You started a business, and now it’s time to grow, which requires more hands-on deck.  Finding the optimal mix of employee benefits will enhance your recruiting efforts and improve retention of valued team members.

Here are some key areas to think about when setting up your first health insurance plan.

1. Budget: Consider how much you as the employer can contribute towards a health insurance plan, and whether employees will share in this cost for themselves and/or for dependents.  Select plans which take the employee costs into account as well.

2. Coverage: Select health insurance plans which will appeal to your target employee market and add dental and vision coverage to meet the needs of the employees, especially if you are in a competitive job market.  The best health insurance plan for your company might not be the same insurance provider for dental insurance.

3. Network: Choose a plan with a network of healthcare providers that matches the needs of your employees.  If your employees are all local to your business, a regional network can save you some money on health care plans.  However, if your employees are located around the country, you would want to offer a plan option with a national network.  An employer can offer a health insurance plan with a regional network and offer another health insurance plan option for those outside of their domiciled geographic location.

4. Deductibles and out-of-pocket expenses: The company should consider the deductibles and out-of-pocket expenses that employees will have to pay before the insurance coverage kicks in.  How consumable are the employee benefits being offered?  It is very common to have health insurance plans offered with a mix of benefit level options selecting plans from different metal categories (Gold, Silver, etc).  In addition, a High Deductible Health Plan (HDHP) can be paired with a Health Savings Account and is an increasingly frequent alternative to traditional co-pay health insurance plans.

5. Compliance with healthcare laws: The company should ensure that their health insurance plan and process is compliant with all applicable healthcare laws including the Affordable Care Act.  Compliance can include filing requirements, documentation requirements, contributory requirements, and affordability requirements for the employees as well.  The proper management of data in a HIPAA-compliant format is crucial, and online enrollment tools can help support this practice.

Work with a broker who specializes in setting up new health insurance plans, and you’ve taken another step on your path to success.

Content provided by:

David Hillelsohn

Owner, DHill Financial, LLC

https://dhillfinancial.com

DHill Financial, LLC works with start-ups to answer the question of what benefit plans are right for the organization.  With a focus on small businesses who are in a growth mindset, the team at DHill Financial, LLC avails their decades of experience for business owners who desire a trusted partner.