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Business Health Insurance
Avoid Penalties and Get Tax Credit, 7 Reasons to Choose Business Health Insurance Now
Also Receive No Obligation Quotes from 5 Vendors
Also Receive No Obligation Quotes from up to 5 Vendors

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By: Arlette Measures
Questions to Ask Before Choosing a Provider

There are many types of health insurance and policies that businesses can select from, and a wide variety of benefit options to consider. For example, some employers opt for a policy that covers everything from preventive care and prescription medications to gym membership and alternative medicine treatments while others decide to offer just the basics. In addition to providing employees with a group health care plan, many employers also elect to cover a portion of the deductible and monthly fees on behalf of their employees. These are just some of the decisions that will go into your summary plan description.

The summary plan description will play a key role in your search for a health insurance provider. This is what you will provide to brokers when gathering quotes. Carefully consider what features you want to provide, and what you can afford. It is generally a good idea to begin with basics. You can always go back and add benefits if you find that you are able to afford additional ones.
Here are several questions to help you in drawing up a summary plan description.

1. What are the group rates? Health care plan rates will vary from one vendor to another. So it’s important to shop a wide variety of health insurance providers.

2. What are the premium costs for single, two-person, and family coverage?

3. Are your employees’ primary care and specialist providers included in the plan's provider network?

4. What are the terms of the policy? Is there an annual deductible that employees must meet before they can be covered for certain things?

5. What out-of-pocket costs, such as copayments, deductibles, and coinsurances will your employees be responsible for?

6. What is the most you want your employees to be required to pay out-of-pocket? Include both their premium contribution and benefit costs when considering this.
Many employers cover a portion of the premium cost each month. Some also choose to cover a portion of the deductible for each medical procedure.

7. Do you want to provide options such as disability insurance, dental care, emergency treatment and prescription drug coverage?

8. Will your plan allow for routine check-ups? What about x-rays, CAT scans, and MRIs? These are all questions that could mean a great deal of difference to your
employees in the event of an illness.

9. Which hospitals are important to have in the provider network?

10. Do you want your plan to offer coverage for employees who retire?

11. Will the plan exclude any treatments or medications?

12. Will there be a waiting period for coverage; if so, how long? What about preexisting
condition limitations?

Evaluating Providers
Once you have your summary plan description, you’re ready to contact a few different brokers to obtain quotes. Look for providers with substantial references from past and current clients. Do not rely solely on testimonials available on the company’s website. Conduct searches on sites like Yelp that offer customer reviews. If possible, contact someone who has worked with the company, ask questions about the services received, and gauge their satisfaction. Once you have gathered several unbiased sources, prepare a few specific questions to ask regarding the company and how it has met their needs. Ask them to rate the provider on factors such as expertise, reliability, customer support, and communication.

Check to see if the company is highly rated by the Better Business Bureau, Standard and Poor’s, A.M. Best, or other well known rating service. How long has the provider been in business? Health insurance agents and brokers often advertise low cost insurance for businesses, but it's important to do your due diligence to be sure you're working with an established and reputable company. Do they have experience providing health insurance to businesses? Your personal insurance provider may have access to plans for business insurance, but may not have specialists who deal specifically with providing insurance for businesses. An agent or broker with specific expertise will be better able to help you obtain a policy that's right for your business needs. Check to see if the company has worked with businesses that are similar to yours or in the same industry. Networking with other businesses like yours is a good way to get recommendations of providers with the appropriate experience. Find out if the provider will be able to meet the needs of your business as it grows. Will you be able to offer add-on policy benefits when your business is ready to provide these? Finally, gather quotes based on your needs. While you should not base your decision on price alone, it is an important factor.

The best way to compare prices—and to be sure you’re dealing with a quality, reputable insurance provider is to obtain quotes from top, pre-screened vendors.
At InsideUp, we simplify the entire vendor selection process so you can choose with confidence. Visit InsideUp to easily compare quotes from trusted vendors
match your specific needs.

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