If your company wants to attract competitive and productive talent, try improving employee benefits and health insurance coverage. 46% of employees consider insurance when accepting a job offer, and 56% factor it in their decision to keep a position. Understanding the available insurance plans will help you choose the best policy for your employees.

What Health Insurance Plan Should You Choose?

1. Health Maintenance Organization Plan

An HMO plan can be more affordable for your employees, but they may have less flexibility when choosing a hospital or service. This plan has a list of approved specialists and primary care physicians that employees must see to be covered.

Out-of-network services and professionals won’t be covered unless it’s an emergency. HMO plans work best for smaller companies that favor less expensive premiums. If you want to provide more flexibility, consider a preferred provider organization plan that offers more choices without the expenses of fee-for-service coverage.

2. Health Reimbursement Arrangement

Through an HRA, an employer can offer health benefits, even without group coverage. You’ll only have to reimburse premiums and sometimes out-of-pocket medical expenses. Your employees will have the freedom to choose individual policies that fit their needs.

The provided benefits depend on the type of HRA you choose for the company. A qualified small employer HRA can pay for premiums and out-of-pocket expenses but limit the amount that employees can spend per month. On the other hand, an individual coverage HRA has no allowance caps, but out-of-pocket costs aren’t covered.

3. Health Savings Account

An HSA can be used in conjunction with plans that involve high deductibles or out-of-pocket expenses. Employees can make pre-tax contributions to this account, and the funds can be used for a variety of medical services and life events.

This option can also be implemented on its own, and it can benefit businesses who can’t afford group insurance policies. An HSA gives you and your employees control over how much to contribute to health insurance.

If you’re looking for health insurance options for your employees, contact the team at Dublin Health & Benefit Group in New Hampshire. They have over 100 years of experience providing group health and group Medicare insurance options. Serving Cheshire County, their team will sit with you and determine a plan that supports you, your employees, and the company. For more information, speak to their agents at (603) 563-8820. Send them a message on their website to request an appointment.