Purchasing the medical insurance plan for your small business is an important decision; with costs on the rise, quality, affordable medical insurance is the most popular employee benefit of today. Before you choose a policy among state health insurance plans for small business needs, there are a number of things you should fully investigate about the company.
If the insurer is performing poorly financially or is considering a merger with another business, it may negatively affect the coverage of its clients. Do some online searching to find out what has been in the news regarding the insurance company, and check out its financial rating with Standard & Poor’s or another third-party ratings organization.
Ask the company directly for more information about their business and about the plan you’re considering. Insightful basic info on the company itself can include the results of its customer satisfaction surveys, a list of references and an official explanation of the appeals process for disputed claims. If this search turns up anything fishy, you might consider contacting the Better Business Bureau to find out if any claims have been made against the company in recent years.
You’ll also want to request all of the details on what is and is not covered. The coverage summary provided by the company may not include all of the coverage exclusions, and you won’t want to discover these things after you’ve already purchased a plan. Be sure to know what types of routine care, surgeries, prescriptions and long term care are covered, and know the deductibles, co-pays or any other charges associated with each. It is especially important to find out all of the coverage details for emergency care; some plans require clearance from a preferred health care provider before emergency treatment will be covered.
If there’s anything else that isn’t 100% clear, ask for it in writing before purchasing a policy. Otherwise, some of these factors won’t be apparent until it’s too late.
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