Beyond expanding the scope of your original business plan, you should also investigate good healthcare benefits.
Health insurance is a vital element of an employee benefits package. Suppose that you project your small business to scale up soon. What should you do about it? Beyond expanding the scope of your original business plan, you should also investigate good healthcare benefits. Even with the next cycle of insurance coverage kicking in here at the beginning of November, it’s not too late to look forward to next year!
How Expensive is the Prospective Plan?
As idealistic as you are, your healthcare goals will be constrained by associated costs. In other words, you’ll need to ask yourself, “how expensive is this going to be?” Employees and employers are both concerned about this aspect of the process, and rightly so. While it’s easy to think that providing full healthcare coverage is self-evident, not every company or organization is equipped with the means to do that for their team. Low-deductible plans featuring high premiums could sound harsh, but the upside is that they minimize the out-of-pocket costs. High-deductible plans featuring low-premiums might be deal-breakers, though. Ultimately, it comes down to a thorough analysis of your dynamics and demographics. The four most common “tiers” of healthcare insurance typically appear as Bronze, Silver, Gold, and Platinum.
What’s Included in the Coverage?
The next consideration you’ll have to unpack is how comprehensive your new plan will be. As important as cost is, going for the biggest “bargain” could expose you and your coworkers to unexpected risks. The minimum coverages are outpatient care, ER visits, inpatient care, and pre-and-postnatal care. Some other examples include services for mental health and substance use disorders, prescription drugs, treatments for chronic conditions, lab tests, and vaccinations.
In-Network or Out?
There’s another essential question that shouldn’t go unanswered. Doctors cluster together in networks based on the insurances they accept. And carriers are well aware of that. That’s why having brokers who are on the ball will make a remarkable difference when it’s time to choose the plan you need for the next year or so. Health Maintenance Organizations (HMOs) have different requirements than Preferred Provider Organizations (PPOs) do. In the end, that will impact the final decision you make.
A Customer Testimonial
Our latest customer testimonial comes to use from Bridget Roberts. Bridget owns and operates the All About Kids Learning Center in Sykesville, Maryland. Here is what she had to say about us:
“To Whom It May Concern, I recently worked with Drew Skibitsky and Dustin Clidence from MWE Partnership to bring in new voluntary benefits for my business, All About Kids Learning Center in Sykesville, MD. The new benefit we brought in was a Permanent Life Insurance policy with Long-Term Care. To introduce the benefit, Drew met with each employee to review their options, answer any questions, and enroll them in their desired coverage level. Through the enrollment process, Drew and Dustin were very respectful and courteous to the business’s time and needs. I am happy that we have brought in the new Voluntary Benefit, and I would encourage other business owners to meet with Drew or Dustin to see if this plan is right for their organization.” Thanks very much, Bridget. Kudos to you, Drew, and Dustin!
Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!
Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your go-to provider for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! We encourage you to like our Facebook page and follow us on Twitter and LinkedIn for the latest voluntary benefit news!