What should you know when shopping for group health insurance?
Deciding on a group health insurance plan is no simple task, and the pressure of making a decision that will affect a large number of people who are relying on you to make a wise choice doesn’t make it any easier.
There are a number of aspects of group health insurance plans that can be easily overlooked due largely to the varied perspectives and needs of a diverse workforce. The following are some things you may want to keep in mind.
Is the network coverage of the plan you’re considering adequate?
Many people like the family doctors, pediatricians and specialists they are currently using, and may have spent a lot of time finding those health care professionals. You can expect a significant amount of grief should their preferred providers suddenly be out of network. Smaller network plans are often more affordable, but your employees may be willing to pay a little more to keep their own providers in network.
What’s the prescription drug tier of your plan?
While there are a lot of generic prescription options for many popular brand-name pharmaceuticals, there are still many that don’t have a more affordable generic option. If your employees or their loved ones need the more expensive version of a drug or simply don’t have another option, they could be forced to pay significantly more if your new prescription benefits put you in a high-tier plan.
Does the plan have adequate pediatric coverage?
The Affordable Care Act requires plans, at least plans that meet the minimum coverage requirements, to include pediatric vision and dental. That being said, the threshold for meeting those requirements is still quite low. Again, your employees may want an affordable plan, but if they end up spending significantly more on getting their children the dental or vision care they need they may ultimately be unsatisfied.
Is the drug deductible separate from the general deductible?
Another way insurers have been trying to create more affordable plans is by separating the prescription and general deductibles for the insured party. This could mean your employees will end up paying more for their everyday prescriptions than they were paying before.
What are the terms of the disability policy?
Not all group insurance disability policies are equal, which could result in a rude awakening for some employees. The definition of disabled varies depending on the policy, and it’s worthwhile to compare the benefits and terms of a disability policy to ensure your employees aren’t paying for a policy feature that is unlikely to provide a benefit even when they need it.
Are you providing options?
Not every person is the same. The insurance requirements and concerns for a young, single employee are going to be quite different from a middle-aged employee with several children or an employee with preexisting conditions. Picking a group plan provider who can offer numerous options, including low deductible plans and HSA plans, is more likely to give your employees the flexibility to choose an option that’s right for them.
Are the benefits you’re choosing competitive for your industry?
Group health insurance benefits mean a lot these days, and are often factored into the overall compensation package when prospective employees are considering a job offer. The last thing any employer wants is to lose valuable talent because they aren’t offering a desirable benefits package in comparison to competitors.
You can easily avoid these mistakes by speaking to a trusted, knowledgeable group plan provider.
Finding a group health insurance plan that makes every employee happy is incredibly difficult, and the fact that it’s also a huge responsibility that has the potential to drastically affect your employees’ quality of life doesn’t make it any easier. The best way to avoid common pitfalls is to consult with a reputable company who has decades of experience in the industry and is committed to protecting the best interests of the businesses it serves.
The advisors at Healthcare Consultants, Inc. are dedicated to guiding Texas businesses through these complex issues so they can make informed decisions and find coverage options that will meet the needs of their employees. Contact them today and feel confident in the benefits you’re providing to the people who matter most.