Guide to Choosing the Best Health Plan for your Workforce
It’s time again! Open enrollment season is approaching, and it is very important for both employers and employees. This is where employers get to choose which plan is best suited for their employees.
If your business has over 50 employees, you’re required to provide health insurance, according to the Alternative Care Act (ACA). If the number is less than 50, you can choose whether you will provide healthcare benefits for the employees. Choosing the appropriate health insurance can be a daunting task for employers, as it will require them to check it over and over again. But with the right strategies, this will be a breeze!
By starting early, this will help employees (new or current) review and/or understand their options, coverage, and any changes in plan offerings. As an employer, it is important to seek the employees’ feedback about their healthcare needs and preferences, as they do not have the same needs. Offer choices that can cater to different preferences, such as PPOs and HMOs. Healthcare costs can be a burden, so cost-sharing options must be discussed too. Navigating open enrollment is really a work-to-do, so selecting the right health plan makes it more crucial.
Consider enlisting the help of insurance firms that specialize in employee benefits like Lyceum.