When choosing a group health plan for your company, there are a number of factors that must be considered. After all, insurance can be complicated, and this is a high-stakes decision. Choosing the right plan will not only prove financially advantageous, but it can help attract and retain top talents, as well. By contrast, the wrong plan can prove not only costly, but ineffective at improving your employee experience.
As a leading employee benefits brokerage, FullHR offers a range of options, and one that we want to highlight is our group health plan that offers a $0 deductible. In other words, this insurance plan means that employee coverage can kick in right away, with no requirement to meet a certain threshold first.
The Benefits of Choosing a $0 Deductible Group Health Plan
There are a number of benefits to choosing this plan, including:
1) It’s easier to understand.
Those of us who work in insurance are used to dealing with the technicalities of premiums and deductibles all day long. For folks who just want to know how much they’ll owe for their medical needs, thinking about deductibles can be confusing or frustrating. The $0 deductible plan provides a simple and consistent copay instead of a deductible, providing an ease of use that many employees will prefer.
2) Employees can enjoy coverage right away.
When faced with major medical needs, employees like to know that they’ll be covered by their insurance company. That’s not always the case when you’re dealing with a deductible, but thankfully, this plan allows coverage to kick in right away. Employees don’t have to worry about hitting a certain dollar amount before their insurance actually becomes useful to them.
3) It can help with employee retention.
Simply put, having a useful, easy-to-understand group health plan helps demonstrate value… and thus, it helps demonstrate the extent to which you care about your employees. As such, a good group health plan can be an invaluable way to retain top talents.
Is This the Right Plan for Your Company?
For companies with between five and 200 employees, this no-deductible plan can be a uniquely effective option. We’d love to tell you more. Reach out to FullHR with any questions or concerns.