Finding The Right Balance Between Costs and Benefits
Few choices your company makes have more of an impact on the lives of your Colorado employees than selecting a group health insurance plan. Their health and well-being are on the line, but so too are their productivity and job satisfaction. That means your decision about coverage will directly affect your company’s profitability and ability to attract and retain top talent.
Selecting a group health insurance plan for your company is not a responsibility to be taken lightly. You should undertake the process knowing what to look for in a plan and how to look for it.
As busy as you are, you may not have time to learn about the nuances of group health insurance, review the lengthy details of multiple plans, and decide which of those plans is right for your business. If you don’t know what you need, what your employees want, and what your company can afford, it can be hard to make the right choice.
That is why so many Colorado businesses work with an experienced group health insurance broker when selecting a group health insurance plan for their employees. While working with an independent broker will save you and your company time and effort and help you get the best deal on coverage (and not cost you anything!), here are some things to consider as you evaluate plans for your firm.
Cost To Your Company and Expected Contributions From Employees
Enrolling in a group health plan is a substantial investment and commitment for any business. Since you will likely ask your employees to contribute to the cost of their coverage through payroll deductions, it is no small expense for them as well.
As such, a fundamental step is determining what your company can afford to pay in annual premiums and how much you expect your employees to pay. These figures will help you determine which plans are within your company’s fiscal budget and which you can immediately eliminate from the competition.
Scope of Benefits and Coverage
Under the Affordable Care Act, all group health insurance plans must provide certain baseline coverage and benefits. These benefits include preventative care, immunizations, and basic lab testing.
But beyond those basic requirements, plans can have significant differences. These can include their scope of coverage and deductibles, coverage limits, and how much enrollees will pay in coinsurance, copays, or prescription drugs.
Part of selecting a group health insurance plan and determining what features are suitable for your company is finding out what your employees expect and need from their health insurance coverage. For example, do they want more coverage with higher costs or prefer a broader physician network but higher deductibles?
When you work with an independent health insurance broker, they will help you select a group health insurance plan with a scope of benefits and coverage that will best work for your employees.
Most Colorado employees like the idea of being able to see their current doctor or a physician of their choice. Because of this, the size of the plan’s physician network and the number of doctors “in-network” will be important considerations when choosing a group health plan. When reviewing the plans available in your area, make sure that you select one with the type of network your workforce needs or prefers. You may need to decide if an HMO with limited physician choice is acceptable to your employees or whether they need a PPO to access a more extensive network of doctors.
When selecting a group health insurance plan, many Colorado companies purchase coverage for their employees directly from an agent working for a specific insurance company. However, this may be an unwise decision. Such insurance agents cannot provide you with all of the available coverage options because they are limited to plans from the company they represent – they’ll want you to choose one of their plans, not a plan from one of their competitors.
But an independent and experienced group health insurance broker will evaluate all available plans from multiple carriers, so you can be confident you are selecting a group health insurance plan that best suits your company’s needs and budget.
Speak With One Of Our Colorado Group Health Insurance Brokers Today
rage for decades. As an experienced Colorado small business health insurance broker, we can answer your questions and provide affordable coverage options tailored to the needs of your business and your most valuable asset, your employees.
Contact Preferred Insurance today to arrange your free consultation with one of our experienced brokers to discuss your group health insurance needs.