Building an affordable group health plan is one way to attract and retain great employees. If you have a small business or start-up, having between 2-50 full-time employees qualifies you to begin building a custom health plan. The choices that are available in custom tailoring a health plan to meet your employee’s needs can be daunting, but by taking a few considerations to heart, you can smoothly implement a plan that works.
Your employees will appreciate a manager who asks their opinion and learns what they are looking for or need regarding health benefits. Consider using an employee survey or questionnaire to gather targeted information that will be helpful in the quoting process. Ask your staff what they feel comfortable paying each month regarding copays, deductibles, and even cost sharing. Some may desire a health savings account. The more input you have going in, the better and easier your final decision will be.
Consider the following topics when developing a questionnaire
- Coverage range
- HSA Accounts
How Much Will You Contribute?
Monthly premiums are typically paid for by both employer and employees. How that cost is divided is an employer-controlled component. Explore your funding options and understand how to factor cash flow and risk tolerance into the equation. For example, a defined contribution model allows companies to contribute a fixed amount of money toward employees’ health insurance each month, making health care costs more predictable for organizations seeking a low-risk approach.
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How Many Quotes Should You Get?
While there’s no magic number, The Insurance Information Institute recommends checking with two or more companies to get a full picture. Analyzing offerings from a few companies gives you a better feel for the options available to you and how costs vary between firms. Look beyond the premium when comparing plans. It’s only one item among many variables, including networks, copays, coinsurance, deductibles, and additional benefits such as a nurse hotline and wellness program. Weigh the total package.
Should You Consider Voluntary Benefits?
Dental, vision, and accident coverage are among the top voluntary benefits. In fact, dental benefits that focus on prevention are the most requested voluntary benefit, even when employers do not contribute. Does the medical plan include a wellness program? Embedded wellness programs can not only improve workforce health but can also help you save on renewal premiums if program participation rates are high. Healthier employees mean fewer trips to the doctor. Also consider benefits such as subsidized gym memberships, blood pressure checks, help those who want to quit smoking, exercise classes and more.
Getting a healthcare plan up and running will create a happier, healthier, more productive workforce that will extend your bottom line. If you have more questions about building the health plan that’s right for you, reach out to InSource Insurance Group, LLC.
InSource Insurance Group was formed in 2014 by the merger of Bogan, Dunlap, & Wood Insurance of Odessa, Texas, and Flowers & McKeller Insurance Services of Midland, Texas. We are a commercial insurance agency that specializes in property & casualty insurance and employee benefits for the oil & gas industry.
Our team takes pride in maintaining a diversified network of carriers and securing the coverage client’s need at affordable rates. Don’t take chances and conduct business uninsured. Reach out to InSource Insurance Group today and protect your investments!