With the increasing risk of diseases from high-in-oil-and-fat food and pesticide-loaded fruits and veggies that we consume on a daily basis and lack of exercise, the best thing we can do to protect ourselves from unexpected health care expenses is to get a comprehensive Best health insurance plan.
If you are an employer, then it’s obvious that you may be considering various health insurance plans for the benefit of your workers.
Are you looking for the best plans for your employees? Do you wish to help them get the most out of their coverage? If you said yes, then here are a few tips to help you offer the best healthcare benefits to your employees with the best plan.
- Know your options
It’s always good to consider a few options before going for an insurance plan. Here are three main categories related to employee benefits.
Defined benefit plan – This type of insurance offers benefits to employees through a group plan. The perks are strictly catered to members who are directly linked to the network or services of the company.
Defined contribution plan – Through this plan, the employer doesn’t provide insurance coverage to employees but instead provides an allowance through a range of plans from which the workers can choose their preferred ones. For example, people with disabilities get more benefits with disability insurance whereas others get more with a life insurance plan.
Professional employer organization (PEO) – This is the best plan for companies that are looking to provide the benefits of employer insurance but don’t feature-rich plans that workers require. Under this plan, benefits are offered to employees in bigger groups. Get in touch with any of the PEO insurance companies to know more about this plan.
- Consider wellness programs
The best way to save money on your health care expenses is to protect yourself from diseases. That’s what wellness programs are all about. You’ll be offered perks in the form of wearables like fitness trackers with which you can track your health and fitness on a daily basis and switch to healthier options.
If you’re like many other employers, you can offer attractive discounts on wearables to encourage your staff to purchase them. Insurance companies have offered discounts to employees who track their health regularly. So, this is an added benefit to your employees. Genetic discrimination also plays a major role in insurance eligibility. If you’re not sure what difference that can make to your insurance goals, just check out this easy-to-understand Infographic that helps you to learn more about genetic discrimination.
- Know the differences between HMO, PPO, and EPO
Health maintenance organization (HMO)
This is a cost-saving way to offer insurance to your employees but the major drawback of this plan is that it offers limited features when compared to the other insurance plans. Your employees will need a referral from their physician to consult the insurance specialist.
Preferred Provider Organizations (PPO)
This one offers more flexibility to employees. Unlike HMO, PPO doesn’t require any referrals from a physician. The insurance buyer can consult a doctor of their choice – it can be inside or outside the network. However, consulting a specialist within the network will help them save money on copays. When it comes to premium, PPO is a bit higher-priced than HMO.
Exclusive Provider Organization (EPO)
EPO is a mix of both HMO and PPO. Employees will have access to a network of providers just like the case with HMO, but the big plus is that they need not seek referrals from their primary physician to consult a specialist.
By considering the factors mentioned above, it can be said that the decision to choose a worthy insurance plan boils down to knowing whether you need more features or low pricing with the plan.
- Choose insurance according to your employee age group
The last thing you would want to face as an employer is offering a feature-rich insurance plan to your employees and later realizing that you have to downgrade the plan or deduct your employees’ salary because you just can’t afford the plan. Make sure you compare the cost of multiple plans and pick the ones with moderate benefits on a budget.
For example, if the majority of your employees are young healthy individuals, then it’s best to go with lower monthly premiums and higher deductibles because there is a less chance of your members using your insurance in the first place. Also, make it a point to consider other economical options like health spending accounts (HSAs) and Flexible spending accounts (FSAs).
- Learn what your competitors are offering
There are many ways to benefit from tracking what your competitors are doing. Evaluating the plans offered to their employees is one easy way to chance upon attractive insurance plans. Visit the careers section of your rivals’ websites and try to find out what they are offering their talents. Once you figure that out, take steps to match that or go one step beyond them so you can attract more talented people to your organization.
Best Health Insurance Plan