How to Choose the Right Group Health Insurance Plan 

Choosing the right group health insurance plan for your company can be quite the task, but a necessity too, as this very plan determines the well-being of your employees and thus – your business’s bottom line. Tune in and discover the key considerations to take before making an informed decision. 

See What Your Company Needs 

Start off by determining the specific needs of your employees. Here you may want to consider the following:  

• Are your employees young and healthy, or do they belong to a higher percentage of individuals with chronic conditions – OR are likely to catch diseases?  
• Would your employees have dependents/spouses that are likely to require coverage? 
• Are your employees spread out across different states or regions? 

Understand The Types of Plans Available 

You may want to understand the diverse types of Group Health Insurance plans available and choose according to what suits your company best.  

• Health Maintenance Organization (HMO): If you are familiar with a network of doctors and can manage a referral for yourself, you may be able to manage Insurance at lower premiums. 
• Preferred Provider Organization (PPO): Even though these have higher premiums, on the bright side – you get more flexibility in choosing your healthcare providers and you can get out-of-network care, at a slightly higher cost.  
• Exclusive Provider Organization (EPO): With this specific plan, you can get the perfect balance between cost & flexibility – however, EPO does not cover any out-of-network care except for emergencies.  
• Point of Service (POS): If you have matched both HMO and PPO plans, POS is the perfect pick for you! It combines elements of both (HMO and PPO), where referrals are required for specialists, but you get some out-of-network coverage too! 

Evaluate Coverage 

Thoroughly review what your selected plan covers to ensure that it covers all you need. Look for preventive services such as routine check-ups and vaccinations – or prescription drugs to ensure that it includes all the medications your employees could need. Most importantly, look for specialist care – confirm whether the plan covers visits to specialists, and if any referrals would be needed. Lastly, evaluate mental health services as they are the most crucial when it comes to your employee’s wellbeing.  

Onboard an Insurance Agent 

The final, and the most crucial step – to onboard an insurance agent. With a good agent by your side, you are all good to go. An experienced insurance agent would streamline all your processes – starting with selecting the right plan for you. If you feel too lost regarding the coverage you need, trust an insurance agent to tailor it for you.  

Your agent would analyze all costs, including premiums, deductibles, and any out-of-pocket expenses, thus – finding a plan for you that fits your needs and affordability. Your insurance agent might even be able to get extra benefits for you to add value to your plan, such as wellness programs. 

With this professional guidance, you can be confident that the plan selected will align well with your company’s needs and your employees’ well-being. 

If you are looking for personalized insurance – call us at 1 (877) 754-4123