Tips for Choosing the Right Group Health Insurance Plan

Posted By: Team Moody,
group health

Employees are the backbone to any company’s success. Therefore, it is our job to keep them healthy to avoid any disruptions in production. To accomplish this, companies should create a quality group health insurance plan to provide security for the future and save money on expenses.

While finding a reputable health insurance provider can be difficult, it is imperative to choose the best coverage possible and select the right insurance plan with positive reviews and competitive rates, such as MD Group Health Insurance. Fortunately, we’ve compiled a list of the top tips to select the perfect group health insurance plan for your business to help you achieve the best outcome possible:

  • Conduct Proper Background Research
  • Don’t Allow Price to Determine Your Voice
  • Choose a Plan That Fits All Your Employees
  • Consider The Dollar Maximum Per Claim
  • Best to Go For Worldwide Coverage
  • In a Nutshell

Read on below to learn more!

Conduct Proper Background Research

While many individuals often neglect this step, business owners must conduct proper background research on their potential insurance providers to choose the perfect group health insurance plan. To avoid such an error, you should ensure that the company you choose has good reviews from past customers as well as competitive rates for healthcare coverage in general.

Failing to do so not only goes against successful business practices but also leaves you vulnerable to lacking the correct coverage in the case of an unfortunate event.

Conducting background research is not as hard as many claim And can be accomplished in no time by simply reading customer reviews and asking other businesses who have used insurance providers you’re considering.

To learn about the culture of health insurance providers, we recommend that you examine their history of stability as well as their customer service.

Conducting thorough background research will help you save time, money, and effort in the long run.

Don’t Allow Price to Determine Your Choice

Although price plays a role in the decision-making process, do not always pick the option with the lowest rates.

A cheap health insurance plan does not mean the best coverage for your business. When it comes down to what is best for your company, quality should be king, and price should come second.

Cheaper group health insurance plans are also typically not worth the tradeoffs as they tend to mean lesser coverage and protection.

We recommend finding insurance providers with reasonable prices who still provide adequate benefits.

Choose a Plan That Fits All Your Employees

When choosing the right group health insurance plan, we also recommend finding a program that covers all your employees.

If you have employees with pre-existing conditions, it is essential to find out if the health insurance coverage will cover them. Failure to do so could create a large problem depending on the employee’s condition and what kind of treatment they need.

Insurance providers that offer “guaranteed acceptance” help to solve the problem caused by employees with pre-existing conditions.  As long as you pay the premium costs, guaranteed acceptance allows you to automatically gain coverage without any additional verification needed. To not deal with any future problems, you should make sure that everyone in your company is covered.

The last thing you want is for an employee to sue your company for not receiving surgery because you didn’t provide insurance coverage for them.

Consider The Dollar Maximum Per Claim

When you choose an insurance provider, it’s essential that you understand the limits and how they may affect any decisions. One of those limitations is a per claim maximum — how much the insurer will payout for anyone’s claim.

Be aware that a low dollar maximum per claim leaves you liable to foot the rest of the bill, which can be expensive depending on what kind of care your employee needs and how often they use their coverage.

Given this, you should find an insurance company with high limits to ensure your employees can cover all costs without asking for more money from you.

As mentioned earlier in the “Don’t Allow Price to Determine Your Choice” section, quality should be king and price second. An inexpensive option may have hidden expenses down the line when something unfortunate does happen.

Best to Go For Worldwide Coverage

If you or your employees constantly fly around the world, then you need to pick a group health insurance plan that offers worldwide coverage.

Things can be grim and expensive when you’re abroad and realize your medical care is not covered internationally. If you get hurt without international health insurance when traveling, you will be forced to pay for everything yourself. To protect your employees even if they’re overseas, it’s best to find a group health insurance plan with worldwide coverage.

In a Nutshell

It is important to learn how to choose a group health insurance plan for your business. The tips to consider when selecting these plans can be overwhelming, but we hope this blog post has helped you narrow down what type of coverage works best for your company.

About Moody Insurance Worldwide

Moody Insurance Worldwide, a division of Moody & Associates that was founded in 1914, is a leading provider of risk management programs and insurance coverage to individuals and businesses across the East Coast. We write all sizes of businesses, with technical expertise in many key industry areas, and provide personal insurance programs for estates and high net worth individuals. Our licensed, experienced commercial account managers can work with you to determine the coverage that you need at a competitive rate. Contact us today at (855) 868-0170 to learn more about what we can do for you.