Healthcare insurance is a very important benefit for attracting and retaining employees too your business. It’s also a benefit that can take a huge bite out of your budget. That’s why selecting the right insurance is vital to your employees and your bottom line. Below are some tips to consider as you search for the best healthcare insurance for your business.
- Network. To lower your insurance costs you might consider a smaller network of healthcare providers. The small network coverage is limited to a smaller group of providers, clinics, and hospitals, than traditional plans, making it unpopular with many employees. The unpopularity is likely due to having to change doctors to stay in the network. When you are researching the insurance options for your business be sure that you also consider the network size to the industry averages.
- Coverage limits. In 2014, lifetime and annual dollar limits to necessary healthcare benefits were banned, though limits still exist in other ways. For example, limitations of the number of specific types of visits such as chiropractic care or physical therapy.
- Prescriptions. Some healthcare insurance doesn’t include coverage for prescriptions drugs, so you might have to add a supplemental insurance. You should review the deductibles and limits as well as the coverage difference between brand name and generic drugs. You might also look into prescriptions discount programs. These programs charge your business a subscription cost that will allow you to use a contracted discount on prescriptions.
- What’s not covered? Insurance providers do a great job of telling you what is covered when trying to sell you a plan. But, what about the things they don’t cover? There may be some important services that certain plans don’t cover. Such as: alternative therapies like massage therapy or acupuncture, necessary cosmetic surgery, nursing home care, or vision care.
- Be prepared. It can be an overwhelming task to obtain a healthcare insurance quote. At minimum, you will need a list of employees and their pertinent information such as: Coverage details, age, sex, spouse information and other dependents. The insurance company will want all employees to fill out forms, even employees that choose to opt out of coverage. An insurance broker may be able to help you speed up the process by showing you how to prepare in advance.
It’s very complicated trying to select the right healthcare insurance for your business. It’s vital to both your business and the wellbeing of your employees that you take the appropriate time necessary to know both the coverage options and the costs to your business.
At Summit CPA we offer multiple resources that will help get your business on the right track. If you need assistance, contact our office at 866-497-9761 to schedule an appointment with our advisors.