7 aspects of coverage to consider when choosing a plan

Offering the right benefits to your current and potential employees has become more important than ever as employers vie for top candidates in a competitive hiring market. Creating a good benefits package is crucial to hiring and retention.

Many businesses worry that if they don’t offer the right health insurance plans, they may not be a competitive hirer. As a small business owner, you’re used to making decisions with the success of your business and employees in mind. But when it comes to finding the best health insurance plan, it can be difficult to know where to begin.

As you compare health insurance plans, use this list below to weigh the pros and cons so you can find the coverage and health care you need to keep you and your employees happy, healthy and covered – all at a price you can afford.

1. The cost of premiums

Your premium is the amount you pay to your health insurance company each month to maintain coverage. You’ll want to know the cost of premiums when comparing plans to ensure you stay within your budget.

Potential employees will consider your contribution when weighing job offers. Typically, you’re required to pay at least 50% of monthly health insurance premiums for your employees.

2. The size of the provider network

Knowing the size of your plan’s network matters. It helps you consider how much convenience and protection you want to offer while taking into account how much you’re willing to spend.

To keep costs in check, narrow networks limit coverage to a select group of physicians, specialists and hospitals. Broad networks give your employees more flexibility to choose who they see but at a higher cost.

Learn more about narrow networks and how they can save you money here.

3. Coverage for out-of-network services

To save on costs, some plans do not provide coverage for out-of-network services unless it’s an emergency. Others give your employees the choice to receive care from any provider who may be in or out of network.

4. Referrals from a primary care provider

Depending on the plan, your employees may need to see their primary care provider before seeing a specialist. Other plans do not require referrals.

5. The maximum out-of-pocket cost

The out-of-pocket maximum sets a limit on your employee’s annual financial liability. After they have paid out-of-pocket through deductibles, copayments or coinsurance up to the maximum amount, the insurance company pays the full charges for any additional covered medical services used that year. Monthly premiums do not count toward the out-of-pocket maximum.

6. A trusted partner in health

When choosing a health insurance plan, you’re also forming a partnership. By picking a plan that gives you a single point of contact, you can build a relationship with someone who knows you, your business and your goals.

7. Value-added services

With a health insurance plan, you’re getting more than just coverage. You’re also investing in the health of your employees, making it important to consider what other benefits may best support the health of your workforce.

Value-added services as part of coverage may include free annual exams, preventive screenings, wellness programs encompassing all dimensions of well-being, virtual care, fitness center reimbursements and more.

Most job seekers take these offerings into consideration when looking at your benefits package. According to Bayless Healthcare, 87% of workers say they consider wellness programs a major factor when choosing a new position.

Remember you have options

An agent can work alongside you as you weigh the options that will best serve your business and ensure you find a plan to help you attract and retain high-quality employees. Get started by calling (888) 535-4831 and talking with a local agent near you. If you’re ready to enroll, request a quote.

Download this helpful guide to keep these seven aspects in mind while shopping for insurance for your business.