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Finding the right group health
plan for your business can be downright intimidating: sorting through the list
of insurance companies and plans; checking and re-checking the coverage amounts
and caps and co-pays; making sense of plan limitations and exclusions;
deciphering a dictionary� worth of insurance-jargon. It� enough to make anyone
feel like a college student again.
You don� have the time for
all this research and number crunching. But can you really afford to leave it on
your �aybe 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.
But take heart: a little
basic knowledge can help you shake off those student 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�
healthcare needs before you start shopping. Do they require frequent medical
care or do they rarely see the doctor? Are you covering the employee, spouse
& kids only or you want or your employees wish to cover their parents also ?
Are maternity benefits important to them? This is an essential first step. The
purpose is to purchase a plan that offers the medical benefits your employees
need, without a bunch of �xtras�your employees won� take advantage of. You�l
pay for these �xtras�in the form of higher premiums.
Do you have individual sum
insured or a family floater ? Family floaters provide significant flexibility
when it comes to treatment of a serious accident, illness or disease. Do you
need the comfort of a Corporate Buffer to provide for an expensive treatment
when basic coverage amount is not enough ? Can you get a Dental benefit for the
expensive Root canal and crown to be made part of your plan at a nominal cost ?
Get multiple quotes
from multiple insurance companies :
Comparison-shopping really pays off. Don� limit
yourself to the options available through a single insurance company. Even if
you have been dealing with that company for a couple of years. And if the
thought of calling all the insurers in your area sounds tedious, find an
experienced Consultant to help you out. An experienced Consultant 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.
Take full advantage
of the competition :
Review your
Group Health Plan every year. Even if you are happy with the services of your
insurance company, it pays to review the program to see if all the benefits
purchased last year have been used and to figure out if there are any coverages
which are superfluous. For example, if less than 5% of the group have used or
are likely to use a particular benefit, it doesn� make financial sense to pay
for that benefit for the entire group.
Also, insurance
companies come out with their best wares only when they realize there is
competition. An annual review exercise, with the help of a qualified consultant,
will ensure that you get the widest cover possible at the lowest price.
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