Do you have your employees’ back so to speak? For the small business owner, choosing the right health insurance plan for your employees can seem like a daunting task. For employees, health insurance is a key benefit that can make a difference between whether they choose to work for your business or one that offers better coverage, which means it’s important that small business owners don’t shy away from offering a range of benefits to their employees.
What are some of the things you can do to help you choose health insurance that offers affordability for you and quality coverage for your employees?
Remember That One Size Doesn’t Fit All
It’s all too easy to go for the first health insurance plan that seems to more or less meet your needs.
However, when it comes to health insurance, one size doesn’t fit all. Before shopping around for your plan, take the time to map out what kind of plan and coverage will best suit your business.
What you need from your plan will differ if your employees are mostly in a certain age bracket, for example, as opposed to spanning different ages.
It might be worth offering your employees more than one health insurance choice if you find that one plan doesn’t offer the best coverage across the board.
Talk to Your Employees
Set aside some time to talk with your employees and find out their opinions. Asking which benefits they would find the most useful will help you to make appropriate choices that will be well-received. Employees might offer you insights you hadn’t thought of and will give you a feel of where the general sentiment lies. Talking with your employees also means you can start a discussion about their health care spending, such as making healthy choices or opting for generic medication instead of more expensive brand name options.
Know What You Will Pay and What Is Covered
As mentioned in “Key Health Insurance Terms“, it’s important to compare different health insurance plans. When choosing your plan, cost is an important consideration. When looking at a potential plan, make sure that it’s clear what you will be expected to pay, what is deductible, and how much the co-pay costs are. If your employees are going to contribute to the plan, it’s vital that the amount they are expected to pay both for the plan and for any treatment can be comfortably managed on their current wages. You and they also need to know what conditions are or are not covered, and any restrictions such as needing to use specific doctors or hospitals.
Get Help from a Broker or Association
An insurance broker will have access to many health insurance plans, and will be able to help you choose the right one for your business. Buying insurance directly can be complicated; a broker can offer you advice so you can see for yourself which plan is best suited to you. Before using a broker, shop around and look for personal recommendations from other business owners to make sure you are working with a competent and reputable broker. You may also find it helpful to investigate business associations who offer insurance to their members, often at a lower cost than you would pay to cover your employees alone.
Health insurance is a good investment in your employees, providing you with a powerful selling point and showing your employees that you take their well-being seriously. Finding the right plan needn’t be a headache: Decide on what you need, read the small print, and don’t be afraid to seek professional advice and you will soon find the plan that offers your employees the best coverage while offering your business the best deal.
About the Author: Tristan Anwyn writes on a wide variety of topics, including social media, small businesses, health insurance plans and SEO.