Group Health Insurance

Why Choosing The Right Health Insurance Partner For Your Business Is Important?

by ClaimLinxJune 6, 2022August 1, 20222 Comments

Health Insurance is one of the primary incentives for employees to join any business. Over the years, more and more employees are beginning to look for jobs with health benefits as it helps mitigate large healthcare expenses over time. But with so many types of insurance options out there, businesses can find it difficult to determine which type of business health insurance is best for them.

Finding top tier talent is difficult enough as it is, but if your business does not offer market competitive health benefits, you’re going to find it much more difficult to attract quality talent to your business. Many small business owners struggle in finding the right business health insurance partner to match their needs.

Here are some things you need to consider to find the right business health insurance partner:

1. Plan Type and Specifications:

Professional Employer Organization (PEO): Small businesses can opt for PEO’s to offer health insurance at bulk pricing, thus making it very affordable to everyone.

Fixed Plan for Contribution: The employer opts to allow employees to make the choice of plan that fits their requirements.
Fixed Plan for Benefits: This is the most common type of business health insurance where businesses provide the same type of coverage to all employees through bulk pricing.

HMO’s offer organizations affordable prices, but the options for employee healthcare can be limited. Instead, a Preferred Provider Organization comes at higher premiums but offers more benefits. There is also a third option called ‘Exclusive Provider Organization’, which is a combination of PPOs and HMOs. No referrals are necessary, and employees have to stay within a fixed network of specialists.

2. Plan Costs

Businesses nowadays are looking to mitigate costs, to increase profitability. However, since the decision of selecting a business health insurance provider involves the wellbeing of your employees too, you will have to find an affordable plan that provides the coverage you need. Consider the plan cost, what your company has to spend, deductibles and what deductions employees would have to bear. The primary goal is to provide as many benefits as possible at the lowest cost. Which is why doing market research or hiring a healthcare consultant for businesses is an excellent option.

3. Understand Coverage

Reading through the entire coverage fine print is essential when finalizing a business health insurance provider for your business. Analyze what the plan does not cover, which healthcare professionals does it give access to, and what restrictions apply. Also, reading up on reviews can help learn more about how fast the reimbursement process would be for certain scenarios.

4. Analyze Competitors

Many businesses tend to overlook this key strategy. Since the labor market is highly competitive, offering better benefits than your competition could attract talent towards your organization. Employee expectations can also be fully understood once you see what the market trends are. Adding different incentives can play a huge role in retaining and attracting talent within your business.

Do You Need Supplemental Health Insurance?

by ClaimLinxMay 18, 2022June 7, 20222 Comments

If you already pay for health insurance, the last thing on your mind is that you need supplemental health insurance. However, if you dig through what a traditional plan has to offer, you’ll find that there are a lot of exclusions and gaps in plans, which can lead to high liabilities.

Do You Need Supplemental Health Insurance?

What is Supplemental Health Insurance?

A supplemental policy works alongside your traditional policy to offer enhanced coverage options. For example, your normal policy may have very limited, or no, dental coverage offered.

In this case, you can find a supplemental plan to cover these additional costs.

However, these plans can protect against financial burdens that many health insurance plans put on policyholders, including:

Deductibles for hospital care
Dental coverage
Eye coverage

You’ll also find some of these plans are for specific conditions and diseases, such as cancer screenings. There are also options for things, such as pregnancy, so the plan would cover things, such as the birth of the baby and prenatal care.

Supplemental Insurance Cost Basics

Supplemental health insurance is an additional insurance, on top of your standard coverage, and it’s 100% separate. You can add or remove the plan at any time, and this means that it will come at an additional cost to you.

The plan’s price can be drastically different.

You might find a plan to cover eye care that is $10 and one for cancer that is $500. Age is also a major factor in calculating a plan’s premiums. The older you are, the higher the cost will be for your premiums.

These plans have monthly premiums, but they also have standard costs, which may include:

Copay
Deductible
Coinsurance

It’s crucial for you to analyze each plan to best understand the costs involved and what your true, monetary obligations are under the plan.

