Choosing the best group insurance for your employees can prove to be a grueling task. When there is a chance to change some of the terms, most employers opt to go for the same plan as before. However, there is a risk that the provisions in them are already outdated and won’t be helpful for the employees. That is why business owners should dedicate a specific time to finding the best group insurance for their team.
Do Not Rely on the Price Tags
One of the most common mistakes that employers commit when finding group insurance is taking whatever policy is the cheapest. This is a wrong move, given that most standard policies usually do not have comprehensive coverage. Before looking at the cost of the plan, take a look at what the program includes first.
Looking at the coverage of the plan will allow you to evaluate what is essential for the welfare of your employees. This way, you can make sure that you have a good policy for your team rather than purchasing the cheapest one on the list.
Look for the Right Coverage
Every year, healthcare costs are becoming more expensive. In a recent study done by America’s Health Insurance Plans (AHIP), hospital service costs rose by around 8.2% annually from 2008 to 2010. While general practitioner bills are cheaper than other healthcare costs, it is still affected by the nationwide increase in medical expenses.
With these increases in consideration, you might want to try checking the coverage limits of your plans. You will want these limits high enough so that you won’t be left to pick up the rest of the costs your employees need. When you are evaluating your options, make sure to weigh the pros and cons of getting a dollar per maximum claim versus dollar maximum per lifetime.
Check the Provider Freedom
Most group insurance only has PPO and HMO plans. This means your policy is only valid as long as your employees get treated at a specific hospital or by particular physicians. If you receive treatment from a doctor or a hospital not listed in the network, you will be required to pay your medical bills by yourself. If you want better provider freedom for your employees, group insurance may not be your best bet.
When looking for a group insurance provider, it would be better to ask as many clarificatory questions as you can. It would also help if your HR manager can accompany you when meeting with insurance providers for consultation.
At Alliance Health Group, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (813) 501-4006. Get your free quote today by CLICKING HERE.