Any employer worth their salt will know how important it is to have a competitive benefits package that includes health insurance! But as the costs of healthcare and, thereby health insurance, continue to rise we can expect to see many employers across the country and world rethinking their health insurance options! When looking at health insurance plans it is important to know how they work and what is best for your business—and to decrease employee turnover!
There are two kinds of health insurance you can deploy in your company—fully-insured and self-insured! With fully insured plans the insurance company takes on all the risk and handles all the various employee insurance claims that might occur while coverage is active! With a self-insured plan the company itself takes on this role, the advantage of this one is there is no extra cost to pay to an insurance company—but the company has to pay all claims and it might be much higher than the premiums collected!
There are different pros and cons to each kind of plan, and whichever one is best is really up to the company that is deciding on which path to take! A great way to navigate this choice would be to contact your insurance agent and ask them what your business’ options could be!