Health insurance plans are complicated, and it can be overwhelming for your employees to choose the right employer-sponsored health plan option. They often must choose between multiple coverage tiers, deductible amounts, provider networks, and plan types. Learn how to give your employees the support they need when choosing a plan.
How To Offer Employees Health Insurance
Before you can support your employees in their health insurance decision, you have to offer group medical coverage. Every employer with over 50 employees must provide health insurance under the Affordable Care Act, but small employers can also offer coverage. Many insurance carriers have flexible small business health insurance options for employers with fewer than 50 full-time employees.
Business owners have countless options for employer-sponsored health coverage. You can choose between plan types, such as Health Maintenance Organization (HMO) plans or Preferred Provider Organization (PPO) plans, and you may be able to offer Health Savings Accounts (HSA). You may be able to offer plans from multiple insurers, and decide how much your business will contribute to your group health plan. When deciding on health benefits for your employees, it is important to consider their coverage concerns and needs.
The best way to find the right health plan for your business is to consult an independent agent. At InSource, our employees are highly knowledgeable about employee benefits, and they will take you and your employees’ needs into consideration when finding coverage options. We help clients build custom plans that fit their budgets and goals.
What To Consider When Providing Insurance for Employees
As a business owner providing health insurance for employees, you are responsible for educating your employees on their enrollment requirements and coverage options. Below is a how-to guide for helping your employees pick a health insurance plan.
1. Notify Employees About Open Enrollment
Your employees can only sign up for group health insurance during a designated open enrollment period, or after a qualifying life event. To ensure they have ample time to choose a coverage plan and enroll for benefits, notify your employees well before the open enrollment period begins. Additionally, help your employees access needed coverage by clearly communicating what counts as a qualifying life event.
2. Educate Your Employees on Plans Offered
Your employees may have difficulty deciphering a PDF document detailing the intricacies of your health plan. If you want to avoid confusion and give employees the opportunity to ask questions, you can offer in-person or virtual benefits sessions. During these sessions, an in-house benefits specialist, insurance company representative, and/or your agent describes coverage options and answers frequently asked questions.
3. Give Information About Networks and Out-of-Pocket Costs
Don’t forget to educate your employees about provider networks and potential out-of-pocket costs during your educational sessions. If your employees prefer to see a physician outside your provider network, they may pay high out-of-pocket costs. Let your employees know if your plan includes a provider network, and inform them about the deductibles, copayments, premium costs, and out-of-pocket maximums for each plan option.
4. Encourage Employees To Consider Service Needs
Most plans have different coverage for prescription drugs, mental health care, emergency medical care, physical therapy, and maternity services. Employees who take specific medications should check to see if their preferred plan covers prescription drug costs. Additionally, if some of your employees and their families need specialized care, they should choose the plan that best addresses their service needs.
Support Is Crucial When Offering Insurance for Employees
Employees are valuable assets. Providing high-quality medical, dental, and vision insurance is an excellent way to attract and retain top talent in your industry. Once your plan is in place, it is crucial to equip your employees with the tools they need to select the most suitable plan. When employees understand their coverage and know when to enroll in benefits, they can get the most out of your employer-sponsored health insurance.
Choosing a health plan for employees is a daunting task. If you need professional assistance finding group medical insurance, InSource is here to help. Our employee benefits experts have years of experience placing health coverage for businesses of all sizes in various industries. We also offer assistance preparing educational materials for your plan members.
With a custom health plan from InSource, you can reward your employees for their hard work and give them the support they need when choosing a plan. Contact us today to learn more about our affordable group health plans.
