“I’m think about getting a first time health insurance policy, where do I start?”
Purchasing a health insurance policy for the first time can appear to be very overwhelming, especially in today’s marketplace. Below are some key points to keep in mind to help you simplify and better manage the process to ensure the best results possible in today’s market.
Before you even pick up the phone to call a broker, you must make sure to gather the following information:
- Census of your current employees – This means collecting the name, home zip code, date of birth, and coverage status of the employee (employee only, employee spouse, employee children, and family - ages, current health conditions and previous health related issues is information that would need to be gathered for all members). All brokers will need this information in order to get back rates from the carriers.
- Know your budget – Figure out how much money you are looking to spend on a health insurance policy for your business. Knowing how much you want to send allows you to work with the broker to find a policy and/or supplemental health products that can help you meet your objectives.
- Familiarize yourself with plan options – Have an idea of what types of plans you would like to offer your employees. Even if these plans may not be feasible, they will allow you to frame the conversation with your broker. Make sure to check out our blog post on which plan options may be best for your business.
- Know what you currently have when comparing – If you are looking to match benefits or to an existing or previous plan, make sure to provide this to your broker as well. This will help streamline the options that your broker brings back streamlined options that look to meet your objectives.
- Identify your long term goals – You expect your clients, and employees to work with you for a long time, and you should make sure to lay out a comparable plan for your benefits. Figure out the average age of your group, what you want to offer them in future years, and what information you think you will need to provide them in order to understand your vision.
- Try a Comprehensive Health Insurance - These plans are almost the exact mirror imagine of a traditional major medical plan, only the coverage is head to toe, tons of health relate freebies and the customer receives tons of payback from one company. With these plans, it is very important to check the PPO network because this could be the fine line between your plan being trash or treasure.
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