A robust benefits package, including group health insurance, is essential for businesses interested in attracting and retaining talented employees. It not only helps to create a workforce that is active and engaged, but also works to increase loyalty and reduce turnovers. The problem is that there are a lot of options available for business owners and the language can be a bit confusing.
Then there is the Affordable Care Act. Compliance with the law is important for businesses, but with so many policies available, it isn’t always obvious if one policy will meet the criteria or not.
Johl & Company understands your confusion and we’re here to help you make informed decisions about group health plans so that you’re able to give your employees the type of coverage you want to provide them with – according to your budget – that meets the requirements of current healthcare laws.
Are all Group Health Policies the Same?
The answer to this question is an emphatic, “No!” Group health plans vary greatly in coverage, costs, and benefit. For instance, some plans offer extremely high deductibles and then cover most medical expenses over the course of a year. These high deductible health plans (HDHPs) have the benefit of lower monthly costs, but many of the basics, including prescription medications have little coverage until the high deductibles are met.
Employers may elect to establish health savings accounts to go along with an HDHP. The money in the savings plan can be used to pay for visits, treatments, and medications to help reach the deductible or socked away for larger, more expensive procedures you may require. Employees benefit from these plans because they are funded with pre-tax dollars and some employers contribute a specified amount each month into the plan.
The Affordable Care Act established a color coding system, if you will, for health care plans based on precious metals. This system includes:
- Bronze plans cover as much as 60 percent of medical expenses, once the deductible has been reached.
- Silver plans offer coverage for approximately 70 percent of all post-deductible medical expenses.
- Gold plans provides employees with nearly 80 percent coverage of medical expenses after deductibles are met.
- Platinum plans cover up to 90 percent of medical costs after deductibles.
The bottom line is that you have many options to offer employees and it shouldn’t be difficult for your business to find an option that works with your business budget.
Group health insurance is one of the most important benefits employers today can provide their employees. Not only does it help to maintain a healthy workforce, but it also reduces absenteeism while increasing engagement.
How Can Johl & Company Help You With Your Group Health Needs?
Finding the right group health policy for your budget and the people who work for you can be a bit of a challenge. We are an independent agency. This means we work with many different insurance providers so that we can shop around to help you find the best possible group health coverage that works with your budget.
We invite you to read reviews from our many happy customers to understand just how far we’re willing to go help you get the insurance your business needs to succeed in today’s competitive business marketplace.
Giving your employees the gift of affordable healthcare is a great way to attract new talent to your organization while improving overall employee loyalty and retention. We can help you with that.