One of the best ways to take care of your employees is by offering group health insurance benefits.
The ability to access quality healthcare can be the deciding factor in attracting and keeping the best employees. Below, the experienced insurance professionals at Unity discuss five easy steps to get health insurance for your team.
Assess Your Business Size and Eligibility
Whether you are required to provide health insurance to your employees is mainly impacted by the size of your business. The Affordable Care Act’s employer mandate does not require businesses with fewer than 50 full-time employees to provide coverage. However, offering health insurance as an employee benefit is good practice for retaining employees long-term.
While all group health insurance plans are regulated by law and must meet certain minimum requirements, such as providing coverage for pre-existing conditions and offering preventive care services without cost-sharing, the eligibility for group benefits in Maryland is based on having at least two full-time employees, excluding the business owner’s spouse.
Some insurance companies may also impose participation requirements, mandating a minimum percentage of eligible employees to participate in the plan for the group to qualify for coverage. You can read more about the minimum number of employees required for group health insurance here.
Discuss Your Needs With an Experienced Insurance Agent
Before you start shopping for group health insurance, it’s important to determine your budget and understand your needs. How much can you afford to contribute to your employees’ premiums and how much coverage do you want to provide? Would you like to offer additional benefits, such as dental, vision, or disability coverage?
An experienced insurance professional, like those at Unity Insurance, can help you find health plans that fits your business needs.
Choose the Right Group Benefits Plan for Your Team
Not all health insurance plans are created equally. The type of plan you select can influence the range of providers your team can choose from and even the kind of care they receive. When choosing insurance plans, it is important to consider the following:
- Network of Providers: Different plan types have varying networks of healthcare providers. Health Maintenance Organizations (HMOs) typically have a more limited network and require employees to choose a primary care physician (PCP) who coordinates their care. On the other hand, Preferred Provider Organizations (PPOs), offer a broader network and allow employees to see specialists without a referral. Consider the preferences of your team and the availability of healthcare providers in your area when choosing a plan type.
- Cost Structure: Another significant factor to consider is the cost structure of the plan type. HMOs usually have lower premiums and fixed copayments for services, but they may require employees to pay higher deductibles and have limited out-of-network coverage. PPOs generally have higher premiums, but they offer more flexibility with out-of-network coverage and often have lower deductibles.
- Employee Preferences: Understanding the preferences and needs of your employees is vital when choosing a plan type. Consider factors such as their past healthcare usage, their preferences for selecting their providers, and the flexibility they desire to access healthcare services. It can be helpful to conduct surveys or hold discussions with your team to help you make an informed decision.
By carefully considering these factors, you can choose a plan type for your group benefits that strikes the right balance between cost, provider access, and employee satisfaction. The experienced insurance professionals at Unity Insurance can provide guidance tailored to your specific business and employee needs.
Customize Your Employee Health Insurance Plan
Once you’ve determined your budget and chosen a plan type, it’s time to start customizing your plan to meet the needs of your team. A knowledgeable insurance professional can help you compare the costs and benefits of each plan, as well as discuss offering additional benefits, such as wellness programs, telemedicine, or even pet insurance to further support your team’s health, well-being, and quality of life.
Communicate the Scope of Benefits to Your Team
Now that you’ve come up with a plan that meets your team’s needs, it’s essential to communicate the plan benefits. Be sure to explain the coverage options, deductibles, copays, and covered services and encourage your team to take advantage of all the benefits they are offered. When your team is well-informed, they are able to make the most of their coverage which ultimately leads to greater employee satisfaction.
Offering group health insurance is a great way to support your team and attract and retain top talent. By following these five easy steps, you can get started on the path to providing your team with quality health care coverage.
Speak With An Agent At Unity Insurance About Your Group Health Insurance Needs Today
At Unity Insurance, our team of experienced insurance professionals is dedicated to helping business owners understand their insurance options and purchase the proper coverage for their needs. We take the time to get to know each of our clients, allowing us to provide personalized recommendations that help our clients protect themselves and provide the best coverage possible for the needs of their small business teams.
Our professionals provide guidance and support to ensure you make the right decisions regarding group benefits plans and other insurance options. Call 410-539-6642 to learn how the experienced insurance agents at Unity Insurance can assist you today.