Why It's Important to Choose the Right Group Health Insurance Plan
Caring and keeping employees happy leads to a successful business. So when it comes to picking a group health insurance plan, everything should be put into consideration. Large corporate companies outsource their research to find the best plan. As a small business owner, you will have to explore what is best for your employees. Finding if you qualify is easy. All you need are two W-2 employees. After qualifying, the process of finding a plan does not have to be difficult. There are many ways to decide the best insurance plan for your company. Here are some reasons to choose the right group health insurance for your company.
It Is the Law
If you have 50 or more employees then you are required by the Affordable Care Act to offer an affordable health care plan. In doing so you will pick a plan that covers at least 10 essential benefits. These benefits will range from emergency services to prescription drugs, to maternity care, and so on. The premium cost will be 9.78% or less to your employees' salary, and you will be responsible as a company to cover up to 60% of total services. This allows employees the option to accept medical insurance through the company or seek outside sources.
What Your Employees Need
Take time to find out what your employees need from group health insurance. You will know what your employees need and how you should spend the money. You will decide if an HMO or PPO plan is beneficial over other plans. It will not only save your employees money it will benefit the business as well.
What Needs to Be Covered
You need to decide what to cover. If you are not required to follow the Affordable Care Act then you will have full authority over what you will pay in premium, which can be everything, a small portion, or absolutely nothing for your employees. According to Policy Advice, 40% - 50and% of US employees depend on their employer's health insurance plan. So when deciding how much to cover in premiums keep this statistic in mind. Helping your employees will build strong relationships as they become loyal to your business.
This is a big decision to make so take time to decide. Do your research and pick a group health insurance plan that will benefit your employees and your business.