About Health Insurance

Health insurance is one of the most important employer-provided benefits currently offered in the workforce. If you are thinking about offering this benefit, or are reevaluating your insurance needs, consider the following:

Determine the Right Insurance

If you decide to offer insurance, you need to know who and what you'll cover under your plan. Consider the questions below to help determine the plans and coverage that are right for you, your family, your business, and your employees.

• Are there any government-mandated insurance plans you are required to offer?
• To what degree are you concerned about your business operations if you were ever unable to work?
• Do you see offering insurance as a way to attract and retain employees?
• Would you prefer to cover only yourself and your family?
• Would you allow employees to choose your offerings if they pay for their own benefits?

Health and Related Insurance

Health insurance and its related plans are about people. In the case of accident or illness, these plans can help you, your family, or your employees pay for qualified medical care. Insurance types include:

Group Health, Accident, and Life Insurance

You and your employees have access to vital coverage including medical, dental, vision, life, and short- and long-term disability insurance.

Voluntary Supplemental Insurance

Employees determine their own insurance benefits, which they pay for out-of-pocket. It can be used to establish your company's benefits package or supplement your current group benefits. Employees often seek voluntary insurance to help them secure individual life and disability coverage, regardless of their medical histories.

Individual Medical Insurance

Keeps rising healthcare costs in check through health, vision, dental, life, and short- and long-term disability plans for you and your family.

Insurance Costs

Insurance carriers work within state regulations to determine premium costs for their plans based on the group's age, health, and lifestyle profiles. Insurance agencies have no direct effect on rates, but they can help you save on the group health insurance costs that are under your control, such as:

• Carrier
• Deductible
• Copay
• Prescription
• Hospitalization

Plan Management

Offering this highly sought-after benefit also comes with many responsibilities, such as plan setup, enrollment, execution, and ongoing administration of the plan. Compare below the duties required of you to administer your health plan, versus using the services of Paychex Insurance Agency (paired with Paychex Payroll):