Flexible Group Health Insurance:

Your employees are not one-size-fits-all so why should you expect them to be happy with a one-size-fits-all insurance plan? Each one of your employees will have different health care needs and expectations and it can be nearly impossible to please them all.

Flexible group health insurance plans have introduced a way to do just that. By allowing your employees the freedom to select the type of insurance they need, all under the same group plan, you can ensure that the majority of your employees will be happy with their policy.

How do flexible group health insurance plans work? Each employee in your company that enrolls in your group plan will have the ability to select the level and cost of the insurance that they prefer, and customize it to their particular needs through the use of different plans and/or benefit riders.

Why are these plans so popular? As health care costs continue to rise, many people cannot afford the same level of insurance that everyone can. A flexible health insurance plan allows certain employees to select higher levels of insurance and the rest to select a lower cost option.

How can this benefit your company? Flexible health insurance plans place more of the burden for premiums on the employees. You will be able to save money on your monthly premiums while your employees enjoy the benefits they need.

How long have flexible health insurance group plans been around? Approximately twenty years. They haven't changed much over the years, but the majority of small businesses who began using them two decades ago are still using them today. That is a great testimony to how these plans work and what you can expect if you are new to this type of plan.

Are flexible health plans HSA eligible? As more of your employees become interested in using a health savings account, the burden of finding an HSA eligible plan has been very large for many small businesses. A flexible group health insurance plan will allow your employees the option of selecting a high deductible, HSA eligible plan if they would prefer, without forcing the rest of your employees to pay more for their health insurance.

Why haven't I heard about this before? Flexible group health insurance plans are not frequently publicized and may be unpopular with some employees who resent having to pay more for their benefits. However, as the health insurance market changes, more employees are warming up to being able to tailor make their insurance plans to fit their individual situations.

Can a flexible group health plan increase my company's ability to attract new employees? Offering your employees a way to customize their benefits package has always been a good way to increase your company's appeal. If certain employees want to pay more for more health coverage, they will be able to without being forced to accept the same policy everyone else has.

Are there any drawbacks to a flexible group health plan? If your employees do not wish to pay more for their own benefits, you may not have an enthused work force when you mention the possibility of a flexible group health insurance plan. However, if you can educate your employees on the benefits that they can enjoy, you can greatly increase your success rate.

How do I find out more about flexible group health insurance plans? Talk with your current health insurance provider to see if they currently offer this type of plan. If you cannot get coverage with your current company, you may need to shop around with another insurance agent or representative who will be able to assist you in finding the flexible group health insurance plan that is right for you and your employees.

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