So, you’ve decided to give your organization health insurance benefits but you’re not sure what makes a good group health insurance company. It can be difficult picking the right company because they all have varying costs and benefits that you need to consider before investing your money. Finding the right group health insurance company will make a huge difference in the long run and value is one of the most important factors to think about.

Your team are going to spend countless hours sifting through emails, articles and suggestions for group health insurance. There’s a lot of paperwork involved and setting up group health insurance can be quite the hassle. Sadly, it’s essential if you want to ensure your company’s longevity which is why you need to put in the time and effort into picking the right group health insurance company.

To help you pick the right group health insurance company, we’ve put together a list of things to look out for when picking an insurer.

Make sure your insurer has knowledge of your industry

The first thing to consider is how experienced your chosen insurer is with your industry. Let’s imagine that you run a construction company that has a higher risk of injured workers than say, working in an office. If the insurance company you work with isn’t used to dealing with workplace injuries on a building site then it can get extremely difficult for them to handle your needs. They may quote prices that aren’t suitable for you or perhaps they have policies that aren’t suitable for your needs. Insurers that have experience in your industry will be far better overall because they’ll be used to handling the situations that you face.

Using the same construction site example, if you work with an insurer that has worked with a construction company before then they’ll understand all the hazards and health issues that could occur as a result of your company. If you hire an insurer that isn’t familiar with your needs, then it’s just going to cause issues in the future. Try and speak with a representative beforehand and make sure they’ve had experiences with businesses of your nature.

Price isn’t the only thing you should consider

Paying for group health insurance is expensive, but the last thing you want to do is rely on just the price to guide you on which company to pick. It’s normal to go for the cheapest insurance so you can get it over with, but it’s one of the most glaring mistakes that people make when purchasing group health insurance for their company. Just because something is cheap, it doesn’t make it a great value option.

On the contrary, just because a group health insurance plan is expensive that doesn’t make it miles better than the cheapest option. Another mistake that is common is to judge a quote by its initial estimation. Let’s face it, asking for a quote or estimate before everything is taken into consideration is foolish because it’s hard to approximate how much you’ll be paying until all the calculations are done.

Let the insurer finish evaluation your entire situation before you jump to conclusion. Make sure you know exactly what you’re looking for in a group insurance plan before you decide to put a price on it, and don’t be afraid to dig around for quotes from multiple different insurers.

Work out how much you can claim in total

Now we get into the nitty-gritty details. First, make sure you check how much your coverage is actually worth. There’s usually a maximum limit of how much you can claim per incident, but there’s also a coverage limit per claim as well. For instance, your insurer might set a limit on certain procedures and accidents. Maybe one type of surgery is limited to $4,500 which means if the operation goes above that, you’ll be paying for part of the surgery despite having an overall limit of $3 million. Some insurers also impose lifetime limitations that are high but can still put a wrench in your group health insurance.

Limitations must be considered if you’re worried about the price. As unfortunate as it sounds, many companies gloss over these details because they’re enticed by low prices. However, it’s important to check how much you can claim per incident, how much you can claim in a lifetime and how much you can claim on certain procedures or incidents. There’s a lot of fine print in group health insurance plans, so make sure you’re not being ripped off with obscure terms and conditions.

Consider travel requirements in your company

If your company’s staff travels a lot, then you’ll also need to consider travel insurance or worldwide coverage. Increasingly businesses are sending their employees overseas for business meetings and networking at events so if you must travel, make sure you don’t skimp on worldwide coverage.

Again, this is going to differ from insurer to insurer so don’t forget to consult the company’s representative about worldwide coverage options. Some insurers only care about certain emergency situations that could result in something serious, while others are perfectly fine with covering non-emergency situations as well. If you and your company are frequent travelers, then worldwide coverage is an expense that you need to plan for.

Make sure the company you deal with has several points of contact

Lastly, make sure the company gives you multiple points of contact. Having just a single representative to speak to is going to severely affect the speed of which you can make a claim or speak with customer support. If possible, the insurer should provide you with a specialized team that can be contacted on various platforms or phone numbers.

By having several people assigned to your group insurance plan, you’ll find that it’s much easier to speak with them about your company’s specific situations and you’ll start to learn the limitations of your plan more quickly. It’s always a good idea to have a bespoke team of customer service representatives working for you, and few insurance companies can offer this luxury.