As an employer, it falls on you to find the right healthcare plan for your employees. Choosing a plan is a major decision, and sorting through all of the many options can be confusing. But look at it this way: the more options you have, the more chances you have to find the right plan at the right price.
You can contact us directly to have all of your questions answered. BiG’s knowledgeable agents will go over all the group health plans available, compare coverage and prices, and get you instant quotes. We’ll even sign you up for free when you’re ready. Let’s find you a plan that will keep your employees healthy and happy, as well as keep more money in your pocket.
Different Options
-
Health Maintenance Organization (HMO) Plans offer affordable, comprehensive health coverage with low out-of-pocket costs. The one caveat of these plans is that employees need to stay in-network, or they will end up with big bills.
-
Preferred Provider Organization (PPO) Plans have higher premiums than those of HMO plans because they offer larger networks and more flexibility.
-
Point of Service Plans (POS) are the middle ground between HMO and PPO plans. Their premium prices fall somewhere in between those of HMOs and PPOs. They combine the lower costs of HMOs with some of the flexibility of PPOs.
-
The Small Business Health Options Program (SHOP) offers Affordable Care Act (ACA) plans to employers who have between 1 and 50 employees. You can choose from Bronze, Silver, Gold, and Platinum plans.
Savings
If you decide to go with a SHOP plan, you could be looking forward to a tax credit. You qualify for this credit as long as you:
-
Have fewer than 25 full-time employees
-
Offer health insurance to all full-time employees
-
Contribute at least 50% of the cost of your employees’ premiums
-
Pay your employees less than around $50,000 per year
Assess & Compare
When figuring out which kind of plan works best for your business’ needs, you have to assess who you will be covering, what benefits are important to them, and how much cost sharing you can afford.
After you have made these assessments, the next step is comparing options. There are a lot of factors to consider, such as:
-
Monthly premiums
-
Deductibles, copayments, and coinsurance
-
Provider networks
-
Prescription drug coverage
-
Add-ons such as dental and vision
