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Should I participate in my Small Business�s Health Plan?

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An employee-sponsored health plan is not your only option. Just as your small business examines different health insurance providers, you can look at all the options before you decide whether to participate in your business�s health plan.

In order to compare plans, you will have to do your research. Compare all your options, focusing on the issues that concern you most. Is there a waiting period and, if so, how long is it? How does the plan treat pre-existing conditions? What benefits are covered (focusing on the benefits you are most likely to need)? Can my family receive coverage along with me? What are my premium and deductible costs?

Hopefully, once you examine all this information, it will be clear to you whether the plan provided by your small business is a quality plan. In most cases, your out-of-pocket costs will be substantially cheaper with the plan offered by your company, either because the company foots some of the bill or because you can pay a group rate, so if the quality of coverage is comparable to all other options, the deciding factor could be the costs.

If you do decide to enroll in your company�s plan, ask if there are different levels of coverage. Perhaps you can eliminate specific benefits that you do not need or can choose your own deductible. In any case, make sure you know exactly when and how to enroll. Usually, new employees can only enroll in the company�s health plan during specified times, and you need to know this in order to ensure that you are not without coverage for weeks or months at a time.

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