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.wpenginepowered.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.