Does your company offer employees group health insurance? It acts as a fantastic incentive that will not only attract top talent to your company but also help to retain them. Providing employees with health insurance shows you value their well-being and that you want to invest in it. But with that said, not every group health insurance plan is equal, and it may be time for you to shop around and find a new provider.
Before you go ahead and sign a new plan, here are a few things worth looking for when switching company group health insurance providers.
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Price Is Important but Shouldn’t Be the Only Criteria
Far too often companies get caught up in the price of the plan, allowing that single factor to be the driving force behind the decision. Sure, the price will need to be considered, but it should be lower on the list of priorities than you may assume. And remember, just looking at the price doesn’t give you the whole picture. You need to look into what the plan includes.
The best approach is to get quotes on company health insurance plans from top insurance providers using a site such as Zenefits. You can then compare quotes and what they include, helping you to narrow down your choices.
Are There Any Limitations?
This is something that employees will want to know in whatever plan you pick. Are there any limitations that may be set on procedures or services and if so what are they? This could mean a limit on a particular surgery, hospital stay, and so forth.
Is This Meant for Part and Full-Time Employees?
If you have both part and full-time employees, you also need to ask yourself if the health insurance will cover everyone. Some companies choose just to offer health benefits to their full-time staff. Again, health coverage acts as an incentive so it’s something you want to think long and hard about. It needs to make sense from a financial point of view for the business and an employee’s point of view.
What Is the Premium Employees Will Pay?
Offering health insurance to employees is great but if the premium is too high, then it’s not going to be practical for them. It needs to still be affordable so that they can afford the cost and it still offers a return on the investment – meaning they get more from it than what they pay in.
As an employer, you’ll be able to bring down the cost of the premium by also paying into the plan. Perhaps you will be able to cover 50% of the costs, which makes it much more attractive and manageable for employees.
Take Your Time Choosing
It’s important that as an employer you take the time necessary to investigate different options, starting with current quotes from various providers and then digging deeper into what is covered. Cheaper isn’t always better and in terms of company group health insurance, that is certainly the case.
