Group Health
Offering your employees a group health insurance benefit has become a very expensive and very complicated process over the last few years. For most small businesses the traditional group health options available are just no longer affordable. The good news is there are several options available to help offer your employees a robust health insurance program while staying within budget.
Traditional group health insurance involves one group policy and typically looks at your entire employee roster as one risk. You may have a broker, TPA and provider all working together to find a singular (or a couple options) to offer your employees from one health inurance carrier.
ICHRA (Individual Coverage Health Reimbursement Arrangement). One of the most flexible and affordable options to smaller businesses that want to offer a health insurance benefit to their employees. This type of benefit allows employer to reimburse their employees health insurance costs for a fixed amount each month. Employees get to choose their own insurance coverage that fits their needs and the employer gets a predictable cost.
Ancillary, or optional/worksite benefits, are insurance policies that help cover the things that major medical may not cover. These include things like hospital stays, accidents, dental and vision insurance. These can be a great way to offer employees health benefits at a very affordable rate. These can be standalone options or combined with any other type of group benefit plan.
The newest type of group health benefit involves taking the insurance companies out of the equation completely. Instead of paying an insurance premium to an insurance carrier, employers make arrangements for group membership directly with the doctors that will be caring for their employees. Similar to an ICHRA this can offer a very affordable fixed expense to the employer while offering healthcare options to their employees.
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