Group Health Insurance is necessary to attract and keep good employees.
While employers may not like the cost of group health, they should be
aware of the benefits to the company and overall morale. There may be
things you as an employer can do to alleviate some of this costly pain.
Also, all Group Health companies and insurance agents that offer them
are not created equal.
The cost of this health insurance versus
the need
for solid employees should be weighed. There a perception that many in
this country that employees will take a cut in pay if they were to be
guaranteed a group health plan. There is a simple explanation for this
reasoning. People know they will have to go the doctor. Women need to
have mammograms and pap smears, the children need their shots and
physicals, and men need their prostrate examined, people realize these
services cost money. Employees often would prefer that you take money
out their check for group health then for them to write a check each
month for it.
Get up to Five Free
Group Health Insurance Quotes
It is the job of to keep your group
health cost to a
minimum. If you already have a group health plan, you can raise the
deductible to discourage overuse of coverage by your employees. However
a dramatic raising of group health deductible or co-payment
may
cause some rumbling among your employees. Yet it is t is a good idea to
start with a lower deductible, so you can absorb rate
increases.
(Your group health rates will go up) Also know beforehand
what
networks are in your area, and what health networks most of your
employees' doctors belong to.
It is very important to review and
understand your
group health quotes that you will receive. Any insurance
agent or
broker that provides you with initial group health quotes over the
phone, without having your employees fill out any
applications,
is doing you a disservice. Unless the agent is the Great Houdini, no
one in our field can give you a firm, group health quote
without
a thorough underwriting. Group Health Insurance is too complicated to
be taken this casual. Remember, look for an agent that gets to know
your particular situation, understand your needs, and has the group
health benefits that meet your expectations.
Is going with the biggest named group
health
insurance companies, the best choice? Choosing the "big name"
companies over less known, group health insurance companies
with
reputable ratings, may not be in your employees and yours'
best
interest. All group health plan are not designed the same. If XYZ,
group health companies pays 80% for a mammogram and
ABC,
group health company pays all, could it make sense to you to check the
other benefits of the health plan?
Employers realize that they must offer
group health
to attract and keep quality employees. There are a few hints that can
keep group health costs down. It is important to realize that an
initial group health quote, with no underwriting is worthless and
probably should never be used. The listings of the benefits of the
group health plan would be meaningful. While big companies have good
"branding," do not overlook smaller group health companies with good
ratings.
Other Group Health
Tips
1. Realize that
you will be required as an employer to contribute as least 25% of the
premiums for the group health insurance. (I never seen an group health
carrier ask for less.)
2. Also realize that
many group health carriers want at least 60- 70% participation of
eligible employees to take the group health insurance or they will not
underwrite the group.
3. Before you bind
coverage with an agent or broker, find out who will process any claim
paperwork and who your employees call about a claim.
4. Decide whether
you will want
current employees to keep their group health insurance when they retire.
5. Review and ask
questions about such
terms as group health deductibles, coinsurance, and maximum limits if
you are not familiar with them.
