How to Choose the Best Health Insurance Provider for Your Business

It’s been weeks now. You’ve been digging through health insurance ads and forms tirelessly, trying to find the insurance company that can give your employees the best healthcare insurance on the market. Time seems to turn into a quagmire as you sink deeper and deeper into insanity…

Is that a little much? Yes. But with the multitude of insurance companies out there, how can you narrow down which one is the pick for you?

Well, you’re in luck. We’re here to give you this guide to choosing the best health insurance provider for your company! So without further ado, let’s get started!

The Ultimate Plan

One of your first steps in your health insurance journey is picking which kind of plan you want to move forward with. The first kind of plan is the HMO (Health Management Organization).

This plan tends to be the cheapest of the four because it sources your healthcare to a specific network of local providers. However, this makes the cost for any treatment outside these limited parameters come out of your pocket, meaning it works best if you don’t foresee a lot of health problems for your employees.

Another plan lies with the PPO (Preferred Provider Organization). This plan ups the price tag a bit, but allows you to pick your doctor rather than getting limited to a specific set. POS (Point of Service) plans act as a nice middle ground, allowing you more freedom with doctors but requiring approval from a primary care physician before you visit a specialist on the healthcare plan’s dime.

Finally, EPO (Exclusive Provider Organization) plans limit the number of specialists you can see with, but remove the need for approval from your main doctor. Both POS and EPO plans tend to fall in between HMO and PPO cost-wise.

Weigh the Costs of Your Health Insurance Providers

Another good step you can take to help pick the best health insurance provider for your company is to make sure to shop around and see which of your vast variety of options provides the best bang for your buck. That said, it’s important to note that cost isn’t everything.

Buying less expensive plans will have fewer benefits, which could scare away new hires and lead to lower employee morale. Try to see if employees can make custom changes to their plans, or if things like maternity leave are offered with the plan: these are important advertising points for getting employees on board.

Aim to find a plan that fits in your company’s budget while still providing the health benefits your employees need. If you have difficulty figuring out what your employees want, ask them straight-up. Finding out which parts of the benefits your employees value the most can help narrow down your choices.

Gliding Through Insurance

And there you have it! Now that you know all about the different ways to choose the best health insurance provider for your company, you’re ready to get out there and ride worry-free when it comes to insurance! And if you want to know about keeping your business lean and cost-effective, check out some of the other articles on our blog!