As a business owner, your team’s well-being directly impacts the success of your business. Providing quality health benefits is more than just an added perk; it’s an investment in your workforce’s happiness, health, and productivity. But with so many options on the table, shopping for health insurance can feel overwhelming.

In this guide we will walk you through 10 questions you should ask when shopping for health benefits to ensure the coverage is a good fit for your team. By addressing these key considerations, you can make informed decisions that benefit your workforce and your business in the long run. 

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1. What Health Insurance Plans Are Available?

Start by exploring the range of health plans on the market. Look for coverage options that include medical, dental, vision, and mental health services. Assess whether the plans align with your team’s unique needs. If you’re unsure, ask your employees for input—a quick survey can provide valuable insights into their priorities.

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2. How Much Will It Cost?

Understanding costs is crucial. Analyze the premium contributions, deductibles, co-pays, and out-of-pocket expenses for each plan. Strive to find a balance between affordability for your business and value for your employees. Clear communication about cost-sharing arrangements will also help set expectations for your team. Don’t just read the benefits summary, get on the phone with your recommended health insurance expert. They will be able to guide you to coverage best fit for your team.. 

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3. Are Flexible Plan Options Available?

Not all employees have the same needs. Some may require family coverage, while others prefer individual plans. Offering flexibility can significantly improve employee satisfaction and participation rates. Look for providers that allow you to customize options based on the diverse requirements of your workforce. Doing so can mean the difference between employees enrolling or waiving coverage. 

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4. What Is the Provider Network Like?

The quality of a health plan often depends on its network. Ensure the plans you’re considering include a wide range of doctors, specialists, and hospitals. Accessibility to reputable providers gives your team peace of mind and ensures they can receive the care they need without hassle. Ask your plan provider or benefits guide for a provider look-up, or coverage map and allow your team to review their current and prospective doctors within the new plan network. 

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5. Are Wellness Programs Included?

Wellness programs are a great way to support your team’s overall health and potentially lower healthcare costs. Look for plans that include initiatives like fitness challenges, stress management workshops, and nutrition counseling. These programs promote healthy habits and can enhance employee engagement. 

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6. How Is Prescription Medication Covered?

With nearly 65% of U.S. adults taking at least one prescription medication daily, comprehensive prescription coverage is a must. Investigate how the plan handles different types of medications, including generic and brand-name drugs. Clear details about copays and coverage levels will help employees feel confident in their benefits. Ask to see full lists of coverage tiers and access to a digital look-up, provide this to your team so they can research privately before making their decision on the benefits offering. 

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7. Are Retirement and Savings Plans Available?

While health insurance is a priority, don’t overlook other benefits like retirement savings plans. Options such as 401(k)s or Roth IRAs contribute to your team’s financial security and long-term job satisfaction. Including these benefits in your offerings can set you apart as a top-tier employer.

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8. How Is Coverage Administered?

Smooth administration is key to a successful benefits program. Ask about the enrollment process, whether an online portal is available, and how claims are managed. The easier it is for employees to navigate their benefits, the more likely they are to use them effectively. Don’t forget about ongoing billing, be sure you get clear answers on who is responsible for this reporting.  

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9. Is Employee Support Available?

Health insurance can be complicated, and your team may have questions or concerns. A dedicated support system, such as a hotline or knowledgeable representatives, can help employees understand their coverage and resolve issues quickly.

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10. What Are the Enrollment Periods?

Deadlines matter when it comes to health insurance enrollment. Make sure you’re aware of the enrollment periods and communicate them clearly to your team. Providing ample time and resources for decision-making ensures everyone has the opportunity to choose the plan that works best for them.

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Final Thoughts: A Well-Cared-For Team Is a Productive Team

Navigating health insurance decisions for your workforce may seem daunting, but asking the right questions can simplify the process. By focusing on affordability, flexibility, and comprehensive coverage, you’ll create a benefits package that supports your team’s well-being and strengthens your business.

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At Meridio, we manage health benefits for your team. Ready to learn more? Click here to explore Meridio’s Everyday Health Benefits.

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