13The law on health insurance for Employees

Employers are required by law to provide health insurance for their employees. The Affordable Care Act does give exemptions to companies with less than fifty employees. Health coverage is considered as one of the most basic and important benefit by employees. As a company, there are reasons to offer health insurance. It has been proven to improve morale and improve employee retention among many other benefits. In order for your employees to benefit from say a health insurance Plan in Florida some things need to be considered such as:

Guidelines for choosing the right insurance plan

  • Type of health insurance to be offered

You should consider whether the business should implement the traditional health insurance or the managed care plans. Each of these two have their own benefits and limitations, so be sure to choose one that will work best for your business employees.

  • Is an insurance broker needed?

This is up to the business to decide whether it’s worth it to buy from broker or not. If as a business, you decide to go with a broker choose the right one. The best broker would be the one that has experience dealing with your type of business. If you could get a good recommendation for a broker, then that’d be better.

  • The policy being offered

As a business, you should always take your time with the policy. Ideally you should check the cost, coverage, restrictions and reimbursements when evaluating the policy. The cost is in terms of how much premium you have to pay, the deductibles and co insurance. All these things need to be considered to ensure that the policy is right for the company.

  • Reputation of the insurer

Say you want to choose blue cross blue shield of Florida as your next insurer. They are big and well known, but you want to investigate more about them. You could do this by examining the rating books published by either A.M. Best, Duff and Phelps and Weiss Research. It will help you get a good idea about them. The best thing to do would be to go for the firms known for good and reliable service.