Most employers offer health insurance plans for their employees. You can consider new employees who are on probation for insurance, once they have passed the probation period. Older employees who are already in the system may need to wait until the open enrollment season to make changes to existing benefits or sign up for benefits. For most insurance plans, premiums are deducted from your employee’s pay monthly. In some instances, you will have to pay part of the insurance cost for your employees. Common insurance options which you can offer include;
- Medical insurance
There are various types of medical health insurance plans, and payments vary depending on the kind of plan. These include Health Maintenance Organization (HMO), Preferred Provider Organization (PPO) plan, and Fee for Service plan (FFS) plans. For the PPO plan, your employees can use doctors outside the plan, which may come with some penalties. Your employees also need to know the basic procedures covered in each plan and the deductibles. It is best to go for plans which offer preventative care and wellness visits for free, and most plans provide these.
- Vision Insurance
For vision insurance, find out the types of exams covered, the contact lenses or glasses covered, and any out-of-pocket expenses. Some vision plans cover a single pair of glasses in a year, meaning that employees will have to pay for an additional pair out of pocket. You can also offer a vision discount plan to your employees, where they pay for all the services at a discounted price to a preferred provider.
- Dental health insurance plans
Good oral hygiene is vital for overall wellness, and various dental plan options are available. These include the fee-for-service plan where employees pay the dentist for services offered and get reimbursement by the insurance company. Employers may visit a dentist of their choice, although they can benefit from discounted services if they choose a dentist in the preferred provider network. Another plan is the indemnity plan where you pay a pre-determined amount for pre-determined services. Go for plans which offer free cleaning and preventive care. Dental insurance may not always cover orthodontic care.
- Life insurance plan
Most employers pay life insurance for their employees as part of the employment benefits. If your employee is suffering from a chronic disease which makes it difficult for them to book insurance, you can help them take advantage of your open enrollment or allow them to apply for coverage during hiring.
- Flexible spending account
You can also encourage your employees to open a flexible spending account as part of their health insurance plans. With a flexible spending account, they can save as much as they want (pre-tax) toward medical expenses. This plan can also extend to their immediate family. For most FSA’s you must use the money within a year or risk losing it.
If your budget is on the low, your employees can begin by taking a basic health insurance plan and graduate to more comprehensive plans as you get your finances in order. You can have a plan to educate your employees on the health insurance plans available during open enrollment.
