Does employee background matter when you’re looking for a health insurance plan for your small business? When you’re looking at plans, the possibilities can seem endless, even if there are only one or two providers in your state. Do you want a PPO, an HMO, an EPO, a POS or an HDHP with an HSA? Yes, this alphabet soup all refers to different types of health insurance plans that may be available to you and your employees.
There are pros and cons to each of these plans — and people who love some and hate the others — but the question is, what does your office need? That’s where we get to employee background.
To keep reading, click here: Employee Background and Your Health Insurance Plan
Those recommendations are very close to the way we used to chose a healthcare insurance coverage pre- Obamacare era. It also helps to have a person available to discuss pros and cons of each plan for each individual as none really comes specifically planned but there should be ways to get coverage needs for all individuals in company. ( Birth control, pregnancy and child healthcare can be included as needed and those who don’t have other options packages to add) . It’s very much like shopping for car insurance, one should be able to choose options for coverage needs. Mainly the employer has to do is offer the packages without prejudice on their side. ( religious, etc.). The main problem, that I have seen with employer based plans was that they didn’t offer options to plan based on cost control reasons ( employer paid plans). But there’s a workaround this, since this “ free” coverage was actually part of paid income ( medical coverage is actually classified as income) . I found this out at latter end of working, after having no annual raise for 5 years, because cost of medical coverage had risen and in place of a raise, I still had coverage.
Part of the problem stems from the lack of transparency in cost of coverage, if more of us know the costs more can negotiate a better visible pricing, thereby eliminating those mandated extra costs put on by the insurance companies ( geographic area, high profit service,etc.).
A person with knowledge of what keeps premiums and deductibles low is highly needed to help find Best plan , just like that insurance broker for car insurance.
I also think checking to ensure you are at the proper limits for your needs is super important. i think sometimes the insurance agents can oversell on the amount needed for an individuals circumstances. not to say this happens in all cases, but regardless its important to consider whether you are getting the proper recommendations as to amount.
My wife was fortunate enough to have long term disability insurance through her employer, and when she had to stop working due to Rheumatoid Arthritis, it really saved the day. Many people in the US rely on Social Security Disability Income in case of a disability, but it can take years to be approved (if you get approved at all) and replaces only a fraction of your income. The other factor many don’t account for is that your medical expenses will most likely be increasing just as your income is reduced, so even cutting back on expenses may not be enough. That’s why it’s so important to preserve your income through disability insurance.
Excellent and very thorough post Brian! Having both my wife and I work in life insurance for years this is something that’s near and dear to my heart. I spoke with too many reps who had to deliver checks to someone who didn’t plan well enough and left a loved one unprepared. I got my first policy a couple of years after we got married and upped it once we starting having kids. I’m actually going to be getting quite a bit more once I finish my weight loss so we can save money on it. Actually, it might mean replacing some of what I have now but still going with more. We’re Term all the way – it just makes too much sense.
Hello, Health Insurance is something that my father has taken really seriously for some time now. And I am so glad he has. Because like all other habits he has instilled in us, this has now become a habit for both my brother and Me. For more visit insurance help zone