What to Consider When Buying a Group Insurance Plan

A group insurance plan is a plan or policy that covers a set number of people. Human resources departments in companies are often responsible for choosing these plans.

They can stick with the same plan that they bought and used in the past or compare rates and policies from different insurers to pick a new policy for employees.

As the director or manager of your company’s HR department, you need to know what factors to consider when picking a plan to choose the best policy for your group.

Out of Pocket Costs

The best insurance policies are those that limit the out of pocket costs that policy holders face. Out of pocket costs are any costs that the insurance company will not cover.

This can include the amount that the insurer requires policy holders pay before they can use their policies. It can also refer to the amount that employees must pay when seeing a doctor.

This copay is what an individual must pay before the doctor will see him or her. Employees may need to pay out of pocket when seeing a doctor outside of the coverage network or when filling a prescription.

Total Coverage

Whether looking at group captives or other options, you’ll also want to look at the total coverage available. This is especially important when switching policies.

The new policy may limit employees from seeing the doctors they saw in the past because those doctors are no longer in the network. Your new network might limit which hospitals or specialists you can visit too.

When looking at coverage options, you may want to look at whether coverage is available for pregnant women and those who need help with specific types of medical conditions.

Coverage for Others

While offering health insurance can make your company more appealing to job hunters, offering health insurance for their loved ones will make your company even more appealing.

The policy that you pick should offer coverage for both the spouses of your employees as well as their children and include children they do not have primary custody of and those they adopt too.

It should cover general care as well as visiting to the emergency room or specialists.  Knowing what to look for when choosing a new group health insurance plan can help you pick a policy that all your workers can use.