Bloomington Group Health Insurance & Employee Benefit Plans

Group Health Insurance and Employee Benefits

Health insurance is the foundation of a comprehensive benefits package for your employees. It is the most preferred benefit for many employees. Employers who offer health insurance stand out as employers of choice when desirable job seekers are seeking job opportunities.

Group health insurance plans cover the cost of hospitalization, ambulance transportation, medical office visits for checkups and illness among other healthcare services.

Every plan has a co-pay responsibility which requires the employee to pay a small fee to cater for a portion of the healthcare service offered. Additionally, some plans cover employees who must pay the cost of insuring their family members however group health insurance covers dependents.

What to Look For In an Insurance Provider

You need to select the right provider due to the rising number of insurance companies claiming to provide the best group health insurance and employee benefits plans. Below are things you should look out for:

• Choose an insurance company that will cater for all your insurance needs since the responsibility of protecting your family members and property lies with you.
• Look for a company that is transparent when processing claims. Check if any complaints have been filed against the company and how they were resolved. The transparency a company provides will play an important role in decision making.
• Ensure the insurance company is licensed to do business in your state because certain companies are not allowed to conduct business in all states.

Benefits of Working with an Insurance Broker

With so many carriers in the market and insurance plans, finding the right insurance policy can be stressful. Below are advantages of working with a broker:

• Brokers disclose their commission rates and inform you about its effect on your insurance premiums. Their compensation is deducted from your premium payments. At the point of sale, your broker will give you a statement informing you the percentage of your premium that will cater for their commission.
• They will declare any financial partnerships they may be having with particular companies considered a conflict of interest. They will also inform you about any loans or ownership positions they may be having in specific companies.