Are you a small business owner? If so, there’s a good chance that you are choosing to provide health insurance for your employees. Businesses with fewer than 100 employees are often the backbone of their local economies, but they also need to keep costs low. If you’re working on selecting a small business health insurance plan, you know that there are plenty of criteria the plans on the market must meet.
Whether you’re considering purchasing small business health benefits for the first time or you’re looking for new group benefits for small business, you’ll want to ensure that you’ve chosen wisely. Keep the Three C’s in mind as you search for the best small business health insurance plan for you and your employees:
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1. Cost: Most employers look at the cost per employee for their health care in order to get the best value. This tends to be the best method in deciding what kind of plan everyone needs. However, it shouldn’t be the only requirement. In addition to looking at cost per employee, make sure to consider any tax advantages that are available to you and them, such as health flexible spending accounts that draw from pre-taxed dollars.
2. Coverage: Coverage is also crucial to consider when choosing a plan. You need to know what your employees need, whether that’s something to covers all dental implants and lap band surgery costs or something that takes care of basic dental, vision, and mental health spending. However, group benefits aren’t the only option. Flexible spending accounts (sometimes called health spending accounts) allow employees to manage their own out-of-pocket costs with pre-taxed dollars. Weigh which options (and add-ons) are best for your employees before making a decision.
3. Customization: Above all, your health insurance provider should be willing to work with your business on what it needs. Make sure to ask about the personalized service you can receive. A health insurance plan administrator should be able to answer any and all questions that arise for you and your employees.
Have more questions? Be sure to get in touch with a provider of small business health insurance plans, health spending accounts, and other services. You can also leave a comment below with questions and suggestions. Find more: www.myrhsa.com
