Choosing a small business health insurance plan requires you to act similar to a consumer buying an individual health insurance plan on the Affordable Care Act (ACA) marketplace.
Here’s what to look at when comparing small business health insurance plans.
Benefit design
See what types of health plans a company offers, including:
The benefit design dictates whether employees can get out-of-network care and need referrals to see specialists. One employee may like the lower premiums in an HMO and not have a problem staying in-network, while another may prefer the flexibility of a PPO with the understanding that they will pay more in premiums. Providing employees options can help with employee satisfaction.
Premiums
A health insurance premium is what members pay to have coverage. This usually gets deducted from paychecks. Employers pay most of the premiums, so…
