From the course: Risk Management and Insurance Planning: Designing for Client Needs
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Employer-provided health plans
From the course: Risk Management and Insurance Planning: Designing for Client Needs
Employer-provided health plans
Most people have health care from their employer. Employer-provided health plans, which are also known as group insurance health plans, provide coverage to a group of company employees. What we have discussed so far applies to group plans, with several distinct differences. With a group plan, the company usually contributes a portion of the insurance premium, and it is ultimately the company that purchases the health insurance plan. And as a result, when employees leave the company, they leave their benefits behind. Although group plans are less expensive, they may not be a good fit for everyone. Financial planners can help a client assess the pros and cons of their group plans and provide guidance if changes are needed. Now you can see how complex health insurance can be. A person needs to consider their monthly budget, the need for flexibility, the size of the provider network, the out-of-pocket costs, and the types and frequency of services anticipated. With such complexity, a…
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