With all the options and intricate details to consider, choosing employee medical insurance for your Arizona business can be daunting.
You can’t force your employees to eat kale or go to the gym. However, you can offer them a great employee benefits package and ensure they take advantage of all the perks. That means high-quality employee medical insurance that simultaneously covers what they need and lowers their cost.
If this doesn’t sound like it would be stressful, you are in the minority of Arizona business owners. Most find selecting the right employee medical insurance plan to be quite nerve-wracking. Because there are so many options and details involved with health insurance, feeling overwhelmed and overlooking something important (or expensive) along the way can be easy to do.
Below is everything you need to know about employee medical insurance plans in general, then as specifically related to your business:
What Is Employee Medical Insurance?
First, let’s make sure we’re all on the same page when it comes to what employee health insurance coverage actually is. Health insurance is more than just coverage against catastrophic events, though that is one of its primary functions. Beyond that, medical insurance is also a way to ensure that those who need medical care and medications have access to care.
Health insurance plans, such as employer-sponsored plans, are negotiated contracts between providers and insurance companies that promise to provide customers with healthcare coverage in exchange for premiums. Health insurance can be offered through an employer, through the marketplace (if you’re not employed), or purchased as supplemental coverage for an individual purchased directly from a health insurance provider.
There are many categories of health insurance plans to choose from. These include, but are not limited to, HMOs, PPOs, and EPOs, each with varying types of coverage. Some are catastrophic coverage, which usually has high deductibles, little day-to-day coverage, and lower monthly premiums. Others are more comprehensive, with lower deductibles, better day-to-day coverage and higher premiums.
Related: How to Help Your Millennial Employees Understand Health Insurance Benefits
Why Is Finding the Right Plan So Crucial?
Finding the right plan is vital for so many reasons. First of all, you want to ensure your employees are taken care of and have access to health benefits. This will allow them to take care of themselves and their families and help prevent burnout and turnover in your team.
A good plan will offer your employees access to preventive care, basic procedures, and necessary medications. But a great employee medical insurance plan will cover more than just the basics. Find a plan that offers your employees benefits such as extended care for chronic conditions, in-home care, mental health assistance, and more.
And as a business owner, you want the best coverage possible for the lowest price.
How to Find the Right Plan for Your Employees?
To find the right plan for your team, you first must assess the team itself.
How old are your employees? Do they all generally seem healthy? Do some have chronic conditions? Are some of them expecting a new addition to their family? If so, are there any specific needs related to that pregnancy or birth?
In addition, consider what your employees do for your business. For example, if your employees spend a lot of time behind a computer, you may want to consider an extended care plan that covers eye exams and glasses or contacts.
Three Things to Look for in an Employee Medical Insurance Plan
A good employee medical insurance plan will cover the basics, provide extended benefits, and be affordable.
Coverage
The employee medical insurance plan you choose should automatically include all the basics. But are they also offering extended benefits? Are there any specific areas your employees need that are covered?
Expenses
What are your employees’ out-of-pocket expenses? Are there any limits on specific procedures or benefits you’d like to see extended? Are there any costs you’d like to see lowered for your employees?
Premiums
Are the premiums affordable for your business and your employees?
Two More Things to Be Aware of When Finding an Employee Healthcare Plan
You should be aware of a few more things when finding the right plan for your employees.
The first is coverage for dependents. If your company has employees with families, especially with minor children, you may want to look for a plan that covers dependent care.
The second item to be conscious of is how quickly the coverage kicks in. How quickly will your employees be able to access the coverage they need?
How an Independent Group Health Insurance Broker Can Help
The independent group health insurance brokers at Southwest Health Insurance Experts can help you find the right plan for your Arizona employees. We will help you though the complex world of employee medical insurance plans and find the one that best suits your business and your team.
With all of the options and details to consider, employee medical insurance can feel like a daunting task. Thankfully, an independent group health insurance broker can help you find a plan that fits your budget, covers all the basics, provides extended benefits, and is accessible to your team.
