When you’re a business owner or HR manager, choosing an ideal group insurance plan can be a daunting task. With so many insurance services in North Carolina offering different plans, you may find it hard to determine the most suitable option. However, a group health plan is a key element in your organization’s compensation strategy and can be a deal-breaker for attracting and retaining top talent.
As a partner of National Insurance Associates in High Point, North Carolina, we will share helpful tips for selecting group health insurance:
- Determine your employee demographics
Employee demographics often dictate your staff’s coverage preferences, especially when your organization is made up of different age groups. Considering aspects like generational differences and their interest in offerings like hospital plans, determining your staff’s demographics will give you a better understanding of what your staff values the most in a policy.
- Set your group benefits budget
Another aspect to consider is setting your group benefits budget and how much your organization can realistically afford. This includes having a sense of how much the company and the employees will contribute each month. Speaking to insurance companies like Exemplar Insurance Associates, Inc. will help you find the most ideal plan within your budget.
- Look beyond premiums
Group health plans are made up of various factors like premiums, copayments, deductibles, and more. Generally, setting a higher premium means getting a lower deductible each month. When comparing different plans, make sure to take INSERT into account how much your organization will pay and how much your staff will pay depending on their choice of plan.