Health care costs are always increasing, and many businesses are struggling to control the cost of premiums. If you are a business owner or manager and would like a review of your company’s health care benefits, we can help.
Health Insurance is a broad term which includes coverage for medical protection, disability, accidents and sickness, as well as dental, vision and other related benefits.
Policy language tends to vary from state to state depending on local and federal mandates. Most business owners require a human resources department or independent consultant to understand all the provisions included in a health care policy. You may want to learn and discuss your policy terms or options such as deductibles, co-pays, coinsurance, cost containment features, and exclusions. Understanding how such provisions affect you and your employees is an important part of your role as a business owner, but can often be complicated and difficult to explain to an entire workforce. Our department is staffed with consultants who will visit your workplace to help you and your employees discover which options are most suitable.
An increase in health care costs has led many employers to seek out tax advantaged strategies such as Flexible Spending Accounts (FSA’s), Health Reimbursement Arrangements (HRA’s), and Health Savings Accounts (HSA’s).
Our specialists can explain how these type of accounts operate, and implement them to provide tax advantaged funding for health related expenses within your business. Whether your business is struggling or prospering, it’s not only valuable to have someone looking out for your best interest and bottom line; it’s a must! Our knowledgable team has broadened the scope of our insurance products and services to include health care insurance and employee benefits. Our in-house health care specialists have advised several of our commercial clients, providing options for improved coverage and cost control.
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Do you know if your plan is an HMO, PPO, POS or traditional plan?
There are major differences between how these types of policies work, and even though some may appear less expensive in the short term, the least expensive option may have gaps that leave you and your employees exposed to large out-of-pocket expenses. Picking the right “system of delivery” requires an understanding of how your employees use their coverage. Selecting the most appropriate plan typically requires an insurance specialist who can match your workforce’s needs with the most suitable master contract.
