For Employers: Options & Flexibility
Basics
The basics of every health benefits plan should include a solid structure for the implementation of products and a service component which allows for accurate administration and program maintenance. More importantly, the coverage that your program provides should compliment the structure and activity of your business. Although there are many products available for a number of different insurance coverage, your plan should include those that are most cost-effective to you and your business.
There is no fixed standard for what may be included in a traditional benefit plan but there are certain areas of health insurance coverage that employees of your company may become accustomed to seeing in a plan that is offered to them. Generally, the basics of most plans will consist of a combination of the following:
- Life Insurance
- Accidental Death & Dismemberment
- Dependent Life Insurance
- Short Term Disability
- Long Term Disability
- Extended Health & Dental Coverage
Private Health Services Plans (PHSPs)
Private Health Services Plans (PHSPs) offer an alternative method of providing medical and dental benefits for self-employed individuals, small business owners and larger sized businesses with several employees. Services that are ineligible through traditional insurance programs can now be included in your coverage such as vision and major dental that may have been very costly under another plan. Medical and dental services are not “insured” products but are “fee for service” products. This means that as a service is required or used by an individual, then the benefit is administered and paid for as opposed to paying for a service inside of a plan that may or may not be used. PHSPs allow for businesses to implement a health plan without incurring the cost of traditional plans which are most cost-effective when designed for a large group of employees. A more detailed explanation of PHSPs can be seen here:
