4 Tips to Help Employers Choose Group Health Insurance
Four Tips to Help Employers Choose Group Health Insurance
Finding the right health insurance to offer your employees is a big decision. Considering all of your options while weighing the pros and cons of each plan is essential for business owners. Keeping some things in mind can make this decision easier. Working with group health insurance agents in Chino Hills is a great way to gain access to professionals with years of experience in the industry.
Here are a few tips to remember to help you choose group health insurance for your business.
1. Review Your Insurance Plans
Businesses can decide between offering self-funded or fully insured plans for employees. Many small businesses choose a fully insured plan due to it being less risky, and the costs are more predictable. However, some bigger organizations will choose a self-funded plan to save money, but it’s also riskier.
2. Compare All of Your Options
Another important step in choosing group health insurance is to look at all of your available choices. You can choose from several options, such as a Health Savings Account, Flexible Spending Account, or Health Reimbursement Arrangement. An HSA and an FSA are tax-advantaged savings accounts that allow employees to pay for health care costs, while an HRA is an employer-funded plan.
3. Consider Size and Structure
The amount of options available for your employees is based on the size and structure of your network. Sometimes a plan only offers a few providers, while other plans are much broader. Employees can still choose to use out-of-network providers, but the coverage is often limited, and it’s usually more expensive.
4. Look at Pharmacy Benefits
Reviewing the pharmacy benefits of a plan is important before you make any final decisions. Hidden costs can often impact the overall costs of your plan due to “spread pricing” and other strategies. Working with an insurance specialist can help you determine if drug rebates are saving you money or if you need to consider other choices.
Reach Out to Group Health Insurance Agents in Chino Hills to Learn More
Good & Associates can help you find the best insurance plans to offer your employees. Our experienced team will walk you through the process of finding an insurance provider and we can answer any of your questions. Contact our team today to learn more about using group health insurance agents in Chino Hills!
