How to Choose a Health Insurance Plan for Your Company

a doctor holding a stethoscope

As an employer, you must choose the right health insurance policy for your staff members. After all, you want to select an insurer that covers various healthcare needs without steep deductions or spendy monthly premiums. It would help if you also considered additional policies and insurance companies. These include dental insurance and vision insurance.

So, when you’re getting ready to select a health insurance policy, where do you start? How do you choose an insurance company that can help your employees thrive? Here’s what you need to know.

Set a firm budget.


Above all else, any insurance plan you select has to be affordable. Unfortunately, while it’s noble to provide full coverage, some businesses don’t have the proper resources. So if your startup or small business can’t afford dental insurance that fully covers orthodontic treatment, for example, try not to sweat it too much. That said, it is important to try and find fairly comprehensive insurance that fits within your budget.

When you’re getting ready to set a health insurance budget, you want to consider out-of-pocket costs, health savings account options, and different insurance coverage levels and treatment plans. For instance, you may completely cover basic health insurance, but you might require payment plans or employee contributions for higher-tier treatment plans. Depending on the insurer, you may even be able to find insurance discounts and tax incentives.

Setting a budget also means managing your expectations. For example, until your business grows and expands, you might not be ready to invest in comprehensive medical management services. This may also impact your ability to provide orthodontic coverage, dental plans, or vision insurance. Some of this is part of the many growing pains a small business experiences.

Determine which add-ons you’ll offer.

If you’re going to provide a dental insurance plan or vision insurance option, it’s important to determine how much coverage you’ll provide and what services you’ll cover. For instance, if you have several employees with growing children, you may want to provide orthodontic insurance. Not only can this dental plan and orthodontic insurance help your employees that are parents, but it can also encourage other employees that are interested in adult braces.

Plus, braces treatment can be expensive, and the cost of Invisalign is similarly high. However, the braces cost with insurance is often much more manageable for parents. When you’re looking for a dental insurance company, consider orthodontic insurance plan upgrades, different treatment options, and out-of-pocket expenses.

For vision insurance, you may want to consider setting maximum coverage levels. Many vision plans cover lenses and offer discounts on frames. However, insurance payments increase when policyholders request extra features like anti-scratch, anti-glare, or anti-smudge coating. Lense thickness also impacts pricing. There are even treatment costs associated with procedures like Lasik or other corrective eye surgeries. If you’re considering offering vision insurance, request a free consultation with an insurance provider.

Encourage employee feedback.


Especially if you’ve never offered insurance before, there will be a few bumps in the road. Instead of letting these discourage you, use them as prime opportunities to acquire employee feedback, make adjustments, and find policies that work. Even though it can lead to more paperwork, it’s always good to take employee feedback on board. Whether your employees are requesting a policy with more clinics in the local network or a dental plan covering most of the cost of orthodontic treatment, it’s important to listen to what your employees have to say about their health insurance and act on that information.

When you’re setting up your company’s health insurance, it’s important to set smart budgets, consider additional insurance policies, and truly listen to employee feedback to make better decisions. This will help you make the best decisions for your business.