Choosing the Right Group Health Insurance For Your Company
By Elliot Bigman
Many small business owners make the mistake of purchasing a group health plan without utilizing the services of experienced insurance agents to help choose the most viable and affordable plan for their company.
Many health plans already cover the insurance agent’s commission in the cost of the health care plan, thus,companies should take advantage of the expertise and knowledge an experienced insurance agent can offer. When choosing between the many health plan options available, employers can actually save time and money by consulting with an established insurance agency before investing in medical coverage plans that best suit their employee’s needs and the company’s budget.
Studies have shown that one of the benefits of providing group health insurance for employees is the increased retention rate for a quality workforce. In these days of high gas prices and increased costs, offering health insurance at the workplace is a big incentive for many who cannot afford individual health insurance coverage. Investing in your company’s future healthcare can increase loyalty, and overall employee satisfaction, productivity, security, and of course, employee health and fitness. The cost and options of these plans vary according to group size and the state in which your insurance company or provider is located.
Group health insurance plans start with at least two full-time employees and because of healthcare reforms, every state is required to offer this coverage in the workforce. The many health plan options vary greatly and employers have a choice in what medical coverage they can afford their budget; from basic coverage to plans that cover preventive care and dental coverage. The many options offered in managed care plans, or HMO’s, and fee-for-service plans can be very confusing.
Employers must decide how much they can invest and what type of medical services they can afford for their employees. HMO’s are designed to offer reduced rates by using a select group of doctors, hospitals, and other healthcare providers. Employees must stay within that network when getting medical care. Fee-for-service or indemnity group health plans allows your employees to choose their providers. They, in turn, have control over their choices of doctors and specialists and many options in who they want to visit for their medical services.
The majority of people insured today have insurance plans through their employers. This allows health plan providers to offer many small and large group health coverage plans. Insurance premiums vary according to the size of the workforce and include small companies with 2-100 employees and large companies with 100 plus employees. Larger companies have an advantage because of their size and can often select reduced premium plans that offer basic medical coverage for the employees. Some health plans have higher co-pays for the employees and only cover medical care within the managed network of healthcare providers. Many plans charge higher premiums but cover more medical services for the company’s employees.
Investing in group health insurance for your employees is a major decision that needs professional advice and planning. Keeping your company’s employees healthy and productive for years will pay off in increased profits and success. With an experienced and reputable insurance agent, your company can have the help and expertise to consider all the insurance options available based on your budget, the medical needs of your employees and the costs of medical services in your state. This is an important service for employers who need to comparison shop for the best health plans available for their company employees.
Elliot Bigman is an insurance agent with Direct Marketing Assoc.award winning BCBSNC® insurance agency serving NC.Call 800-226-0092 or visit NC Insurance Plans Online,http://www.ncinsuranceplansonline.com for Blue Cross NC rates and quotes.
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