3 Questions to Ask Before Choosing Your Organizations Health Insurance
Updated: Feb 8, 2022
Choosing the best health insurance plan that fits your company is very important. This is especially true if you have a growing company, and with a good health insurance plan, you will be making sure that your employees are taken care of. First off, it would be best if you considered that the right plan isn't all about the price.
Before you decide which one is the best health insurance for your employees, you need to ask these three questions because it could help you narrow your options and determine which option will prove ideal. These three questions are:
What is the Cost of the Health Insurance Plan?
One of the biggest concerns when choosing a health insurance plan is the company and the employees' expense. Your company can choose a high premium plan, low-deductible, which will ensure that out of the pocket costs are considerably lower.
It would help if you to consider that these high premium plans could sometimes be overly priced and therefore too expensive for the company and the employee. It will depend on how much the company is willing to contribute toward the premium. Alternatively, you can go with a lower premium option with a higher deductible. The obvious advantage of these plans is that the premium costs will be much lower.
It may be helpful to consider the "Metal Tiers" when evaluating the plans because it will guide how much each health insurance plan is going to cover. The "Metal Tiers" are:
Bronze - 40% deductible, 60% covered, Silver – 30% deductible, 70% covered, Gold – 20% deductible, 80% covered and Platinum 10% deductible, 90% covered. No deductible means that the premium and copays cover everything, Low deductible means that the premium will cover a significant amount with some out of pocket expenses. A high deductible means that the premium will cover a small amount and have a significant amount of out of pocket exposure for the employee.
What Does the Plan Really Cover?
Knowing what the plan will cover is as important as the cost because depending on the number of services your employees have access to, the more the price will increase.
Most of the plans will cover outpatient care, emergency room visits, substance use disorder services, prescription drugs, mental health services, pre, and post-natal care, lab tests, preventive services, and pediatric services. However, how they cover them is the tricky part.
It's also important to pay attention to the network of doctors that the plan includes. Some insurance will allow the employees to visit out of network doctors. Still, the problem is that these visits can be substantially more expensive, so the best thing you can do is choose a health insurance plan with a more extensive doctor's network and stay in that network if at all possible.
How I Do I Pick the Right Health Insurance?
If your business is growing and you are looking for the right Health insurance plan, but you are not sure how to find the right one for you and your company, we will provide access to the best available options. This means that we will pair you with the most cost-effective benefits for your budget, but most importantly, you can be sure that your employees will have access to the options and services they require.
For a first-class benefits experience that will help you find the best solution for your needs, let's schedule some time to talk today.
About The Mission
The Mission is a leading partner in the PEO, HR, payroll, and benefits outsourcing marketplace. We provide a valuable service for small and medium-sized organizations and government contractors, serving as a trusted partner in integrated human resource (HR) compliance, risk management, employee benefits, employment practices liability insurance (EPLI), and payroll processing.