Whether you’re just starting or own a small business with multiple employees, group health insurance can be essential to your employee benefits package, providing your valued team members with access to quality healthcare coverage.
Offering group health insurance can help attract and retain top talent, increase employee satisfaction, and improve overall productivity by promoting the health and well-being of your workforce.
Additionally, group health insurance can help mitigate the financial risk of unexpected medical expenses for your employees and your business. Whether you’re a startup or an established small business, investing in group health insurance can be a wise decision that benefits everyone involved.
Who needs a Group Health Plan?
Going into business for yourself can be a bit of a gamble. But not insuring yourself, your family, or your employees only raises the stakes. The two groups who should be most interested in a group health plan are:
- Self-employed persons who often think health insurance is an unaffordable luxury
- Small business owners who know employer-sponsored health insurance is one benefit workers truly value
Health insurance helps protect your finances in the following ways:
- Discounted rates for medical care. Insurance companies negotiate rates with health care providers. Without that feature, even the cost of a regular checkup or office visit can be twice as high
- Spares you unexpected medical costs. Bankruptcy, due to hospitalization over an unforeseen injury, happens more often than you’d think
- Protects your ability to work. If you don’t have your health, it isn’t possible to work
- Improves access to quality care. With a group health insurance plan, you gain access to a broader network of healthcare providers than you would have, otherwise.
- Encourages a healthier lifestyle with regular checkups and preventive care that won’t cost you too much and are likely included in your policy.
- Shields your business from personal medical costs. Unexpected personal medical expenses can impact your personal liability for medical costs. Health insurance can help you keep your business protected
- Hire and retain great workers. Employer-sponsored group, health insurance coverage, is a valuable inducement to top talent, as well as an important consideration in complete compensation packages.
What kind of health plans are available to business owners?
There are two primary categories of health insurance for small business owners and self-employed persons to choose from:
- Individual and Family Plans purchased by individuals to cover themselves or their families.
- Small Business/Group Plans that are employer-sponsored health coverage
After that, there are more plan options to choose from:
Preferred Provider Organization (PPO) plans are the most popular for individuals and families. It’s your responsibility to ensure that the healthcare providers you visit participate in the PPO. A PPO plan may be right for you if:
- Your doctor already participates in the PPO.
- You want to direct your own health care and can work with the predetermined preferred provider list.
Health Maintenance Organization (HMO) plans offer health care services through a network of providers who contract exclusively with the HMO or who agree to provide services to members. An HMO plan may be right for you if:
- You’re willing to coordinate your care through a primary care physician and follow the rest of the HMO guidelines.
- You enjoy preventive care, such as coverage for checkups, immunizations, and similar services.
Health Savings Accounts (HSA) eligible plans are usually PPO plans with higher deductibles, designed for use with HSAs. Similar to a flexible spending account (FSA) or 401(k), an HSA is a special bank account that allows participants to save pre-tax money, specifically for future medical expenses. An HSA-eligible plan may be right for you if:
- You want to pay for health care expenses with pre-tax dollars
- You’re relatively healthy and don’t need lots of care or doctor visits
- You prefer a cheaper monthly premium, even if it means having a higher deductible
- You want to “rollover” your contributions each year
Indemnity plans allow members to direct their health, visiting any doctor or hospital they like most. Because of this freedom, Indemnity plans are sometimes more expensive than other types of plans. An Indemnity plan may be right for you if:
- You want the greatest level of freedom possible in choosing which doctors or hospitals to visit.
- You don’t mind coordinating the billing and reimbursement of your claims yourself.
Worried about the cost?
We specialize in covering local business owners like you. We have everything you need, including:
- Monthly payment options to help spread out your payments so you can better manage your cash flow.
- Coverage of temporary staff, full-time employees, and independent contractors.
- Claims responsiveness when time is of the essence, especially in the event of an insurance claim.
- Tailored coverage for the specific risks of your field and industry.
- Knowledgeable agents who provide exceptional, passionate service
Why Prokop Insurance is different
While most insurance products are similar in price and function, insurance providers vary when structuring a policy tailored to you.
After all, there’s no such thing as a one-size-fits-all insurance policy when it comes to your business.
Contact us today for a quote from one of our many insurance provider options, and we’ll help you protect what matters most.