How to Choose a Health Plan for Your Business
How to choose a health plan for your business
Providing health insurance to employees is a crucial decision for any small to mid-size business. It demonstrates a commitment to employees' well-being, boosts morale, and can improve retention. However, choosing the right health plan can be an intricate process, and many businesses, even large ones, encounter common challenges during the selection process.
If you're navigating health plan selection, embracing these approaches can help you make the best possible decision for your business and workforce.Understand employee needs
One of the most significant opportunities businesses have is selecting a plan after gauging employee preferences. Your team may prioritize specific elements, such as low premiums, comprehensive coverage, or access to specialty services. Providing a plan that aligns with their needs can lead to satisfaction and appreciation, enhancing the perceived value of the benefit.
Solution: Proactively survey employees to understand their priorities, from routine care to mental health support, and tailor your decision accordingly.
Consider total costs
Choosing a plan based solely on monthly premiums can be misleading. While lower premiums might seem attractive upfront, these plans often come with higher deductibles, copayments, and out-of-pocket expenses. Employers should take into account the total cost of ownership of a health plan, both for the business and the employees.
Solution: Analyze premiums, deductibles, copayments, and additional expenses holistically to prioritize affordability for everyone involved.
Focus on network coverage
Another opportunity is making sure the health plan's network includes accessible and high-quality healthcare providers and virtual consult options.
Solution: Choose a plan with a robust network of board-certified doctors, specialists, and healthcare facilities that are conveniently located or accessible virtually.
Select a generic, low-cost plan
Businesses often opt for a straightforward, budget-friendly plan to keep things simple. This approach can sometimes limit the potential benefits, but basic plans can provide necessary coverage tailored to the unique needs of your workforce.
Solution: Look for health plans with added value, such as wellness programs and member discounts that boost employee satisfaction without significantly increasing costs.
Emphasize wellness program offerings
Employer-sponsored health plans often focus on responsive care, missing opportunities to enhance workforce health and reduce long-term healthcare costs. Sentara Health Plans supports preventive health services by covering various screenings and immunizations at no out-of-pocket cost. Going the extra mile with a health plan that offers wellness programs can help encourage a healthier workforce.
Solution: Choose a provider that prioritizes wellness and offers resources like health coaching, fitness incentives, and additional education about preventive screenings.
Why Sentara Health Plans?
- Improved access to care: Employees can speak with board-certified doctors anytime through virtual consults1, ensuring accessibility no matter where they are.
- Member discounts: Sentara Health Plans offers valuable discounts on services like massage therapy, eye exams, eyewear, hearing aids, and more to those who qualify, helping employees save on essential care.
- Health and wellness programs: Our wellness programs are designed to empower employees to exceed their health improvement goals, driving satisfaction and productivity in your workforce.
Learn how Sentara Health Plans helps provide healthcare solutions for small and mid-size businesses.
1Mental health and substance use disorder virtual consults are separate from medical virtual consults and may carry an additional charge. HSA plans will carry an additional charge until the deductible is met.
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