Why Offer Employee Insurance Coverage?
There are a number of reasons why you should offer employee insurance coverage.
It’s Easier Than You Think: You don’t have to do this alone and an insurance advisor can guide you through the process in order to select the right plan for you and your team based on coverage preferences and your industry.
It Makes Employees Happy: Happier employees will be more productive at work and you may not have as many issues with turnover when you have happier employees. Worrying about
insurance can drain their time and energy and you can avoid this by offering employee insurance coverage.
You Save on Costs: Both employers and employees can pay less for insurance when it is purchased as a group.
It Gives Access to More Hospitals and Doctors: Group insurance networks can often be larger than with individual networks so you can have access to more doctors and hospitals. Doctors that don’t accept individual plans will usually charge more for their services.
Different Health Coverage Options
When searching for health coverage, there are a lot of acronyms that can make it hard to understand coverage options.
HMO: This is one of the cheaper plans you can get for health insurance. There are low premiums, deductibles, and copays for doctors. You will be required to choose a doctor within the network. You will also need to see your primary care provider in order to see a specialist.
POS: This option also makes you get a referral before you see a specialist. This plan can cover out of network doctors, though you will pay more.
PPO: These plans have the most freedom. You can see specialists and out of network doctors without getting a referral. These do come with higher premiums, but if you will need more healthcare in the coming year, you may want to consider this type of health coverage.
EPO: This is a lesser-known plan type. This only covers in-network care but networks can be larger than HMOs.