As an employer, it’s important to understand what each employee needs from their coverage. Your employees may have families of their own to provide for, so it’s critical to extend employer-sponsored health insurance to employees’ spouses and dependents.
Part of why premiums for employer-sponsored insurance plans are so low is because of how the risk is spread across multiple people rather than one person. In terms of insurance, adding more people helps diversify the coverage and lower premium costs for everyone involved. That’s why it’s a good idea to include families.
Providing family coverage may also be why an employee may choose to work for you instead of a different employer and help you keep the employees you have. In other words, if you only provided individual coverage, some employees would likely leave to work for an employer who offered family benefits.
The costs involved in employer family plans include:
Monthly payments for keeping the policy
Out-of-pocket costs individuals have to cover before insurance coverage kicks in
Fixed dollar amount an individual has to pay per visit
Percentage of overall costs the policyholder is responsible for
Premiums are automatically deducted from employee paychecks and are paid using pre-tax income. This is much easier than purchasing a health insurance policy elsewhere because health insurance premiums don’t reduce taxable income outside of employer-sponsored coverage.
Employer coverage typically involves health plans featuring provider networks. Common plans with provider networks include:
Point-of-service (POS)
Health maintenance organization (HMO)
Preferred provider organization (PPO)
Provider networks are made up of physicians and facilities that have a contract with the insurance provider. They agree to offer discounted rates to individuals and families insured under a policy because it gives them access to more patients. Employer family plans provide a win-win situation for employers, healthcare providers, employees, and the employees’ families.
Coverage varies between plans, but in general, these plans are extensive enough to keep individuals and their families financially protected in most situations. Some plans may also offer prescription and dental, vision, and hearing coverage. Employees and their families can have peace of mind knowing they can receive inpatient and outpatient care without worrying about extreme financial consequences.
At The Health Insurance Value, we want you to have the most affordable coverage so that you and your loved ones can get medical care without worrying about steep medical expenses. We strive to help you get the care you need at the price you deserve.
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