If you run a small to mid-sized business, you may be wondering what you need to do to set up and implement the best possible group health insurance plan for your employees. Finding the right plan can be a juggling act, and many businesses find themselves balancing good protections for workers while staying within a tight budget. There are a few key facts that can help you provide good coverage without breaking the bank.
Determine Your Business’s Needs
Before you start shopping around, assess your business’s needs, and look for a policy that meets them. Factors to consider include:
- The size of your business, as many plans cover up to 50 employees
- The number of hours your employees work
- The number of contractors you employ
Once you’ve determined the type of plan you’re seeking, you can choose between a broker or a carrier to find the most affordable option.
Set Aside Premium Money
You should be aware that once you’ve chosen your plan, many insurers require an up-front payment to cover at least the first month’s premium in order to secure your chosen coverage. Before you settle on a plan, make sure you have enough premium money set aside for a quick application process.
Setting up group health insurance for your company can seem tricky, but providing adequate protections for your workers is well worth the effort. Keep these simple facts in mind and you can find the coverage you need while staying within your business’s budget.