Choosing the best small group coverage is a dilemma that almost every new Chicago business owner will have to face at some point. You want a plan that meets the wide-ranging needs of your staff, as well as one that won't make it impossible to turn a profit each month. Here are a few things to keep in mind, when shopping for IL group health plans.
Assess Your Company's Healthcare Needs
One of the biggest mistakes a new business owner can make, is rushing into small group coverage… without doing the vital back end research. This includes talking to your new and prospective employees about what they want from their coverage, comparing apples-to-apples policies from different insurance carriers, and asking professional colleagues what has and has not worked for them. Be honest with yourself about what you can realistically afford to offer, and more importantly, what you expect in return.
Does my budget allow me to offer a premium plan? Which insurance provider offers the best coverage at the lowest cost? Should I go with a high deductible plan? What are the benefits of HSA (health savings accounts)? Is my family covered under my company's plan? These are all good questions to consider before signing on the dotted line, and moreover, things that a health insurance broker can help you in addressing.
Talk to an Experienced Insurance Broker
Why work with a health insurance broker? For the same reasons you consult an accountant during tax season, or take your children to a board-certified physician during cold and flu season. Insurance brokers know the ins and outs of the insurance industry better than anyone on the planet, making them immeasurably helpful when it comes to choosing the small group plan that is just right for your business.
By taking an objective look at your company and employee structure, a qualified insurance broker can make it easy to find a small group plan that is affordable, flexible and appealing to your staff. In the long run, this can give you and your staff the peace of mind they need to perform well, and has been shown to help attract and retain more talented employees.
Explore All of Your Options
If you're new to the world of entrepreneurship, it is safe to assume that until now you've been covered under your former employer's health insurance plan. There, you were likely limited to a very small number of options for you and your family. This is a big city and there are no shortages of options when it comes to buying small group insurance in Chicago. At our agency, we specialize in providing Illinois businesses and families with plans from BlueCross BlueShield of IL, Humana, Aetna, United Healthcare, and others.
If you're starting a new business and have questions on employee healthcare benefits, or if you're considering group coverage for your existing business, Premier can help. Give us a call today at 800-369-0287, or e-mail us directly through our contact page.