Health insurance plans might seem like they are all relatively similar, but that could not be further from the truth. Things that are completely covered under one plan may have partial or nonexistent coverage on another policy in the same price range. As a result, choosing a health insurance plan is a big decision. How can you weigh your options and choose the right plan for your company?
Think About Where You’re At Now
Before you know what you want to change about your health insurance offerings, it’s a good idea to understand where you’re at. How much have you spent on healthcare in the past year? What deductibles and monthly premiums are your employees currently paying? Are your employees responsible for paying steep co-pays when they visit the doctor, and are there any telehealth options? Knowing your current health insurance offerings and what might need to change is a good starting point for comparison.
Know the Trade-Offs
When you are weighing options for health insurance, you will be thrust into a world full of acronyms like HMO, PPO, and EPO. All of these options have different benefits and downsides. For example, HMO plans will provide your employees with lower premiums overall. However, they will be unable to see doctors outside the provider network and have coverage. Additionally, they must get a referral every time they want to see a specialist. Make sure that you fully understand the pros and cons of your health insurance plan before signing on the dotted line.
Think About the Future
If you have a small business now and are planning on hiring employees in the next year or two, it’s also a good idea to think about how your company will change. If your health insurance plan is currently very limited for those with families, you should realize that this might impact the hiring process if you are trying to attract young professionals with growing families. The right policy for a handful of employees at your company might differ from the right one for a midsize business.
Find the Right Health Insurance Solutions for Your Needs
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.