 GROUP
HEALTH INSURANCE
Finding the right group health plan for your
business can be downright intimidating: sorting through lists of insurance
companies and plans; checking and re-checking the dollars and totals for
deductibles and co-pays; making sense of plan limitations and exclusions;
deciphering a dictionary’s worth of insurance-speak. It’s enough to make
anyone feel like a high school freshman again
To Know more you can use these
alternative links:-
You don’t have the time for all this research
and number crunching. But can you really afford to leave it on your “maybe
someday” list? As the cost of medical care rises, the risks of not having
health insurance are more apparent than ever. Today a single injury or illness --
if uninsured -- can leave a family in financial ruin. Moreover, group
health coverage is a key benefit of employment. You may not be able to hire and
keep the best employees without offering health coverage. The point is: don’t
procrastinate!
But take heart: a little, basic knowledge can
help you shake off those freshman jitters. Here are three quick lessons to help
you find high-quality insurance at a reasonable price:
Know the type of
benefits you need.
Have a good understanding of your employees’ health care needs before
you start shopping. Do they require frequent medical care or do they rarely see
the doctor? Are they more concerned about preventive checkups or coverage in
case of emergency? Are prescription or maternity benefits important to them?
This is an essential first step. You want to purchase a plan that offers the
medical benefits your employees need, without a bunch of “extras” your
employees won’t take advantage of. You’ll pay for these extras in the form
of higher premiums.
Get multiple quotes
from several insurance companies.
Comparison-shopping really pays off. Don’t limit yourself to the
options available through a single insurance company. And if the thought of
calling all the insurers in your area sounds tedious, find a licensed agent to
help you. An agent can discuss the pros and cons of the various insurance
companies and plans in your area, provide you with quotes for each and offer
valuable advice based on your group needs. Make sure that any agent you work
with is licensed in your state.
Take full advantage
of all available tax benefits.
There are significant tax benefits for employers who offer group health
insurance to their employees. For example, businesses can generally deduct
100 percent of the premiums they pay on qualifying group health plans. You’ll
also want to look into the newly approved Health Savings Accounts. These are
tax-favored savings accounts that can be used to pay for medical expenses. Be
sure to ask your agent for more information on how to take advantage of HSA-eligible
plans in your area.
| 
