Group Health Insurance
Group health insurance is an important part of your employee benefits package. You shouldn’t be too hasty to decide which health insurance you choose. Buying group health insurance for your business isn’t like buying health insurance for your family. There are a lot of more things that you have to consider, such as:
- The size of your company
- The work that your employees do on a daily basis
- How much will it cost you, and your employees
- State and federal requirements
- What types of health insurances are available
- Will your business have a preferred doctor
Know What To Ask Your Employee Benefits Expert
The professionals at SOGO Wealth Management & Risk Management put you and your employees first. That’s why we want to make sure that you are prepared when you talk to your insurance company. Now here are the questions that you need to ask your insurance company:
What is covered under my insurance policy?
Different insurance companies offer various types and amounts of coverage. You may be able to offer your employees different plans. Whether or not you can do that, make sure that you know what things are covered under your business health insurance, and make sure that your employees know what they are getting.
How much cover do my employees have?
Your insurance company may offer your employees different plans that include different amounts of coverage. We suggest that you write this information down in an employee manual so that your employees can see how much coverage they are getting. This is especially important if different levels of insurance coverage are available.
Who is covered under the policy?
Most employees are going to expect you to offer insurance coverage for their families. They might not need family insurance if they receive insurance through their spouse. Your insurance agent can help you decide what types of single and family insurance plans you should offer.
How much does it cost?
Your employees will put more money into health insurance then you will. They have to pay for the insurance and any deductible attached to it, but you still have to purchase the business health plan. You need to weigh your costs against your employees’ costs, and the cost of the health insurance against its true value.
What are the state requirements concerning insurance?
This is one reason why you need to work with a professional. Your insurance agent should know the state and federal insurance laws that will affect your business. You should know that some small businesses are not required to offer health insurance at all. However, you should consider offering some kind of health benefits regardless of what you are required to provide. Give your employees the best health insurance that you can afford.
Do you offer dental and vision plans?
Legally, most businesses are only required to offer bare bones when it comes to dental and vision insurance plans. Employees are coming to expect some amount of coverage in these areas, so you should consider including them in your employee benefits package. Ask your insurance agent what type of dental and vision plans they offer. If you can, set it up so that your employees have choices regarding how much dental and vision coverage they want.