How to Choose Health Insurance for Law Firms
Health insurance for law firms is a minimum standard for caring for your employees. And with so many different options to choose from, each with their own intricacies, it can be overwhelming at first.
In this article, we’re going to run through some of the main considerations to keep in mind when choosing health insurance.
ABA Members can easily compare group medical plans >
Which Factors Should You Consider?
Every law firm is going to be slightly different. If you think through the following principles in the context of your organization, you will be in a good position to make the right choices:
- • Cost. The first and most obvious consideration that comes to mind is the cost. You will need to decide what your budget is going to be for healthcare contributions. This will determine the range of plans for your situation.
• Coverage. While most plans outline the coverage for the essentials (i.e., copays for in-network doctor visits), every provider will have slightly different coverage. For example, certain plans may offer coverage for services related to mental health, while others may not. This can be a significant deciding factor, depending on what areas of coverage matter to your employees.
• Doctor Network. When you review the plans available in your area, you will need to ensure that you are selecting a plan with the type of doctor network your team needs. For instance, you may need to decide if an HMO is reasonable, or if you need a PPO in order to get a larger network of doctors. With many insurance plans, you need to balance the trade-off between the number of doctors you have access to and coverage for, with the cost.
Talking to Your Employees
It’s important that you speak with your employees while going through this process. In a perfect world, this would be a collaborative discussion where everyone openly shares their needs. In the real world, that kind of meeting might not be practical. To bridge this gap, we recommend you look into plans that make sense with your budget, and then take these plans to your employees and talk through your decision-making process.
When talking with your employees, it’s a good idea to ensure everyone understands what having health insurance will mean. Some may want a more basic understanding of their plan and benefits. Others may have more experience with insurance and have more pointed questions.
Next, you’ll want to ascertain whether there are any special cases or unique health situations that might necessitate selecting a certain type of plan. This is a very delicate area to navigate, but there are factors you can consider without uncomfortable conversations. Some areas you may want to consider would include employee age, need for pregnancy-related care, children and other dependents, and chronic conditions.
Finally, you want to get a sense from the group as to what matters to them the most. Choosing between plans and providers is always about trade-offs. You want to determine on which side of the spectrum your employees tend to fall on each factor.
How does ABA Insurance assist in this process?
ABA Insurance makes it easy for members to compare and shop health insurance plans in seconds. Click here to begin >
You can refine your search based on a multitude of factors and receive personalized plan advice if you wish. Law firm health insurance doesn’t need to be complicated.
ABA Insurance is benefit that provides members access to 20+ insurance and financial product solutions to fit the various aspects of their life and career. Learn more by visiting www.abainsurance.com.
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