Attract Employees: Group Health Insurance
Many small business owners know that in order for them to succeed, they must offer incentives to recruit employees to work for them. This can be a number of things, but most often is the benefit of offering group health insurance. Although this can be a very good strategy for your small business to take in recruiting new employees, there are a number of things you should know first before you dive into choosing a plan. Look carefully for group insurance policies before choosing one for your business.
Group health insurance packages can be obtained by small businesses that have at least two employees up to fifty. There are two ways you can supply health insurance to your employees; this will mainly be determined by your own budget. Many small businesses that offer group health insurance help contribute to the cost of the plan. On the other hand if an employee wants to have coverage for their family, the employer might offer to pay the employee premium and ask them to pay a premium for their family.
Another aspect of a group health insurance plan will determine between managed care or service costs. Managed care plans include Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), or Point of Service plans (POS).
HMOs will significantly reduce the costs that your members must pay for medical care as long as they use a provider determined by the HMO. PPOs will not require referrals so they can meet specialists. Although PPOs are more flexible, they will bring higher costs for deductions per visit and yearly. POS packages are basically a combination of features that you will find in HMOs and PPOs. Members can decide whether to pay a fixed fee for an office on the network, or pay a deductible fee to see someone out of the network. The service cost plan gives employees the ability to choose their own health care provider. This means that they will have more flexibility with where they can go to get medical help.
Adding an attractive Group health insurance package to your business has the potential to bring you more employees. This is only basic information about Group Health insurance; there are many options to consider when choosing a plan. Be sure to investigate all options to make the best plan for your employees.
