Navigating the world of group health insurance is no simple task for business owners. However, answering these five questions can provide a road map that delivers you to your destination.
Who do I want to cover? Do you want to cover both full-time and part-time employees? What about their dependents? What do your state laws say on the matter? Consider, also, the needs of your employees. It might help to circulate an anonymous survey to get a better picture of their healthcare needs. Are prescription plans important to them? Are certain local providers preferred?
How much can I contribute toward the premiums? In many cases, employers are required to pay at least 50 percent of the group health coverage premiums. The rules might be different regarding plans that cover dependents, but you should definitely consider the burdens employees face in providing coverage to their families.
Investigate the ways in which paying toward premiums will affect your taxes. Generally speaking, contributing toward healthcare premiums will lower your tax burden, so the cost might not be as great as you imagined.
Large deductibles or small deductibles? Plans with higher premiums have lower deductibles, leaving less burden on your employees. Of course, the reverse is also true; plans with lower premiums have higher deductibles. If you choose a low-premium, high-deductible plan, consider pairing it with a health savings account so that employees can save for their out-of-pocket expenses.
What about add-ons, like vision or dental insurance? Offering more comprehensive benefits can help you to attract and retain the best talent. Investigate the different options available, to help your employees save money and feel more satisfied with their health insurance coverage.
What’s available in my area? Work closely with a licensed insurance professional to determine the group healthcare plans available in your area. Call our office and we’ll walk through your options, and help you to choose a group health benefits plan that suits your budget and pleases your employees.
