The cost of healthcare is continually rising, and businesses have to make difficult decisions about how to provide benefits to their employees best while keeping costs down. There are a few factors that companies must consider when choosing healthcare benefits. Keep reading to learn more about how businesses choose healthcare benefits.

Why choose HORAN healthcare benefits for your business?


Regarding employee benefits consulting, HORAN is a trusted advisor providing legendary service, support, and partnership. At HORAN, they know that benefits strategy is critical to your success as an employer. Their team of fiercely independent advisors leverage data paired with insightful analysis to deliver practical recommendations that build your benefit strategies. They provide innovation paired with specialized expertise to drive positive results for your organization and your employees. They take the time to understand their client’s unique needs and offer tailored solutions that meet their specific goals. Whether providing employee benefits consulting, wealth management, or life insurance, HORAN is dedicated to delivering the highest service and support. Their experienced professionals are committed to helping their clients achieve their goals and create a brighter future.

What are the most common types of healthcare benefits plans?

There are a variety of different types of healthcare benefits plans that businesses can choose from. The most common type of plan is the traditional indemnity plan, allowing employees to choose their own doctors and hospitals. With this type of plan, the employer pays a fixed amount for each employee per month, regardless of how much care they use. Another common type of healthcare benefits plan is the health maintenance organization (HMO), which requires employees to use doctors and hospitals within the HMO’s network. If an employee needs to see a doctor or go to the hospital outside of the network, they may have to pay for all or part of the cost themselves. A third common type of healthcare benefits plan is the preferred provider organization (PPO), which is similar to an HMO but allows employees to see doctors and go to hospitals outside of the network at a higher cost. Finally, some businesses choose a self-funded health insurance plan, which pays for their employees’ out-of-pocket health care costs rather than paying premiums to an insurance company.

How do self-funded health insurance plans work?

Self-funded health insurance plans are a popular choice for businesses because they allow the company to have more control over their healthcare costs. With a self-funded plan, the employer sets aside money each month to cover the anticipated cost of claims. This can be less expensive than traditional health insurance because the business is not paying for a fixed benefit package. Instead, they are only responsible for claims that are made.

There are some risks associated with self-funding, including the possibility that costs could exceed what was expected, and the company would then be responsible for covering those expenses. However, many businesses find that self-funding allows them to better manage their healthcare costs and provides more flexibility when choosing providers and benefits.

Are there any tax breaks that businesses can take advantage of when offering healthcare benefits?


There are a few tax breaks that businesses can take advantage of when offering healthcare benefits. The most common is the business deduction for premiums paid on behalf of employees. Companies can also deduct certain medical expenses, including premiums for qualified long-term care insurance policies and payments to health savings accounts (HSAs). In addition, self-employed individuals can claim an income tax deduction for contributions to HSAs.

Businesses choosing healthcare benefits is an important decision that can impact the company in many ways. Overall, it’s important to research all available options and choose the best benefits for the company and its employees.

By Manali