Group Health Insurance

If you are employed, your employer may sponsor a group health insurance policy for you and your coworkers. Group health plans are typically less expensive than individual insurance, so joining these plans is usually a good idea if it is an option.

Are you an employer hoping to find qualifying group health insurance for their employees? Here’s how you get started.

Compare Group Health Insurance Policies

If you are a small employer, you probably have minimal experience finding the best group health insurance plan. Fortunately, an insurance agent can help you compare your options and find a policy that will keep you and your employees protected. The main thing you should keep at the forefront of your decision making process is that your plan should be flexible and affordable enough to satisfy the needs of all your employees.

Ask yourself a few questions:

  • Do you need to join a group plan or find coverage of your own?
  • Do you prefer a PPO, HMO, or PFFS plan?
  • Do your employees have the means to pay higher premiums, or would higher deductibles be preferable?
  • Should you get a plan with an extensive network, or one with a small network of affordable providers?

Based on the answers to these questions, you can find a plan that fits your company well. If you need help, contact an insurance professional.

Why Choose A Group Health Plan?

Group health plans are less expensive because the risk is spread across a wider number of people. This is similarly to when you enroll in a family plan, as the price will often be lowered because you have several members participating. Having a group health plan for your company can also boost employee morale, as they’ll have access to the health care services they need to work hard and remain healthy. Having health insurance as an incentive is an important part of maintaining a satisfied workforce.

How To Choose A Group Health Plan

If you need information to help you choose a group health plan, one of the best things you can do is run a survey that is given to your employees. Ask them about their needs, and use their feedback to determine which benefits are most important to them. You can also collect information about their budgets, allowing you to decide on an appropriate price point for the insurance plans you are willing to purchase.

Types Of Group Health Plans

There are three major types of group health plans, they include:

  • Health Maintenance Organization (HMO) – With an HMO plan, you must see doctors within your plans network or pay more for health services. You will need a referral to see specialists under this type of plan. HMOs are relatively affordable, compared to other plan types.
  • Preferred Provider Organization (PPO) – PPO plans allow you to see out-of-network doctors, but in-network providers will be less expensive. With a PPO plan, you don’t need to get a referral to see specialists.
  • Exclusive Provider Plan (EPO) – EPO plans combine the benefits of HMO and PPO plans. You will need to see in-network providers, but you don’t need a referral to see specialists. This plan’s costs fall between PPO and HMO plans, with PPO plans being the most affordable.

Compare Group Health Plans

Make sure you choose the best possible coverage for your employees. Start shopping now with the help of Weinstein Wealth Insurance Solutions. We will help you identify an appropriate group health insurance plan for you and your team!