Flexibility in Group Health
If you want to provide health insurance benefits and you’re able to contribute toward employee premiums, group health insurance is the way to go.
Offering group health insurance can be a significant benefit in hiring and retaining employees, and the amount you pay toward employee premiums often is tax-deductible. Since no one can be turned down based on medical history, group coverage also protects workers or family members who might otherwise go uninsured.
The flexibility is generally limited to “pre-constructed” health plans depending upon the insurer and its networks. Normally flexibility comes into play with respect to deductibles on health care costs, or the amount an individual or family is responsible for annually; co-insurance, or sharing of fees between the insured and the insurer is another aspect, and ultimately, the amount the employer chooses to pay of the total premium of the individual employee and any family members also covered are flex options.
Often, life insurance may be integrated with health coverage depending upon insurer. A certain amount, for instance $10,000, may be included and paid by employer, but often, an employee or family may be eligible for additional amounts of their choosing, subject to maximums and without underwriting requirements like physicals, with optional coverage most often paid by the employee.
Flexibility in multiple networks, visibility to claims information, design of incentives toward wellness and prevention are normally less flexible than self-insured health plans.