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A Roadmap for Setting Up Your Small Business’s Health Insurance Policy

Preliminary comparison shopping will give you a clear picture of what your health insurance plan should look like once it is ready to go.

The ongoing pandemic continues to ravage countries around the world. Even with the projected relief offered by the first waves of ready-made vaccinations, it may be months before the COVID-19 threat is eliminated. Even though cases, infections, and other tolls are diminishing, constant vigilance is still essential. As such, it is incumbent on employers to arrange for comprehensive health insurance policies. Even if you think that you can’t pull this off as a small business owner, we are here to surprise you: yes, you can! 

Do Some Comparison Shopping

Conduct intensive research to determine your best options. In other words, do your homework. Preliminary comparison shopping will give you a clear picture of what your health insurance plan should look like once it is ready to go. In the end, sensible cost-benefit analyses will yield the best set of choices you can give to your loyal workers.

Give Your Employees Exciting Choices 

With that in mind, strive to give your employees choices that they will respond positively to. Every small business is different – especially if your company is in a different field than your neighbors. For instance, a web design company could share office space with an engineering firm. Plans with lower premiums and higher deductibles could be most-desirable for relatively healthy workers who don’t need to see the doctor all that often. On the other hand, those who need more frequent medical care would choose a plan that hinges on lower deductibles and higher premiums instead.

Contemplate HSA Compatibility

Small business health insurance can and should offer everyone under your umbrella the same types of benefits – whether they are senior executives or entry-level hirelings. HSAs, or Health Savings Accounts, are going to be one of the most advantageous options out there – and they go hand-in-hand with High-Deductible-Health-Plans or HDHPs. 

Leverage Level-Funded Health Plans  

Self-funded plans are also called level funding or level-funded health plans. These plans can be another avenue toward saving money. You work with a trusted insurance provider to administer a group plan for the entire organization. In turn, you pay for more of your employees’ healthcare costs. This directive could net you some valuable refunds at year’s end. 

Another Customer Testimonial 

Our next testimonial comes from Carey Gaskill, who works for Navient. He needed help with an insurance claim, which we provided: “William has always been very helpful to me in filing Aflac accident or wellness claims. He communicates quickly and clearly and lets me know that status if [the status of] my claim. I am thankful to have him as a contact for a process that used to seem to be clunky and confusing to me (likely because of my own failure to properly research the process.) William makes it easy for me to utilize the coverage that I have. Thank you!”

Get Your Voluntary, Supplemental, and Health Insurance Policies with the MWE Partnership!

Are you a business looking to provide your employees with essential voluntary benefits? If so, look no further than The MWE Partnership. When you choose The MWE Partnership, you get experienced service and comprehensive voluntary benefit options that will meet all your employees’ needs. With over 17 years of experience, The MWE Partnership is your one-stop-shop for all your supplemental benefit needs. If you are interested in finding out how The MWE Partnership can help your business, contact us today! Be sure to like our Facebook page and follow us on Twitter and LinkedIn for all the latest voluntary benefit news!

 

This entry was posted on Friday, February 26th, 2021 at 11:14 am. Both comments and pings are currently closed.

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