Employee Benefits

Time to review your employee health insurance plan?

According to the New York Times, the price of some generic drugs have soared more than 1,000 percent in the last year.

While costs increase, health insurance continues to be a high priority for employees. A Harvard Business Review Analytic Services survey found that 60 percent of human resource leaders said that an attractive benefits package is very important in recruiting and retaining quality employees, while only 38 percent said a high base salary is very important.

With rising prescription costs, now is a good time to review your employee healthcare benefit plan to make sure you are choosing a package that is cost effective and helps you obtain the best employees. When reviewing, keep these questions in mind:

What does the plan cover?

Essential health benefits must be offered at no dollar limits on every plan under the
Affordable Care Act. These include:

  • Outpatient care
  • Emergency room visits
  • Inpatient care at hospitals
  • Pre and post-natal care
  • Mental health and substance use disorder services
  • Prescription drugs
  • Services and devices to help you recover if you are injured, have a disability or chronic condition
  • Lab tests
  • Preventive services and care for managing a chronic disease
  • Pediatric services: This includes dental care and vision care for kids

How much does it cost?

Generally speaking, health insurance that provides lower member cost at time of service (deductibles, copayments, coinsurance) and lower out of pocket limits will cost more in monthly premium.  However, many factors such as plan funding and design and your company’s claims experience can impact the monthly premium cost.

What doctors and hospitals are covered?

Every health insurance plan has a network of providers – doctors, hospitals, laboratories, imaging centers and pharmacies – that have signed contracts with the insurance company, agreeing to provide their services to plan members at specific prices.

Before selecting an insurance plan, check out its list of providers to see if it’s a good fit for your employees.

Let Northwest help you find the best options for your employees and bottom line.

Insurance: Not FDIC Insured. Not Bank Guaranteed. May Lose Value. Not a Bank Deposit. Not Insured by Any Government Agency.