Selecting The Best Group Health Insurance Plan
With the current state of the economy, businesses are looking for ways to cut costs while still maintaining the bottom line
. Unfortunately, one of the results of these measures to survive in a global marketplace is to cease offering health insurance to employees. Though it may seem that this will save a business money, in reality this may not actually be the case.Employees with access to group health insurance offer a number of benefits to any company. They are healthier and more energetic, and a result, much more productive. Companies offering health insurance policies are significantly more likely to recruit the best employees for each and every position. Increased productivity and a higher skill set equal one thing: more money.
On the other hand, employees without health insurance miss more work on average than those that have coverage, and are much less productive when at work. They also come to work while ill more often, spreading contagious disease throughout the workplace and resulting in even more sick employees. Any company that wants to ensure productivity must offer health insurance to employees.
There are a number of options when it comes to selecting group health insurance policies. For small companies that are as of yet unable to afford health insurance, they may consider a Health Saving Account Plan, which offers employees the ability to pay medical costs with pre-tax income.
Larger companies will likely be able to afford comprehensive group health insurance, which covers almost every medical expense as the name implies. Premiums are relatively low when spread across a number of employees. A network of physicians, specialists, hospitals, and pharmacies is created to offer patients low premiums and co-pays.
Keep an eye out for insurance scams. If it sounds too good to be true, it probably is. Coverage should be at least $1 million annually, and co-pays should not be more than 25%. Pre-existing conditions should be covered by any group health insurance plan, as well as any future long-term illnesses.
An insurance brokerage firm may be the best bet when looking for the best value in group health insurance. Insurance brokers gather the necessary information from the company to find a quote, and do the legwork of searching for the best plan for you. Fees are generally not paid directly to the firm, but rather are part of the premiums. While it may seem that this would be a more expensive option due the assistance of a broker, in reality it is often an incredible value, and there is never an obligation to purchase any offered insurance policies.
Often the best decision is to select an insurance company that offers more than one plan to choose from. With employees nervous about company downsizing and the state of the economy, providing them with the power to make a choice about their medical care can boost morale and help them feel more secure. By offering health insurance to your employees, you can ensure that you maintain that ever changing bottom line.
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