Keeping your employees happy and healthy is critical to reducing employee turnover and boosting employee satisfaction and productivity. One big part of that is making sure that your employees have good health coverage. But as a small business, what type of health insurance do you provide them with? How do you know which health insurance is going to give them the coverage they need to navigate current or future health issues? If health insurance is on your mind, here are some key factors to consider when selecting health insurance for your small business.
What Are Your Employees’ Needs?
It’s important to consider what stage of life all of your employees are at and how that will impact what type of coverage they will inevitably need. For example, if you run a small business where all of your workforce is young and active, the likelihood of them needing extensive health coverage is likely relatively low. Meanwhile, if you have a workforce with older employees who need more support, you should have the right coverage in place to help them preserve their health. Consider your employees’ needs before you begin shopping for their health insurance.
Choosing the Right Policy
The type of policy you choose will ultimately determine where employees can go to receive healthcare and how much they’ll have to pay to get it. For example, if you choose HMO policies, your employees will need to see doctors only within their network or pay out of pocket if they visit someone outside of their main health group. Meanwhile, a PPO policy enables them to go anywhere instead of being restricted to a single group of healthcare practitioners. Each type of policy has its advantages and disadvantages, so make sure to weigh these before you commit to any one type.
Reach Out to Other Business Owners You Know
Finding the right type of health insurance on your own can be a challenge, especially if you don’t know where to begin and this is your first time looking into it as a small business owner. This is where your network can come in handy. Reach out to some of the other business owners that you know to see what type of health insurance they provide their employees. This can give you a better idea as to what you may want to offer your own. You can also ask them about some of the challenges they experience trying to find the right plan or if the insurance they offer now came about because of a wrong choice earlier. The more you know about the process, the easier it will be to take care of on your own.
Are There Any Other Benefits?
Good healthcare isn’t just about tackling health issues when they arise but offering preventative care to make sure that the likelihood they will is greatly reduced. Do the different types of health insurance plans you’re looking into offer perks like free mental health care or free preventative health visits? Do they offer more exciting perks like discounts on certain types of gym memberships or other benefits? All of these can be major selling points for employees, and you may even be able to sweeten the deal with your own health benefits outside of just what your insurance covers.
Support Your Employees With the Help of Margolis & Associates
Searching for the right affordable health insurance plans in NYC and the greater area can be difficult. But finding the right provider? That can be even more of a challenge. If you’re in the market for health insurance for your small business, start here with Margolis & Associates. We offer small business health insurance in NYC and the 5 boroughs that you and your employees are sure to love. Contact us at 212 684-0711 to learn more about the next steps today!