You’ve taken the plunge and started a company. While it might be your baby, it’s growing up fast. You may have employees now – or you’re going to hire some soon – and you want to consider how to attract and retain the best talent out there (nothing less for your baby, of course). One of the baseline perks top talent expects is health insurance. Here’s how to provide maximum benefits for minimal cost.
The Group Market
The group market is industry standard when it comes to small business health insurance. As of 2014, 72% of full-time workers are offered employer-sponsored coverage. Most employees are familiar with how group plans work, so offering coverage using this avenue creates a sense of security. It’s easily identified by incoming talent and something most expect to see.
Offering group coverage is one thing; getting the right group coverage is where it gets tricky. First things first – be sure to review your group options earlier in the year so you have plenty of time to make a good decision and plan properly. If you wait until your renewal period, wading through what can seem like reams of information on new group plans can feel like cramming for the Bar Exam – especially since you’re likely also dealing with all of your other year-end processes. But absorbing another rate increase could be financially unsustainable. You could reduce plan benefits to lower costs, but your employees may be less than excited about the additional medical expenses they’re now responsible for covering.
To read the complete article from Forbes, click HERE