Types of Insurance Plans Available

Supplemental plans vary drastically, but you’ll find plans for numerous, specific circumstances. A few of the most common types of plans and when they’re ideal, include:

Hospital insurance, which is designed to cover the costs for people with ongoing medical issues that need to go to the hospital often
Critical illness insurance, which is designed for anyone with a specific, high-risk illness
Long-term care, ideal for anyone that is aging and fearful that they will need long-term care
Accident insurance, a type of plan that is designed for athletes or entertainers in the event that they have an injury

You can also find vision, dental and orthodontic plans, often sold as add-ons to your policy, and these plans may be combined or separate. Since everyone is different and has their own set of medical concerns and/or risks for certain conditions, it’s crucial to sit down with a professional to ensure that you have supplemental plans that offer you maximum coverage.

Supplemental health insurance plans offer you peace of mind that if you need to go to the hospital or have a critical illness, your medical bills will be covered. If you feel that your regular policy doesn’t provide adequate coverage, consider one of these plans.

Choosing Insurance: 5 Key Factors In Deciding On Health, Dental, & Vision

by ClaimLinxMay 7, 2022June 7, 20221 Comment

Choosing health, dental and vision insurance is not a decision to take lightly. Your coverage will have a direct impact on your ability to obtain the healthcare services that you need. There are several factors to consider when choosing insurance. We’re going to cover five of the most important ones.

5 Factors in Choosing Health, Dental & Vision Insurance

1. Premiums

When choosing health, dental & vision insurance, the cost will be one of the first things that you consider. Your premium is the amount you pay for your insurance policy. Premiums are paid monthly, and if you fail to pay them on time, you risk losing your coverage.

It’s crucial to weigh the cost of the premiums carefully. Are they within your budget? If not, then consider another plan.

2. Out-of-Pocket Costs

Premiums are just one piece of the puzzle when it comes to health insurance costs. You will also be responsible for out-of-pocket costs, which can include:

Deductibles: The amount you pay for covered healthcare services before your insurance coverage kicks in. Once deductibles are paid, coinsurance and copayments may still be required, but the insurance company will cover the rest.
Co-payments: The fixed amount you will have to pay for a covered healthcare service after your deductible is met.
Co-insurance: The percentage of costs you will have to pay for a healthcare service after the deductible has been paid.

Out-of-pocket costs will vary from one plan to another. Generally, the lower the out-of-pocket costs, the higher the premiums and vice versa. Make sure that you are comfortable covering these costs.

3. Network

In most cases, health insurance plans have provider networks. These providers accept your insurance coverage, and you cannot go outside of the network if you want insurance to cover the cost of care.

Medicine, services and providers that are outside of that network may require additional payment or may not be covered at all.

When comparing policies, consider whether your preferred healthcare providers are in the network and accept your insurance.

4. Coverage Limits

Check the policy’s coverage limits, especially for dental insurance. Dental insurance policies may not cover all of the procedures you need or may limit how much they will cover. For example, dental plans often have coverage limits of $1,000-$1,500.

For all policies you are considering, make sure that you keep the coverage limits in mind. These limits will affect your ability to get the care and services you need.

5. Prescription Drug Coverage

Does the plan offer prescription drug coverage, and if so, how much? Most plans will offer some level of coverage for prescriptions, but if someone on your plan requires ongoing medications, you may need a plan that offers more coverage.

Final Thoughts

Take your time when choosing health, dental & vision insurance. Find a plan that fits in your budget but also provides the coverage that you need. Dental and vision plans often have limits that must be taken into consideration, especially if you or a covered family member has ongoing issues with their dental or vision health.

Finding The Right Health Insurance Coverage for Small Businesses

by ClaimLinxApril 25, 2022May 10, 20224 Comments

Shopping for small business health insurance doesn’t need to be a hassle. With the proper guidance, you can find the health insurance coverage that fits into your employees’ budgets and makes you an attractive employer for top-tier talent.

The Benefits of Offering the Best Small Business Health Insurance

Employee benefits are one of the main deciding factors when applying for an open position at a company. If you offer health insurance, you’ll benefit from:

Attracting new talent to your workforce
Retaining talent and reducing employee turnover
Improving employee satisfaction
Boosting your business’s image

Finding the right health insurance coverage options requires you to do a few things:

Finding the Right Small Business Health Insurance

Compare Quotes from Multiple Insurers

Insurers are competing for your business, and every insurer has its own perks and benefits. For example, some will offer you better costs while pushing the cost to your employees. Other insurers may offer wellness options or better network availability.

