Navigating the Health Insurance Landscape
hr|simple recently brought in a health insurance expert as a part of our ongoing hr|webinar series to discuss the key concepts of group medical insurance and what that means for employees and employers alike.
As employers look to control rising health care costs while, at the same time, providing good benefits that will attract and retain employees, it’s more important than ever to understand how these plans are designed and what options are available.
Here are our key takeaways from the presentation, some audience Q&A’s and a link to the webinar recording.
74% of employees say there are at least some things they do not understand about their overall policies including deductibles, co-pays and providers in their network.
48% of employees say they would prefer the chance to speak with an expert, whether over the phone or in person, about advice on their insurance benefits.
27% of Americans have avoided care or treatment because they were unsure of what their health benefits covered.
Education is crucial! As you increase employee education 1) more employees enroll and 2) employees use their benefits more effectively, creating a happier and healthier workforce.
We are considering offering our employees 2 medical plans so they have the option to pay less in premiums and have more take home pay. However, I’m concerned that if they have to utilize the coverage they will have to pay more out of pocket by having lower coverage. When would you recommend a company offer 2 medical plans?
Offering more than one medical plan can be a great way to give employees choice and help them see more value in their benefits package. It is true that by offering a plan with less coverage for a lower premium will likely increase the members out of pocket exposure; however, your employees may be fine with taking on additional out of pocket exposure in return for a lower premium because they do not see the doctor very often. This is where offering voluntary benefits, FSA, and/or an HSA (if the plan is HSA compatible) can help employees cover the increased out of pocket costs should they need to seek medical care.
If you are getting consistent feedback from employees that they would like another option or that your current medical plan is too expensive, it makes sense to explore offering another plan. I recommend exploring this with your benefits broker and, no matter what you decide, ensure that you have a good strategy for educating employees on the medical option(s) you offer and any other benefits designed to compliment them.
Would you suggest employers contribute to HSAs to encourage employees to utilize that type of plan?
Employer HSA contributions are a great way to encourage employees to enroll in a Qualified High Deductible Health (QHDHP). In many instances, the employer contribution to the QHDHP plan plus the HSA contribution is less than what the employer would pay on a non-QHDHP.
While employer contributions to an HSA are a great way to encourage employees to enroll in a QHDHP, you will be disappointed in your participation without an education strategy that helps employees understand the benefits of an HSA and how the plan works.
Can I still offer insurance if I have employees in multiple states?
Yes! Employees can participate in their employer’s medical coverage even if they live in a different state. The most important consideration for those employees will be the network of providers in their area. If you have employees in multiple states, I recommend making sure that you have at least one plan offering that has a national network.
hr|simple is now offering a simple, affordable benefits package for small businesses in all 50 states. Plans are negotiated specifically for small businesses, making it more affordable to offer benefits – starting as low as $430 for individuals and $870 for families. Benefit offerings include health, dental, vision, life, and supplemental – saving you time by only working with one company for all your benefit needs.
We provide employers with a team of licensed, credentialed benefits counselors who have been trained wholistically on the hr|simple benefits program and all of its offerings so you’re not making these complicated decisions alone.
Employees will have the opportunity to meet 1:1 with these counselors so they can ask questions and get personalized recommendations on the benefits that would best suit the employee and their family.
Set up a free consultation with zero obligation to learn more and get a customized quote!
*all times are listed as Eastern Standard Time on scheduler
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Catch up by watching the entire webinar presentation here and download the slides to follow along with here.