMO vs. PPO Health Insurance Plans
You also have to choose between an Health Maintenance Organization (HMO) or a Preferred-Provider Organization (PPO). With HMOs, the employees generally have to visit their in-network general practitioner before seeing any specialists, with some exceptions for emergency and urgent care. PPOs often provide more flexibility for your employees, especially if they travel extensively for work.
Selecting the Insurer for Your Health Insurance Plans
Once you have an idea of the type of policy and coverage you wish to include in your company, now you need to decide which insurance agency to use.Many of the major insurance agencies offer similar policies usually within a similar price point. So make sure you look at other determining factors of the insurer, such as their customer service, the number of rejected claims they have, and the appeal process, to help you make your decision.Look for an insurer with a history of not only providing affordable health insurance plans but also quality customer care.
Do You Need Help?
Do you need help choosing the right health insurance plans for your company? In addition to our payroll services, we provide workforce benefit solutions and insurance services and can help you choose the best fit for your organization.Contact us if you’re interested in learning more about health insurance plans and any other potential business concerns.
