Employee Health Coverage Plans

What type of insurance is right for your company?

Companies have several options when choosing an employee health insurance plan. There are many types of employee health insurance that can be bought for the company. Catastrophic, federal, and small business insurance plans all vary in cost and coverage.

Catastrophic health insurance plans, formerly known as high deductible insurance plans, have low premiums but high deductibles. You must reach the plan’s deductible before insurance will begin paying. Deductibles can be as low as $5,000, and increase from there. These plans save money for an employer by lowering the cost of employee health care and also save money for individuals who rarely need medical care. However, for someone needing ongoing care or experiencing an unexpected illness, this plan can cost the employee a lot of money out of their own pocket.

Small business employee health insurance can be more expensive than larger companies’ insurances. However, insurance rates can decrease if employee health and safety increases. This is why employee health programs such as an on-site gym can be beneficial. However, small businesses can offer their employees many of the same health plans, such as Lifewise health insurance, as larger companies offer.

Federal employee health insurance is often times one of the best, all inclusive plans available. Federal employee health benefits often include low premiums, low co-pays, and even dental insurance PPO. Federal employee health benefits are not only open to federal employees, but also their families.

Having a superb employee health plan can draw in qualified job seekers to your company. If someone has received multiple job offers, his/her decision might come down to which company has the best benefits. Health insurance is a major benefit to consider. It is in every company’s best interest to take employee health seriously. It may be the deciding factor for an excellent employee considering multiple job opportunities.