Compare Employer Health Insurance Plans

Start by comparing total annual cost rather than premium alone. Review the employer contribution, employee payroll deductions, deductibles, copays, out-of-pocket maximums, provider networks, prescription formularies, and expected claims risk. Employers should also compare funding structure, administrative workload, compliance responsibilities, and renewal stability. A broker can place competing options side by side and explain the financial and employee-experience trade-offs.

Employers should examine deductibles, coinsurance, copays, out-of-pocket maximums, network access, prescription coverage, and employee contribution levels. Also consider the plan’s funding method, stop-loss protection where applicable, administrative fees, wellness or care-management features, and renewal terms. A lower premium can shift more costs to employees or expose the employer to additional risk, so total cost and plan value should be reviewed together.

With a fully insured plan, the employer pays a set premium and the carrier assumes the claims risk. A level-funded plan uses fixed monthly payments but is a form of self-funding; funds cover claims, administration, and stop-loss protection. If claims are favorable, a surplus may be returned at year-end. Level funding can offer cost transparency, but suitability depends on workforce risk and plan design.

In a self-funded plan, the employer pays covered healthcare claims directly rather than transferring all risk to an insurer through a traditional premium. Employers typically purchase stop-loss coverage to limit exposure from large claims. Self-funding may reduce carrier overhead and state premium taxes while allowing more plan flexibility. It also requires careful claims funding, administration, reporting, and risk management.

Yes. Employers can generally appoint a new broker during the plan year through a Broker of Record letter without changing the existing health plan or waiting for renewal. This allows Franklin Benefits Group to conduct an in-depth market analysis, review your current arrangement, and obtain competitive quotes when appropriate. The process is designed to improve advisory support while preserving current coverage for employees.

A Health Reimbursement Arrangement can be paired with a high-deductible health plan to reimburse employees for eligible medical expenses, including all or part of the deductible. The employer owns the arrangement and establishes the reimbursement design. Unused funds may return to the employer, creating flexibility in how benefits dollars are allocated. Proper documentation and administration are important for compliance.

An Individual Coverage Health Reimbursement Arrangement lets employers reimburse employees for qualifying individual health insurance premiums and eligible expenses. Employers can set different reimbursement amounts for permitted employee classes, such as full-time, part-time, seasonal, salaried, or hourly workers. ICHRAs can be useful for organizations seeking a defined budget or serving varied workforces, but class rules and employee notices must be handled carefully.

Begin reviewing options several months before renewal whenever possible. That timeframe allows for data gathering, market analysis, carrier quoting, contribution modeling, compliance review, and clear employee communication. Starting early also gives leaders time to compare fully insured and alternative funding arrangements rather than accepting a renewal under pressure. Franklin Benefits Group provides ongoing guidance, not just last-minute renewal support.