How do you choose the right H&B coverage?
Shop around for Health & Benefits coverage just as you would for any other business purchase. Ask questions. Compare pricing. Align your needs with an affordable product that best represents those needs.
- Focus on the types of coverage/plans your business and its employees prefer
- Know how much you and your employees expect to spend for coverage
- Ensure the plan includes medical providers and hospitals you would use
- Select plans from carriers you prefer (such as “household name” companies)
- Know what level of support you expect from a broker or carrier
- Choose plans that meet ACA standards
Mistakenly leaving employees out of the plan can be costly; for example, the exclusion of part-timers or failing to offer benefits to custodial staff. Before setting up any benefits plan, consult a lawyer or a benefits consultant to help ensure you are extending benefits to everyone required.
Next Question: How do you manage your H&B coverage after purchase?