5 THINGS to Ask When Choosing Group Health Insurance for Businesses

Being a business owner can be overwhelming. You have an endless list of responsibilities, including choosing a group health insurance plan.

To help make the process easier, do your research in order to understand what you’re looking for, and get the right plan.

Keep reading to learn the 5 questions to ask when choosing group health insurance!

1. What Are the Different Types of Health Insurance Plans for Businesses?
Before you can understand who will be covered and how much it will cost, you need to learn the different types of insurance plans. The two main types are PPO and HMO.

Preferred provider organization (PPO) refers to a network of health care providers. This means your employees can choose from a list of these providers within their area or network.

A health maintenance organization or HMO is another common plan that provides health care but means your employees must use the health care providers in their organization.

2. Will All Employees Receive Coverage?
Who you cover will affect how much you can afford to pay. You will want to cover yourself, and likely you are trying to cover your employees. But does this include all employees?

Do you intend to cover part-time and full-time employees? Will your employees receive prescription drug coverage and dental?

Consider the needs of your current employees. Think about how frequently they may need to visit the doctor and what types of health coverage are most important for their needs.

3. How Much Can Your Employees Afford to Pay?
Did you know that the average cost of individual health insurance under the Affordable Care Act is over $462 a month, without subsidies? You may also not know that this is because employers cover the difference in cost.

If you are able to contribute 50 percent or more of the premium toward employee plans, this will help make the health insurance cost far more affordable for your employees.

4. Would Your Employees Rather Have Low Deductibles or Low Premiums?
The first main type of cost associated with health insurance is paying the monthly premium, which is the amount that must be paid to maintain coverage. But there’s also deductibles, which are the expenses employees pay when they actually receive care.

If you choose a health insurance plan with a low monthly premium, the trade-off might be a higher deductible.

5. Do You Want to Cover the Family Members of Your Employees Too?
As the employer, you’ll need to decide if you want to offer coverage to the families of your employees in addition to the employees.

This might all depend on what you can afford and your general demographic for employees. If you work at a small store with very young employees, this may not be a priority.

Understand What to Ask When Choosing a Group Health Insurance Plan
Choosing the right group health insurance for your business can be overwhelming. By following this guide above, you’ll ask all the important questions and make sure your employees are covered.

Contact the team at USA Mutual Insurance to learn more about  employee benefit solutions we can offer you today!

Source: ​myhcg.com