April 2, 2024

As any budding business owner will agree, launching a new company can be as exciting as it is mentally exhausting.  The list of tasks and responsibilities that must be taken into consideration is nothing short of extraordinary, and overlooking even one can impact the success of the company well into the future.  For new businesses and start-ups that are thinking about offering an employee health insurance plan, there are some very important questions that should be addressed before making any hasty decisions.   

Whether you’re just embarking on the process of starting a new company, or you operate a relatively established business that’s considering offering group health benefits, here are a few of the most important questions to ask when it comes to ensuring that your employee health plan is affordable, reliable and able to meet the evolving needs of your staff.   

How Many Employees are Likely to Enroll in the Group Health Plan?

With a very limited number of exceptions, only full-time employees are eligible to enroll in a company-sponsored healthcare plan.  That said, it can be helpful to do a little homework before assuming how many employees will participate.  Some will already have coverage under their spouse’s or parent's plan, some may be on Medicare, and some will simply opt-out.  Sending a simple questionnaire to gauge their interest can give you a better idea of what to expect.  

What Type of Health and Medical Coverage are You Planning to Offer?

There’s no such thing as a cookie-cutter employee health insurance plan, as many are available to meet the unique needs of businesses of various sizes, budget requirements, healthcare needs, industry types, geographic locations and more.  This includes everything from HMO and PPO, to Health Reimbursement Accounts (HRA), Health Savings Accounts (HSA), Professional Employer Organizations (PEO) and others.  Check out our section on Illinois Group Health Plans to learn more about them.    

What Percentage of the Monthly Premiums Will You Contribute?

If attracting and retaining top talent within your industry is important, this is one decision that you won’t want to take lightly.  Prospective employees often base their decisions on the strength of benefits packages, and health insurance always tends to rank high on their list of influencing factors.  After determining how many employees have expressed interest in joining the group plan, carefully consider how much you’re willing and able to contribute, realistically.

How Familiar are You with Affordable Care Act Compliance (ACA)?

Of the many stressors that businesses face when it comes to managing a group health plan, few can hold a candle to ACA compliance.  There are countless mandates in place that absolutely must be adhered to, and using “we didn’t know about this” doesn’t hold a great deal of merit in the event of fines or tax penalties.  Unless you’re an expert in this area, or plan on learning it inside-out, we strongly advise working with a health insurance agent who understands it in-depth.

Will You Be Offering Medical Insurance Only, or Multi-Coverage Options?

It’s common for small and medium-sized businesses to offer only employee medical insurance.  Yet, many companies have found that offering ancillary coverage (such as group dental, vision, life, disability, etc.) can yield lower turnover, while attracting better candidates as positions open.  Working with an experienced health insurance agent who understands complex group health plans can expedite and simplify the process.  

Any Previous Experience Enrolling and Managing a Group Health Plan?

Many new business owners make the mistake of assuming that managing an employee health plan is no more complicated than managing their individual plan.  And every single one eventually learns that the two are poles apart in complexity.  Enrolling in a plan, on your own, is tricky enough.  You also have to deal with the never-ending healthcare needs of your staff, new hires, COBRA continuation laws, ACA subsidies, claims, Medicare enrollment, and countless others.  An experienced group health agent can handle these issues quickly, allowing you to focus on the success of your company.

There are many advantages to offering your staff health insurance, but it’s vital to go about the process in a manner ensures efficiency, value, accuracy and reliability. 

Let Premier Simplify Your New Employee Health Plan

Located in the heart of the Lisle/Naperville business district, Premier Financial Insurance has been serving the needs of small and medium-sized businesses since 2003, and there are no fees for our group health services.  If you’re an Illinois-based business that’s been considering adding employee health benefits, Premier in Lisle can make the process as simple and rewarding as possible.

Get in touch to learn more about how we can help, schedule an appointment at your location, or discuss your needs with one of our licensed staff agents.  We can be reached by phone at 800-369-0287 or via email by writing to us through our secure contact page.