Companies that provide their employees excellent benefits are able to attract better workers. One much sought after employee benefit is a good health insurance plan. If your company will enroll in a group medical insurance plan, you need a checklist to help you gather information from everyone who is included.
- Make sure you meet the eligibility requirements to be able to fall under group health insurance. You need a minimum number of people to sign up for group coverage. Check with your state and federal laws to find out laws and obligations to employees regarding benefits.
- Call at least three different health care insurance providers to talk to an agent. Each one will give you a specific list of what things they need to be able to come up with an appropriate quote for you. The basic information will be name, gender, age, marital status, zip code and coverage level (single, husband and wife, parent and child, family or declining coverage). They may pass out a questionnaire for you to give out to your employees that they need to fill out that will ask questions on their medical history.
- Go through your office personnel records and see which employees are eligible for coverage. Eligibility is based on their length of employment and not on their existing medical condition. Generally, only permanent employees who have been employed with the company for at least six months are eligible regardless of medical history.
- Based on benefits employment eligibility, pass out a questionnaire. It should contain their name, address, contact numbers, gender, marital status, number and name of dependents, position, years of service or employment and if they wish to avail of medical coverage. If yes, they should continue answering if they are a smoker and have any preexisting condition.
- Make a spreadsheet on Excel to enter data. You will need to enter the names of the employees, their birthday including the year of birth and current age. You can program your spreadsheet to automatically calculate the age based on the birthday, and add up the total number of employees. Make a heading that the spreadsheet is for your company, and include the contact person whom the insurance companies can talk to.
- When you submit your data to the insurance companies, ask for different quotes for different coverage so that your employees can pick which plan they like. Try to get at least two different HMO companies and PPO coverage. You have a predetermined budget set for each employee, usually at least 50 percent of the cost of coverage, so it is up to the employee which plan he will get based on what he is willing to co-pay. Getting the cheapest group coverage may not always work to your advantage since you may compromise the overall quality of your medical care.
- Make a checklist of specific medical concerns that you want covered in your plan. For example, do you want to include the cost of birth control for your female employees?
- Find out how your rates change or are affected by high-risk employees. Aside from the cost and billing, you must also find out how claims are made, if there are any exclusion and other limits of liability. Find out also any annual increases, renewal and start up fees.
Find the best group medical insurance you can afford. Prepare your information to help the insurance agent determine a quote and the best plan for your company.