The 1996 film “Jerry Maguire” popularized the phrase “show me the money.” While that sentiment is still true in many cases, what might be more appropriate in today’s workplace is the phrase “show me the benefits.”
Health insurance is a major topic of discussion for just about everyone. Even before the Affordable Care Act went into effect in early 2014, many individuals had heated opinions about health care. Some were unhappy with its limitations, some were unhappy with its strict guidelines, and almost everyone was unhappy with its high costs.
While there are many options for individuals seeking health insurance, employer-based health insurance is typically the most sought after. This is because it is generally the least expensive, offers some of the best coverage, and doesn’t require as many hurdles to go through like its private counterparts.
Starting a business is easier when you have the right talent in place. Offering a substantial benefits package is one way to attract the best talent available.
That said, employers often times struggle with creating a health care benefit plan that employees actually like. Choosing a health insurance plan for employees can be done by considering the following tips:
Review Quality
To check for a high-quality plan, see if it has been reviewed by current members. There’s nothing like a review from a first-hand source to indicate a plan’s strengths and weaknesses. Check to see if the plan allows for members to choose their own doctors and hospitals, offers necessary benefits (health, vision, dental, maternity, mental health), is budget-friendly, and is the type of plan you would like to have for yourself.
Check Options
Group insurance policies vary, so be sure to check out all the options. If you want your employees to have more choices, look for a Preferred Provider Organization (PPO), which enables participants to choose their own doctors and healthcare facilities. A PPO is a type of a managed-care plan, and is similar to health maintenance organizations (HMO), individual practice association (IPA), and point of service (POS) plans.
There are benefits to each, and drawbacks, so be sure to find out which one works the best for your needs and the needs of your employees.
Make a Decision
The decision to purchase a group health plan for employees is a difficult one, which should not be taken lightly. It is best to make a list and compare all options. Decide which plan is best from there.
Remember that a knockout plan will make your company more attractive to current and future employees and could give your place of business an edge over the competition.