The traditional choice for most businesses is a group health insurance policy. This business chosen plan provides coverage to employees, and potentially, employees’ dependents. Depending on your Practice size, this traditional option may still be a good fit for you. However, for the majority of single doctor locations, this proves to be prohibitively expensive and is not the right solution. Practices that offer group health insurance pay a fixed premium for the policy, and then, pass on a portion of the premium cost to employees. For example, the employer may pay 50% of the premium and the employee is then responsible for paying 50%.
Where should you look for and acquire this type of insurance? There are 3 basic options:
- A licensed health insurance agent or broker
- The SHOP Marketplace (Affordable Care Act)
- Direct through the private insurance companies
Many Practices find that their staff likes the traditional option because it’s familiar to them. It is how many of us have had insurance for the majority of our lives. However, Practices also find the cost to be higher than one can afford. Your employee census and the benefits chosen will drive the cost. We suggest Practices at least consider this option and shop the pricing as a baseline to compare to other options discussed later.
If you have questions or would like to connect with a health insurance partner in your area, contact us today!