As an employer, Small Business may be one of the most important benefits that you give your employees. Although mandated by law in most states, provisions for Small Business vary in terms of location. As a first step, it is important to understand the laws as to what amounts and what kinds of coverage are required. Net, it is important to understand the degree to which the Small Business benefits are vital in attracting and retaining your employees. This could be accomplished by determining what other employers in your area are offering to their employees. Finally, find out about the insurance needs of your employees. This is the only way to know if your Small Business is analyzing your employees’ healthcare needs. The insurance needs of your employees will depend on the demographics within your company. For eample, average age and age distribution, single versus married with children etc. These factors can be analyzed by representatives of your insurance carrier. Once you understand the environment in which you need to provide Small Business, you can compare the different types of Small Business. You can choose among those offered by the Health Maintenance Organization or HMO, the Preferred Provider Organization or PPO, Major Medical Plans, and Health Savings Account. You might also check the provisions of their Indemnity Plans. This type of Small Business allows employees to choose their preferred doctors and facilities. The cost of Indemnity plans, however, is usually higher regardless of the size of the group. You should consider discussing the requirements for certain kinds of coverage, i.e. dental and vision care, with your employees, as these have added costs and may or may not be as important as the other components of the Small Business plan. The employees can often waive these add-on benefits while still taking on the primary parts of the plan. Also you’ll need to consider the etent of coverage of the Small Business plan. Will the plan cover only full-time employees or will it cover part-time employees or even those on contractual basis? Can their dependents be included in the plan? Your employees’ may want to include additional coverages, even if they have to pay the premiums. Supplemental healthcare coverage includes disability, loss of income, or long-term care insurance. Lastly, make a list of questions that you need to ask the health insurance provider before getting a quote. The questions will guide you in making the process of evaluating Small Business plans easier. - June 16 @ 3:52 pm