As an employer, how do you choose the right health insurance policy for your company?
Even though health insurance policies may appear to be relatively small, that is not true. Things covered under one policy might have partial or nonexistent coverage on another plan in the same price range. As an employer, how do you choose the right health insurance policy for your company? There are some considerations when negotiating a health insurance package for your business.
Understand Where You Are Now
Before you determine what you want to change regarding your health insurance policy, it’s ideal to understand where you are at. How much have you spent on healthcare insurance in the past year? What deductibles and monthly premiums are your employees paying? Are your employees responsible for paying co-pays during doctor visits, and are there any telehealth options? Knowing your current health insurance policy and what may need to change is a great starting point for comparison.
Weigh the Trade-Offs
When you weigh options for health insurance, you will run into many medical acronyms such as PPO, HMO, and EPO. All of these options have various benefits and downsides. For instance, your employees will receive lower premiums with HMO plans. However, they cannot visit doctors outside the provider network and have coverage. In addition, they must obtain a referral whenever they want to see a specialist. In contrast, PPO health plans provide flexibility, offering you medical care via a network with many health care providers and facilities. So, make sure you fully understand the perks and cons of your health insurance policy before signing on the dotted line.
Think About the Future
If you plan to hire employees in the next two years or have a small business, it’s a good idea to consider how your business will change. If your health insurance policy is currently limited to those with families, you should know that this may impact the hiring process if you attempt to attract young professionals with growing families. The right health insurance policy for several employees at your company may differ from the right one for a midsize company.
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin