The first thing to do after deciding to institute a health benefit plan is to find out what your options are. Insurance plans can be complicated. The choices that face you may seem incomprehensible at first, but by carefully checking over the possibilities you’ll be able to approach the health benefit plan logically and intelligently. In essence, you need to determine which alternatives will be the most economical yet provide optimum coverage for your employees.
Researching possible health plans on the Internet is a reasonable first step. Spend some time surfing websites of insurance providers that offer plans for businesses like yours. There is a lot of information available on the Internet, and wading through it may seem like an insurmountable obstacle, but after a short time you’ll begin to understand what’s available and narrow your search. Another potential source of information is people who own businesses similar in size and structure to yours. Ask them what types of plans they have implemented, and whether or not they’re satisfied with the coverage and with the insurance companies. They will undoubtedly be able to tell you what difficulties you may run into.
After you’ve gained some rudimentary knowledge of how a health benefit plan for your type of business will work, it’s time to consult an attorney. Explain what your intentions are and have them explain the legalities. Find out what you will and will not be liable for. When you have a good basic understanding of your legal duties and responsibilities, it’s time to talk to your accountant. Have them look at the potential financial ramifications and make sure you’re fiscally able to implement a health benefit plan. Once these two professionals have determined you’re as prepared you can be to carry out your wishes, go ahead and contact your insurance agent.
There is no such thing as too much knowledge. The better prepared you are before talking to the insurance company the more likely you will be to make an informed decision that will not only protect your business but its valued employees as well. Creating a health benefit plan is no small undertaking. It seems like the choices of what type of medical coverage is available, and which doctors participate in what plan are never ending. If you take time to prepare, you will better understand your options.
Your agent will probably have a number of plans available that will fit your company. Have them explain in detail what your options are. If you don’t understand the terminology ask them to explain again. What is an HMO? What is a PPO? What is managed health care? Does the Davis-Bacon Act apply? Are discounts available for your company? This is your opportunity to make the agent fully aware of your desires. They are professionals, too. A good agent will take the time to make sure you’re informed and will work to get you what you want at a reasonable rate.
After your agent has given you there best option plan at the most economical rate they’re willing to, tell them you’d like to think about it. Take as much time as necessary and get some quotes for comparable plans from other insurance companies. Compare the rates first, and then make a decision.
Guest post from Jessie Mars. Jessie writes for www.healthinsurancequotes.org.