Group Health Insurance
The majority of workers who have insurance in the United States are covered under their company’s group health insurance plan. There’s no question that a truly good insurance and benefits package is a major factor for employees look for when checking out a company. There are even many examples of talented professionals leaving one company for another (sometimes at the same price or even a minor loss) if the group health insurance plans are much better.
This isn’t a small consideration by any means.
How Will You Compare?
Finding the best plan is a balance between offering the type of coverage that will attract and retain the best available talent and finding an affordable plan that won’t put too much of a burden on your company. You want to be able to provide the best possible coverage not only for the employee but for his or her family members, as well.
So how will you compare to the competition? Will you be gaining talent or losing it to better plans?
You can talk to our professionals to help find the right group health insurance plan that will help you stand out from the competition.
Working within the Regulations
Who regulates group health plans actually varies depending on a variety of factors. Generally speaking states regulate fully insured group plans, although because of the Affordable Care Act (ACA) there are also areas where the federal government comes in and supervises group health plans.
Even beyond this there are very specific tax laws and regulations that might fall under IRS jurisdiction. The point is, there are many different regulations and rules that you have to deal with no matter what plan you go with.
Self-Funding Options
Even a self-funding option requires careful management and regulation when dealing with the insurance and coverage benefits of your employees. In self-funding cases the employer sets aside a pool of funds for health needs and assumes the overall risk for any benefit claims. The smart play in this situation is often to grab a stop-loss insurance policy that will help to protect that employer’s assets against losses at a certain point. In these situations it is still not just an employer handling everything. Self-funding accounts are actually regulated by the Department of Labor, and have been since 1974.
Talk to our professionals about all the options that are available to you. We’ll meet with you, look at the size of your company, your plans for the future, and figure out what the best overall fit is to help you reach all of your goals while taking care of all your employees.