Pro Tips for Buying Insurance for Mid-Sized Businesses
Buying health insurance for your mid-sized business can be confusing. Whether you’re trying to understand your benefits packages better or are interested in transforming your existing plans, the process can overwhelm even the most seasoned business owner.
In this post, we make buying insurance easier with professional tips from our experienced team in Houston.
Why Buying Insurance for Your Small Business is Important
First, let’s talk about why buying insurance is so important for your small business.
Under the Affordable Care Act, employers with over 50 full-time employees must provide minimum essential coverage (MEC) to employees. However, this doesn’t have to come in traditional group health insurance. It can also come by offering a health reimbursement arrangement (HRA).
Regardless of how you choose to do it, selecting the right insurance is essential to your employees and your bottom line.
So, let’s dive into a few pro tips for buying insurance.
Pro Tips for Buying Health Insurance—What The Experts Recommend
To build an employee benefits package that is right for your company, consider some of our top recommendations below.
There Isn’t a One-Size-Fits-All Option
If your employee pool is diverse in age and background, then you won’t likely be able to find a cookie-cutter insurance package that works. Allow your employees to personalize their packages to meet their personal goals and enjoy their benefits plan. An excellent option for this is a High-deductible health plan that allows for voluntary benefits, including reduced-price loans. Think about benefits like wellness plans, telemedicine, financial advisory tools, and even pet insurance.
Technology is everyone’s new best friend, so why shouldn’t it be a part of your insurance plan options? You can leverage tech by offering an intuitive online portal that employees can easily access and navigate. That portal can serve as a guide to their benefits packages. It can also help them access traditional benefits, including retirement and medical plans. Empowering your employees to control their benefits can go a long way toward keeping them happy.
See What Employees Want
It sounds simple, but one of the top recommendations we give our clients in Houston is to ask their employees what they want. It’s an easy way to find out what benefits appeal to your team, and it keeps them happy. Leading companies focus on building a culture where employees are at the forefront, and to do that, you have to know your employees. Prioritize their priorities, and you’ll be amazed by how quickly morale increases. A rich group health insurance plan could mean different things for different companies.
Flexibility is Important
Your benefits packages should be above all, flexible. Don’t stay married to a specific set of benefits simply because that’s what you’ve always offered employees. Your benefits should be accessible, open to edits, and desirable for your employees.
Ready To Customize Your Group Health Insurance Plan?
Buying insurance for your company requires in-depth knowledge of your options and your employee’s needs.