While group health benefits are still the most likely way that people in Longmont, Loveland, Windsor, Greeley, Fort Collins, CO, and the surrounding areas will be getting their health insurance, there are changes happening in the industry that will give challenges to what has been a mainstay for many years. Volk Insurance Benefits can help your organization put together the right group health benefits package, but what works well for this year and perhaps a few years may need to change down the road. Your business changes and the insurance industry continues to change, and that will bring about changes to group health benefits as well. While your goal is to provide the best options for your employees, you also have to balance that cost against other options that are being presented and utilized by others. Contact us today to review your current needs for group health benefits.
Challengers To Group Health Benefits
When it comes to health insurance, the old model of group health benefits may be experiencing some challenges in the coming years. Where before the group model provided a single option for employees and their health insurance, today there are options that include ICHRAs that allow employers to offer a healthcare allowance for employees to go and purchase whatever plan they want. This provides employees with flexibility and the employer with a stable cost basis for planning.
Another option that larger companies are looking at is self-funded plans. These plans allow companies to effectively pay for the healthcare costs of employees directly from their own funds, keeping the health insurance company out of the mix. There is a blended option where self-funded plans are combined with a stop-loss insurance that caps the employer’s financial risk.
Benefits All Around
Employers like these new options as they can budget more effectively and it provides them with a way to have health insurance that is better suited to the employees’ needs. Employees like the options as they have more freedom to choose the insurance plans and providers that best match their unique needs. With both sides of the equation feeling like winners, you can bet that there will be more options coming along that will make things even more interesting.
Group health benefits are still the large elephant in the room in Longmont, Loveland, Windsor, Greeley, Fort Collins, CO, and the surrounding areas when it comes to providing health insurance coverage for most people. At Volk Insurance Benefits, we will help you develop the right answer when it comes to offering health insurance coverage for your team. Contact us today to learn more about the changes to the health insurance industry and what it means for your business.