In the course of a day as a small business owner, you’re probably focusing on making sure everything runs smoothly.  Having a strong benefits package is a key element for attracting and retaining high quality employees.   When searching for the right Group health benefits, you’ll likely come across many different plans and options, so here are a few things you should consider.

How many employees do you have? Requirements are different for companies that have under 50 employees (referred to as “small group”) vs companies with more than 50 employees (referred to as “large group”).  You want to make sure you understand your requirements and if you border on 50 employees, you’ll need to know clearly where you stand.

Know the needs of your employees.  Have discussions with them to determine their needs regarding health insurance.  Consider their medical requirements and their financial ability to pay premiums. You should also consider your employees’ ages, medical conditions, and family members. This will make it possible to select the most suitable type of health plan.

Understand the different types of plans.   If you are a new business owner, perhaps looking into employee benefits for the first time, knowing the differences between PPO, HMO, and EPO plans is critical.   The type of plan will greatly affect the cost and the way your employees access care.

Examine your tax benefits.  While providing health insurance benefits to your employees comes as a cost to you as an employer, it also provides you with some tax relief in most cases.  An experienced agent and a good accountant can help you maximize your tax savings and explain your options.

Consult with a broker.  Group coverage might seem complicated, but working with a licensed health insurance broker can simplify things greatly.  We can help explain different plan options, shop multiple carriers for you, and guide you toward the right coverage at the right price. Give us a call, and we’ll be happy to discuss your Group health insurance options with you.