Business Health Insurance
Health Insurance for your Business – taking care of you and your employees
Offering your employees a business health insurance plan not only identifies you as an employer that cares about the well being of your employees, but it gives employees a benefit they need. By offering a health insurance plan you are looking out for the wellness of your employees and increasing the likelihood that you will retain employees long term.
Business health insurance plans cover several benefits that employees need. Many offer wellness programs that encourage and even reward healthy behaviors and can help identify medical conditions when they first appear through preventative care benefits. Prescription drug benefits (including mail order programs) can also be a major concern for employees who depend on drugs to manage chronic conditions or to help restore them to full health when sick. Affordable and easy access to these drug benefits will help employees receive the medication they need to be able to live a happy and productive life.
What Business Health Insurance Plan is right for your company?
Understanding the different plans available will help you make the right decision on what to offer for your organization. Here is a brief overview of the different options available:
Fully Insured Plan
The Employer works with a third party that assumes financial responsibility for all of the enrolled members medical claims, and handles all of the administrative costs for the program
Partially Self-Funded Plan
The Employer incurs a portion of the financial risk for providing health care benefits to their employees. There is a administrator and a reinsurer which helps to reduce the liability to the Employer.
Managed Care Plan
These plans offer comprehensive health care services to their members, and offer financial incentives for patients to utilize providers that belong to the plan network. Different types of managed care plans are:
- Health Maintenance Organizations (HMO)
- Exclusive Provider Organizations (EPO)
- Preferred Provider Organizations (PPO)
- Point of Service (POS)
Physician-Hospital Organization (PHO)
These are alliances between hospitals and physicians that help providers gain larger market share, improve negotiating power, and reduce administrative costs. PHO’s either contract directly with employers or through managed care organizations.
High Deductible Health Plans (HDHP)
These plans are identified by offering higher deductibles than traditional insurance plans. HDHP’s can be combined with a Health Savings Account (HSA) or Health Reimbursement Arrangement (HRA) that allows employees to pay for qualified out-of-pocket medical expenses on a pre-tax basis.
Health Care Accounts– A Pre-Tax benefit to help control costs
One of the benefits packages that can be offered are healthcare accounts. These can be used to provide tax advantages and help employees get more out of their health care dollars.
Flexible Spending Accounts/Arrangements (FSA)
Employers can offer and administer FSA programs that allow employees to set aside pre-tax dollars to pay for their portion of insurance premiums or medical expenses that aren’t covered by the employers health plan.
Health Reimbursement Accounts (HRA)
Setup by employers to pay for specific medical expenses, a Health Reimbursement Account is owned by the employer but administered by a third party that handles reimbursement as claims are submitted. HRAs are funded solely by the employer in the amount that they decide.
Health Savings Accounts (HSA)
This is best for employees enrolled in a High Deductible Health Plan as it provides a tax-advantaged medical savings account. HSAs can be funded either by the employer or the employee and are owned by the employee. Funds contributed to the HSA are tax-free and are used to pay for health care expenses that are qualified under the terms of the program.
Benefits to your business when you offer Business Health Insurance
Offering health insurance to your employees as a part of a comprehensive benefits package can be a crucial part of the success of your company. Group health insurance is generally a more affordable alternative to individual health plans, giving your employees savings they can see. It can also be an important factor that potential employees might use in determining whether or not to accept a position in your company and will help with employee retention.
Metro Coast Insurance can help you maximize your Health Insurance investment
Keeping employees happy and healthy can be a direct result of the investment you make when you offer business health insurance. Making the choice to partner with WorksitePay will give you more than just healthcare options – you will be getting an experienced and knowledgeable staff of professionals that will be there to help you every step of the way. We can help develop your current and future health insurance needs and are committed to helping you simplify the entire process. We will help reduce administrative tasks, identify the most cost-effective group healthcare plans, and eliminate having to worry about the complex task of selecting the right insurance plans for your organization.