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Employee Health Insurance

Employee health insurance is something that, as an employer, you want to provide.  It gives you a nice benefit to provide to your employees.  It is also something very important in today’s world of rising health costs. 

You want to provide good employee health insurance that is going to meet the needs of your average employee.  You can not choose health insurance for employees that is going to meet every need that comes up, but you should strive for insurance that meets most employee health needs.  It is your job to choose the best coverage possible for your employee health insurance.

If you are an employee looking for alternate health insurance options then you should know that individual health insurance costs about half as much as group health insurance. Ask your employer about setting up a medical reimbursement plan such as an HRA to allow employees to receive funds to purchase their own cheap individual health insurance plans instead of having a more pricey group health insurance plan picked out by the employer. To view employee health insurance quotes now simply enter your zip code into our free tool at the top of the page to begin. Get started comparing group health insurance options now!

Types Of Employee Health Insurance Plans

When you are looking into employee health insurance you will likely hear about two main types of coverage – fee-for-service and managed care.  It is important for you to understand the two types and the benefits and disadvantages of each.

Fee-for-service plans

Pros – Employees can choose their own doctor. Cons – Can be rather expensive for the employee.

Managed care plans

Pros – Costs are usually very reasonable, lowering the employees’ out of pocket expense. Cons – Employees must choose providers from within the network to get the maximum reduced fees for service.

The Impact Of Out Of Pocket Expense On Employee Health Insurance

You need to always be considering the expense of the insurance to your employees.  If you choose a health insurance plan that is too costly then your employees will likely go elsewhere and that could mean more expense for you.

You need to look carefully at the deductibles, co-pays and premiums.  First, you need to understand what each of these is.

Deductible – A deductible is the amount of money the employee needs to pay out of pocket before the insurance will pay anything.  The employee will still get the reduced fees under the plan, but they must pay 100% of the costs until the deductible is met.

Co-Pay – A co-pay is the amount, after the deductible is reached, that the employee has to pay out of pocket.

Premiums – The premium is the monthly cost to the employee for the health insurance coverage.

Ideally, you will want to keep all of these out of pocket expenses as low as possible.  However, it can be hard to find a plan that offers low out of pocket expense because that just doesn’t make the insurance company much money.  So, you have to consider what will be the most important factor to your employees.

To do this you need to think about your average employee.  Now look at each out of pocket expense in relation to your average employee.

Is you average employee relatively healthy?  If so, then higher deductibles may be the best choice.  Taking a higher deductible should lower the other out of pocket expenses.

Does you average employee have savings, like a 401K plan?  If so, then this is a good sign that your employees are smart about their money and will likely be able to handle the larger premium in return for the lower deductible and co-pay amounts.

You should consider things like this in order to make the right decision for your employees.  Keep in mind the following points:

  1. The higher the deductible is, the lower the premium will be.

  2. Higher premiums often offer lower out of pocket expenses.

  3. Having high deductible and high co-pay could make insurance coverage unreasonable for employees with limited incomes.

How To Buy Employee Health Insurance

You need to make sure that your employees know how to get health insurance through the company.  They need to be provided with enrollment information and paperwork.  You should also be very clear about enrollment periods and limitations, if any, of the policy.

You will want to make sure that you are offering health insurance coverage to every employee that is eligible.  Forgetting to give paperwork to an employee could pose a problem since you will likely have limited enrollment times.  You do not want your employees to miss out on getting coverage due to your error.

Get Employee Health Insurance Quotes Now!

You have to start somewhere when you are searching for employee health insurance.  The best place to start is with getting multiple quotes from different companies.  This will help you see all the options and allow you to see how much this is going to cost your company.  Use our quote tool to get started finding health insurance options now!