What to Consider?
As you begin evaluating your needs and budget capability for group health insurance, there are several key factors to keep in mind. Use the key questions below to evaluate not only your need, but also to help you get started on the path which is best for your business.
Small Business Health Insurance Questions to Consider
- How many workers, including yourself, does your business employ?
- If you are self-employed and thus have only one employee, you can either purchase a small group plan (in some states), or you may be better off pursuing Self-Employed Individual health insurance. For a quote on Individual plans, contact eHealthInsurance.
- If you employ between 2 and 50 employees, in most states you can be considered a Small Business. Some states may differ on the minimum number of employees that can qualify, so review your state's regulations before purchasing a policy.
- If you employ more than 51 employees, in most states you are considered a large group. Please contact an insurance carrier directly for information on purchasing a policy.
- How much coverage do you want to provide?
- Most small business owners are cautious to offer health benefits out of fear of costs, when in fact it has become increasingly easy to offer comprehensive protection at a low cost. Typically, the most affordable managed care option is the Health Management Organization, or HMO, which provides reliable coverage at a slight sacrifice of member choice.
- Almost all plans offer an emergency safety net, providing coverage for unforseen accident or illness. The strongest distinction comes in the selection of physicians and the smaller, more regular, expense of monthly premiums and copayments.
- Citing the growing discrepancy between employee coverage desires and employer budget capabilities, several carriers, such as UnitedHealthcare, have begun offering a solution through which employers can 'buy up' to increase their coverage. These options enable employers to contribute as much to their employees' benefit packages as they can, and give the individual member the opportunity to add his own contribution.
- How much choice do your employees need?
- The level of flexibility for each member is the final decision to be made in choosing a group health plan. Typically, an increase in employee choice and freedom will yield a higher price point, but many employers see this increase as a necessary element of offering comprehensive benefits.
- The plans which offer the highest level of choice are typically either fee-for-service products or HSA-compatible HDHPs. Both of these options place an increased level of control in the hands of the member, and require that the individual takes an active role in the administration and direction of his care. Providing a less extreme level of freedom are the PPO and POS, which still place a large freedom of choice in the hands of the employee, but offer in-network benefits as a means to keep costs in line and cut down on the adminstrative role of the member.
Now that you have reviewed the three main steps to choosing a policy, you may wish to review the specific regulations of your state, learn more about the plan types mentioned, or seek specific product information from carriers in your area.
Small-Business-Health has gathered this information for you to make this process as seamless as possible, so please review the rest of our site to learn more, and when you are ready,
Request a free online quote from carriers offering coverage in your area >>
|
