Group health insurance is a fantastic way for companies to take care of their employees and provide them with the health benefits they need. However, it’s vital to find the best insurance when you’re purchasing policies. With so many factors to consider, it’s easy to overlook some of the most critical aspects of your company’s health insurance coverage. To ensure you’re taking everything on board, take a look at these five things to look for when you’re buying group health insurance.
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1. Maximum Claim Values
Most health insurance policies have a maximum claim value, which essentially means that they will only pay out a certain amount per claim. If an employee’s medical bills exceed this, they’ll need to pay the difference themselves. However, the increasing costs of medical care can mean that even relatively straightforward treatments are billed at tens of thousands of dollars. Choosing a group health insurance policy with a reasonable maximum claim value will help to ensure that your employees have all or most of their healthcare costs covered.
2. Price of Premiums
Keeping your company’s costs low is important if you want to maximize profitability. However, taking out group health insurance and increasing your employee’s benefits can be a savvy way to minimize business tax liability. Furthermore, offering a great package of benefits can help you to attract and retain a talented and loyal workforce.
Of course, you needn’t pay over the odds for your employee benefits. With a comprehensive range of health insurance quotes available online, you can find cost-effective options to suit your business and your team. What’s more – you can find the companies and policies that offer the best value within your budget and the most flexibility for employees.
3. Cost of Deductibles
When you’re assessing the cost of group insurance, don’t forget to take the cost of deductibles into account. Employees will need to pay a deductible every time they make a claim, but the price can vary according to the specific policy you have in place. Remember – deductibles can vary depending on the treatment that’s obtained too, so take an in-depth look at the range of deductibles policyholders are required to pay if and when they use the policy.
4. Medical Providers
Most health insurance policies specify which medical providers can be used when policyholders make a claim. This is either via a preferred partner network, where employees can choose which medical practitioner to consult from a set list of providers, or a health maintenance organization, where employees must consult physicians within a specific organization.
Most people like to have some level of autonomy when accessing healthcare services, which is why preferred partner network plans are typically most popular. However, you will want to make sure that the preferred partner network covered by your group insurance provides sufficient options for employees in your location.
5. Range of Medical Services
Many people are surprised to learn that not all medical costs are usually covered via an insurance policy. In some instances, the cost of treatment for certain conditions may be excluded. Similarly, some forms of healthcare, such as dental treatment, may require a separate policy or an add-on. Before you purchase a group health insurance policy, double-check exactly which medical services and treatments your employees will have access to.
Best Company Health Insurance Policies
Taking out a group policy can seem complicated at first, but it doesn’t have to be. With a straightforward comparison search, you can access all of the information you need and find the best company health insurance policies for your staff.