If you’re shopping for insurance for your small business, you may have come across the term “health insurance package.” While the term may be foreign, the concept should be familiar.
Think of a health insurance package in the same way you can “bundle” your phone, cable, and wi-fi services. Three different services in one package that make it easier for you to manage.
Health insurance packages are similar. They bundle a variety of health insurance and other employee benefits into a single program. The goal is to help you meet your employees’ individual and family health care needs, while also minimizing administration for your business.
Health Insurance + More
The core insurance offered is typically Health Insurance and may include HMOs (Health Maintenance Organization), PPO (Preferred Provider Organization), EPOs (Exclusive Provider Organization), or HSA (Health Savings Account) compatible plans.
Besides Health Insurance, what really makes it a “package” is the additional coverage you have access to, such as:
- Acupuncture and Chiropractic Care
- Life Insurance
- (Accidental Death & Dismemberment) protection
- And more!
Your Health Insurance package may be further enhanced by value-added benefits like the following:
- Discounts on Dental, Vision, Hearing, or other health care-related services
- A Premium Only Plan, which allows your employees to pay for some of their employee benefits on a pre-tax basis
- Online human resources support services (for you and your employees)
- Employee discounts on travel, entertainment, and other services
- Prescription drug discounts
- Cal-COBRA or Federal COBRA billing services
- Added tools and resources, such as online health plan comparison services, HSA information, online enrollment, online provider search, online Rx search, and more
Advantages of a Small Business Health Insurance Package
Like with telecommunications services, one of the biggest advantages of packaging your employee health care with other benefits is convenience. When you bundle your services, you have just one contact for your benefits – your agent. You also have one administrator responsible for billing all of your organization’s benefits for employees. That way, you only have to write one check each month for all of your employees’ coverage – and you have one website and one toll-free number for service-related questions.
It’s Easy to Learn More
Your employee benefits agent can provide more information on a Health Insurance Package to suit the needs of your business and employees. If you do not already have an agent, you can search for one in your area here