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| Attract Employees: Group Health Insurance |
Many small
business owners know that in order for them to be successful they must offer an
incentive to recruit employees to work for them. This can be any number of
things, but most often it is the benefit of offering group health insurance.
While this could be an excellent strategy for your small business to take in
order to recruit new employees, there are a few things that you must know first
before you dive into selecting a plan. Research group insurance policies
thoroughly before choosing one for your company.
A group health
insurance plan can be obtained by any small business that has as little as two
employees to as many as fifty. There are two ways you can go about supplying
the health insurance to your employees; this will mainly be decided by your own
budget. Many small businesses that offer group health insurance help contribute
towards the cost of the plan. On the other hand if an employee wants to have
coverage for their families, the employer might offer to pay the employees'
premiums and have them pay the premium for their families.
Another aspect of
the group health insurance plan will be deciding between managed care or
fee-for-service. Managed care plans include Health Maintenance Organization
(HMO), Preferred Provider Organization (PPO), or Point of Service plan (POS).
An HMO will
significantly reduce the cost that your members will have to pay for medical
care as long as they use the providers specified by the HMO. A PPO will not
require a referral in order for them to see a specialist. While the PPO is more
flexible it will bring higher costs to the per-visit and annual deductibles.
The POS plans are basically a combination of the features that you will find in
an HMO and PPO. Members get to decide whether to pay a flat fee for offices in
the network, or pay a deductible charge to see someone out of network. The
fee-for-service plan gives the employee the power to select health care
providers themselves. This means that they will have way more flexibility with
where they can go for medical assistance.
Adding an
appealing Group Health insurance plan to your business could potentially bring
you more employees. This is just the basic information about Group Health
insurance; there are many options to consider when choosing a plan. Be sure to
investigate all options to create the best plan for your employees.