4 Things to Consider in Your Group Health Insurance Quote
Carefully reviewing a group health insurance quote is necessary to ensure that you make an informed decision. There are some key factors to consider when reviewing a group health insurance quote. Here are four things to closely review.
1. The Cost of Coverage
One of the first factors to consider is the plan's premium cost and what coverage is included. Looking for the lowest cost can be an expensive way to choose group health insurance. Consider the coverage and balance that against the premium cost. It may be better to choose a plan with better coverage and slightly higher premium costs than a lower premium with poor coverage.
2. Cost Share Expenses
Evaluate closely the cost of cost shares, like deductibles and co-pays. How much will members have to pay in deductibles before full coverage? What is the cost-share of visiting the doctor or for specialty care? It is important to compare the costs. Out-of-pocket expenses can be high on some plans. Comparing options is the best way to determine which plan offers the most savings.
3. Network of Providers
"In-network" healthcare is typically more affordable for those insured under the plan. Evaluate the number of providers in the area that are "in-network." A plan with few providers in the local area can be difficult to navigate for members. The cost of care can be significantly higher for out-of-network providers. A robust list of in-network providers can be a telltale sign of a quality plan.
4. Plan Administration
Flexibility is key when it comes to group health insurance, especially when it comes to plan administration. Consider the ease of plan administration, including the process for enrolling employees, managing claims, and accessing customer support. A user-friendly administrative process can save time and reduce headaches for your HR department. Consider the administrative process.
According to the CDC, about 9.8% of Americans have no health insurance. Health insurance helps keep healthcare costs down. A good group insurance plan can help to keep employees happy and healthy. Evaluating the quotes carefully will ensure you make the best decision for you and your employees. Support is available to help you choose the best plan. Get a free group health insurance quote from a trusted source today, and contact us at Benefits Analysis Corporation.