Ask an Advisor: Choosing the Best Medical Plan for Your Diverse Workforce

Question: I have a diverse workforce. How can I offer medical plans that will fit everyone’s needs?

Answer: Many companies are facing a diversifying workforce. They will have pre-retirement empty nesters, 30-somethings growing their families, and young unattached employees who are just leaving their parents’ benefit plans.

All of these different cohorts utilize insurance in different ways and have different sensitivity to cost. When helping a group determine benefits to help meet everyone’s needs, I recommend starting by looking at these plan design options.

1. Dual Plan Options

Offer a dual option so employees can pick the plan that works best for them and their families. Traditional medical plans provide comprehensive coverage while offering the convenience of paying for many services, including prescription drugs, with affordable copays. Premiums are often higher, but the plan pays benefits earlier.

High Deductible Health Plans (HDHP) are consumer-driven plans which provide comprehensive coverage after meeting your deductible. Pair an HDHP with offering a Health Savings Account and employees can set aside pre-tax dollars to cover the cost of their medical care and prescriptions before they meet their deductible.

2. Multiple Network Options

Many carriers offer multiple network options. National networks provide the most comprehensive list of physicians, pharmacies, and facilities to seek care from but come with a higher price tag. Narrow networks offer the opportunity to save on premiums but they limit options for where to receive care at discounted network prices.

Employees can complete network provider searches to see if their doctors are part of one of these narrow networks or they can look for a provider already in the narrow network if the saving outweighs the desire to keep their current providers.