As a business owner, choosing a health plan is important whether you have one employee, several, or even hundreds. Coupled with so many different policies and options available, choosing a health plan that makes sense for you and your business can quickly become overwhelming. Here are six things you should keep top of mind when navigating your options.
- Seek a Benefits Advisor. Benefits advisors have the experience and understanding of the market and the wealth of options available for you to choose from. Using an advisor can help you narrow down and decide on which plan will work best for you and your employees.
- Cost. Providing health care coverage to your employees is one of the biggest investments you can make. It’s a balancing act between finding one that works within your budget and is affordable for your employees. To do this, consider the cost of the plan overall, deductibles and premiums, how much employees will have to contribute, and how much the company will have to match to strike a good middle ground.
- Quality of the Plan. The cheapest option isn’t always the best option. The scope and number of services your employees have available to them will vary from plan to plan. One of the most notable aspects of a plan to consider is its network of doctors. Accountable Care Organizations (ACO) and network plans tend to be cheaper than a Preferred Provider Organization (PPO) since employees can only visit approved doctors as opposed to choosing their own. In a competitive market, a quality health plan can be the difference between retaining current talent and attracting new employees.
- Your Employees. Determine what your employees want and need from a health care plan. What is your employee demographic? A younger employee base may find a higher deductible plan more fitting since they don’t go to the doctor often as opposed to an older employee base that would want as much covered as possible. The wants and needs of your employees can greatly influence what type of plan you commit to.
- Ease of Administration. Say you decide to move forward with a health plan; how much work will it be to implement and maintain it? Considering your company’s resources and knowledge, determine to what extent you want your company to be involved in the benefits process.
- Customer Experience. Regardless of your company’s role in administering health coverage to your employees, understand how your provider will support you.
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