As many businesses are currently in open enrollment for their health insurance plans, you’ve likely already picked which insurance options to offer your employees for this year. And while you may feel like you have something that every type of lifestyle will find valuable, you won’t know until later in the year whether or not your employees actually found their health insurance plan to be beneficial.
With their feedback, you’ll see that there’s always room for improvement when picking the right health insurance plans to provide for your employees. So to help those in charge of making these tough decisions, here are three things to consider the next time you’re deciding on the right health insurance plans for your employees and their families.
Ask the Right Questions
Educating yourself on what all possible insurance plans have to offer is what will give you the best chance of picking the right options. However, with all the information you could glean about all possible plans, it can be difficult to keep all the information straight in order to make an informed decision. To help with this, Consumer Reports suggests three specific questions that will help you break down exactly what each plan is all about. These three questions include what services that plan covers, how much the plan will cost both you and your employees, and what physicians or locations are included in your network. Having this basic information to compare between carriers and plans will be a huge help when picking insurance.
The Level Of Coverage Your Employees Need
Depending on your employee’s lifestyles, each one may have different medical needs that you as an employer should try to help them achieve within reason. Insurances understand this, which is why there are varying levels of insurance coverage available within the same carriers. By offering plans that have varying levels of coverage—which HealthCare.gov identifies as Bronze, Silver, Gold and Platinum — you can give your employees the chance to choose which type of coverage will best suit their needs while still falling under the plans you’ve approved.
Include a Wellness Program
Although you want your employees to be happy with the type of coverage you’re able to offer them, a lot of the decision is going to come down to cost for the company. However, there are a few things you can do to help minimize the cost for your business. According to Donald Fuscaldo of BankRate.com, including a wellness program as part of your health insurance coverage can help to save you money on premiums as well as for health services due to poor health of employees.
The health insurance options you’re able to offer your employees can do a lot for company morale as well as worker satisfaction. By considering the above three ideas the next time you’re picking your company health insurance plans, you’re sure to choose options that will work with both your company’s bottom line and your employees’ needs.
Originally posted on December 22, 2015 @ 8:33 am