Attract Employees: Group Health Insurance

Many small business owners know that in order for them to succeed, they must offer incentives to recruit employees to work for them. This can be a number of things, but most often is the benefit of offering group health insurance. Although this can be a very good strategy for your small business to take to recruit new employees, there are a number of things you should know first before you explore the package choices. Research the group insurance policy thoroughly before choosing one for your company.

Attract Employees: Group Health Insurance

A group health insurance plan can be obtained by every small business that has at least two employees up to fifty. There are two ways you can provide health insurance to your employees; this will mainly be determined by your own budget. Many small businesses that offer group health insurance help contribute to the cost of the plan. On the other hand if an employee wants to have coverage for their family, the employer might offer to pay the employee premium and ask them to pay a premium for their family.

Another aspect of the group health insurance plan will be to decide between managed care or cost-for-service. The managed care packages include Health Care Organizations (HMOs), Preferred Provider Organizations (PPOs), or Point of Service Plans (POS).

HMOs will significantly reduce the costs for your members to pay for medical care as long as they use a provider determined by the HMO. PPOs will not require referrals so they can see a specialist. While PPOs are more flexible it will bring higher costs per visit and annual deductibles. POS packages are basically a combination of features that you will find in HMOs and PPOs. Members must decide whether to pay a fixed fee for the office on the network, or pay a deductible fee to see someone out of the network. A cost-for-service plan gives employees the power to choose their own health care provider. This means they will have more flexibility where they can go for medical assistance.

Adding an attractive Group Health insurance plan to your business can potentially bring more employees to you. This is only basic information about Group Health insurance; there are many options to consider when choosing a plan. Be sure to investigate all options to make the best plan for your employees.

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