Health insurance is a bit of a debate for company owners and decision-makers in America. Of course, you want to provide quality insurance to your employees for their peace of mind and because it’s the right thing to do—your employees shouldn’t have to worry about coverage and high medical bills.
But that begs the question: What’s the best way to get health insurance for your employees?
Unfortunately, with the rising costs of healthcare, there isn’t an easy solution and every company has—and can afford—different options. The best way to get health insurance for your employees is based on your particular situation and also what type of insurance you can afford to offer.
So which option is best for you and your employees?
Brainstorm Company Health Insurance Wants and Needs
While it’s your decision on which company insurance plans your business will provide, it’s important to brainstorm your employees’ wants and needs. Typically, higher deductibles mean lower monthly premiums while higher premiums come with lower deductibles. Paying lower premiums is ideal for people who are healthy and don’t require frequent doctor visits or medication. Considering these factors and what benefits your employees stand to gain is important.
Above all else, you want your employees to be satisfied and covered in the unlikely event of a medical emergency. In short, you should provide the best employee insurance you can possibly provide without breaking the bank.
Contact Health Insurance Providers Directly
Contacting health insurance providers directly can help you compare the actual costs of health insurance related to your situation. From there, you can weigh the pros and cons of each plan and decide which provider is best for your business.
We encourage you to check out this resource if you have a small workforce as well as this resource to shop coverage. A health reimbursement arrangement (HRA) is another option—an employer-funded health plan in which employees are reimbursed for qualified medical expenses.
There’s no one-size-fits-all employee insurance—it’s important to find the right insurance provider and plan option(s) for your company.
Hire a Professional to Take Over
You’re a business owner who’s already juggling enough tasks. The last thing you need on your plate is navigating the waters of health insurance for your employees. Consider hiring an insurance broker to help you find the best price and coverage for your situation.
Insurance brokers are experts in their field. You hire experts in sales and marketing, financing and banking, and you should do the same for something as important as company health insurance. Insurance coverage can change based on where you’re located, so searching for policies online by yourself can get confusing, frustrating, and take longer than repairing a transmission in the shop. A broker can step in, do the research, and provide expert advice, as well as point out topics and considerations of which you might not be aware.
You can rest assured knowing you get the best deal for your business and the best coverage for your employees when hiring a professional to take over your insurance needs.
Consider MOTiiV’s Insurance Services
On top of helping your company with business development and lead generation strategies, MOTiiV can facilitate insurance products and services that you might need. Whether it’s direction on a large garage policy, a group or single health benefits policy, finance policies, or other insurance needs, we ensure our partners have the best products and services on the market.
We provide all-hands-on-deck insurance services. We want to help you save money while providing top-notch coverage. We encourage you to reach out to us today for more information.
Shopping health insurance for your employees can be a nightmare, but we hope these tips will make your path a little smoother.