Comparing quotes and options from insurers will help you:

Gauge the average cost for insurance in your industry and area
Consider all available coverage options
Much more

You can also work with a health insurance agent. An agent will help narrow down your options, work to find the best insurance for the value and explain how the entire process works. If you choose to work with an agent, you’ll often maximize the benefits available to your workforce.

Review All of the Basics

Insurance goes beyond price. As an employer, you should also consider the network coverage in your area. If there’s a lack of options in your area, this can lead to employees not being able use the full coverage.

You also want to consider:

The extent of the provider network and any plans for expansion
The ability for employees to compare plans
Deductible and out-of-pocket expenses
Mental health coverage options
Customer service options
State availability

If your office is on state borders, it’s crucial to ensure that there is coverage in both states. A few other things to consider are whether customer service is responsive and willing to help employees through any issues they may have. Spending accounts are becoming popular, and they may be something to consider, too.

And, of course, discuss plan options for small businesses. You may find canopy options work best, or you may need an HDHP option for your workforce.

Consider Supplement Plan Options

Health insurance doesn’t cover all health-related issues. For example, if a person has an infected tooth, it’s not covered under a typical plan. Supplement plans can fill in gaps in health insurance to maximize the benefits that your workforce receives.

A few supplemental plans to consider are:

Dental
Disability
Vision

Employees may need dental and vision care, and these supplemental plans will help them receive the care they need at a price they can afford.

Health insurance is one of the most basic, valuable benefits that you can offer to your workforce. If you follow the guidelines above, you’ll have a much easier time finding plans that work well for your employees and business.

5 Things You Must Know Before Purchasing Health Insurance

by ClaimLinxApril 5, 2022May 10, 20222 Comments

Small business health insurance is a must-have if you want to keep attracting top-tier talent to your workforce. However, before deciding on the best health insurance options for your employees, there are quite a few things that you need to consider:

5 Things You Must Know Before Purchasing Health Insurance

1. Types of Plans Available

What type of plan is best for your workers? You’ll need to ask the insurer to completely understand each plan’s options and costs. A few of the plan options that may be offered to you are:

Health maintenance organization (HMO)
Preferred provider organization (PPO)
High-deductible health plans (HDHP)
Health savings accounts (HSAs)
Point-of-service plans (POS)

Choose a plan, or multiple plan options, to find one that is ideal for your workforce. Once you have a plan, consider the provider network.

2. Provider Network

Provider networks must be extensive in your area so that employees can get the care they need conveniently. Review the network and what options are available for:

Primary doctors
Specialist
Etc.

If the network where the business is located and in the surrounding area is lacking, it may be in your best interest to consider other health insurance providers for your employers.

3. Premiums and Costs

Can your workforce afford the premiums? Can your business afford to offer the plan? It’s crucial to consider the average cost of premiums versus the salary employees are paid to learn whether the insurance is a good choice for all parties.

As an employer, you may also opt to pay more to lower premiums or even cover 100% of the insurance, but it’s often difficult for a newer small business to cover these types of expenses.

4. Deductibles for Employees

Cost must also include deductible options for employees. The lower the deductible, the higher the insurance premiums will be. However, you should consider whether the insurer offers a variety of options that will include:

Different deductibles
Varying co-pay options
Coinsurance
Prescription coverage

Small businesses that want to offer the best for their employees must consider the out-of-pocket expenses for their staff. You may have to pay more to offer a better insurance plan or can cover all medical premiums, but you must consider the overhead and how it impacts your business in the long term.

5. Does the Plan Keep Employees Healthy?

Health is reliant on a person’s wellness. Some insurers offer wellness options, which provide the following to employees:

Incentives to join programs
Discounts on premiums
Cash rewards
Gym memberships

Wellness programs encourage your workforce to make smarter, healthier decisions in life. Through wellness programs, you’ll offer bonuses to employees while also helping them live happier, healthier lives in the process.

Many plans are starting to offer wellness programs, and it’s something to consider when choosing an insurance option for your employees.

Offering the best small business health insurance possible will strengthen your workforce, improve employee satisfaction, and protect them. However, if you have any questions or need to know more about choosing a plan, we can help.