If you run a small business, now is the perfect time for you to shop for group health insurance. Thanks to the Affordable Health Care Act, insurers can no longer charge outrageous prices for you to provide coverage for your employees. Since there are a large number of insurance companies competing for your business, there are a few things to consider while you shop for medical coverage for your employees.
Get Quotes and Compare Policies
It cannot be stressed enough how important it is for you to get several quotes from different insurance companies. You need to have a good idea of how much your premiums will be. In the process of getting those quotes, you may notice that the pricing varies greatly. Policies that have low premiums tend to offer less coverage and have higher deductibles. Policies that have higher premiums usually have high deductibles and provide less coverage. Even though you are only responsible for a portion of the premium, it is a good idea to choose policies that offer your employees a fair amount of coverage. A good group health insurance policy will help to motivate your employees to perform their best at work.
Look at the Coverage Network
One common mistake that many employers make is not looking at the coverage network. You need to make sure that any policy you purchase has sufficient in-network coverage for your employees. Less in-network coverage means a higher out-of-pocket expense for your employees. Higher out-of-pocket expenses can actually decrease employee morale and cause them to start looking for employment elsewhere. The more in-network care providers a policy offers, the more choices your employees have to seek out the kind of medical care they want.
Show your employees how much you appreciate all of their hard work by choosing a group health insurance plan that is affordable and benefits them. By providing your employees with sufficient coverage, you help to secure your company’s reputation as an employer that cares.
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