GREAT COVERAGE FOR YOUR EMPLOYEES
Few things have changed the modern business landscape the way health insurance has. Whether you’re just starting out, or own a small business with multiple employees, you’re going to need help finding and securing health coverage.
Going into business for yourself can be a bit of a gamble; not insuring yourself, your family, or your employees only raises the stakes. The two groups who should be most interested in a group health plan are:
- Self-employed persons often think health insurance is an unaffordable luxury. But the right coverage can provide much-needed protection to your financial future.
- Many businesses are lost when the owner runs into unexpected medical costs, long-term illness, or hospitalization.
- A good plan can also help you attract and retain high-quality employees, as employer-sponsored health insurance is one benefit workers truly value.
Health insurance helps protect your finances in the following ways:
- Discounted rates for medical care. Insurance companies negotiate rates with health care providers. Without that feature, even the cost of a regular checkup or office visit can be twice as high
- Spares you unexpected medical costs. Bankruptcy due to hospitalization over an unforeseen injury happens more often than you’d think.
- Protects your ability to work. If you don’t have your health, it isn’t possible to work.
- Improves access to quality care. With a group health insurance plan, you gain access to a broader network of health care providers than you would otherwise have.
- Encourages a healthier lifestyle with regular checkups and preventive care that won’t cost you too much and are likely included in your policy.
- Shields your business from personal medical costs. Unexpected personal medical expenses can impact your personal liability for medical costs. Health insurance can help you keep your business protected.
- Hire and retain great workers. Employer-sponsored group health insurance coverage is a valuable inducement to top talent, and an important consideration in complete compensation packages.
There are two primary categories of health insurance for small business owners and self-employed persons to choose from:
Individual and Family Plans
Individual and Family Plans purchased by individuals to cover themselves or their families. Self- employed persons often purchase these kinds of plans, even though some may also qualify for small business/group plans.
Small Business/Group Plans
Small Business/Group Plans that are employer-sponsored health coverage. Costs are typically shared between the employer and the employee, and coverage may also be extended to dependents.
After that, there are more plan options to choose from:
PPO / Preferred Provider Organization plans are the most popular for individuals and families. It’s your responsibility to make sure that the health care providers you visit participate in the PPO. A PPO plan may be right for you if:
-Your doctor already participates in the PPO
-You want to direct your own health care, and can work with the predetermined preferred provider list.
HMO / Health Maintenance Organization plans offer health care services through a network of providers that contract exclusively with the HMO, or who agree to provide services to members. An HMO plan may be right for you if:
-You’re willing to coordinate your care through a primary care physician, and follow the rest of the HMO guidelines.
-You enjoy preventive care such as coverage for checkups, immunizations and similar services.
HSA-eligible plans are usually PPO plans with higher deductibles, designed for use with Health Savings Accounts (“SAs”). Similar to a flexible spending account (FSA) or 401(k), an HSA is a special bank account that allows participants to save pre-tax money specifically for future medical expenses. An HSA-eligible plan may be right for you if:
-You want to pay for health care expenses with pre-tax dollars.
-You’re relatively healthy and don’t need lots of care or doctor visits.
-You prefer a cheaper monthly premium even if it means having a higher deductible
-You want to “roll over” your contributions each year.
Indemnity plans allow members to direct their own health, visiting any doctor or hospital they like most. Because of this freedom, Indemnity plans are sometimes more expensive than other types of plans. An Indemnity plan may be right for you if:
-You want the greatest level of freedom possible in choosing which doctors or hospitals to visit.
-You don’t mind coordinating the billing and reimbursement of your claims yourself
At Graham, we specialize in covering local businesses, and business owners like you. We have everything you need right here, including:
- Monthly payment options to help spread out your payments so you can better manage your cash flow.
- Coverage of temporary staff, full-time employees, and independent contractors.
- Claims responsiveness when time is of the essence, especially in the event of an insurance claim.
- Tailored coverage for the specific risks of your field and industry.
- Knowledgeable agents who provide exceptional, passionate service.
The Graham Insurance Difference
While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.
We’re your neighbors. We protect businesses and people we know and care about, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent to be both affordable and responsive.
Contact us and let the professionals at Graham help you forge the strongest shield possible to help you protect the things you are working hard to build.