Mergers & Acquisitions Advisory

A Neumann & Associates, LLC

April 14, 2016

How to choose the right health care plan for employees

By Achim Neumann

Of all the benefits that businesses offer, none are as highly valued as a comprehensive health plan.  With health care costs in this country being burdensome to many, having a policy that fits the needs of its employees is an attractive recruiting tool for the best talent out there.

When choosing a health plan, take note of the following in order to choose the package that is right for the team, as well as the company’s financial health.

17307624302_5bcefdccf3_z
What are the business’ needs?

Before searching for a health insurance plan, executives should draw up a list of priorities that they are seeking from the best possible policy. Overall cost to the company and employees is an obvious consideration, as a top of the line health insurance plan will do a company and its people no good if it is out of range of the company’s budget, or if the burden that would have to be shouldered by the employee represents an unreasonable amount of their take-home pay.

Coverage is another aspect that should be paid attention to, as some policies mask their low overall cost with ridiculously inadequate coverage when it comes to things such as pre-existing conditions or catastrophic health events.

Once these issues have been addressed, evaluate the specific types of coverage that are desired by employees of the company. This can include things like dental, maternity leave, and mental health services, all of which are typically supplementary when it comes to most health plans.

Insurance brokers:  to use or not to use?

While securing health insurance for the company is an important task, the process of seeking out bids from providers can be a time-consuming process.

An insurance broker can help solve these problems, as these professionals take the legwork out of the equation by offering a suite of insurance plans, with prices and offerings laid out in an easy-to-understand manner.

However, businesses should take care to research their broker’s reputation, as some will charge significantly more for premiums than if the company were to seek out insurance providers on their own.

Properly vet a potential insurer before signing any deal

While there are many names in the insurance industry that are well known, some are more obscure, and hundreds of these companies have gone under in the past decade for their less than stellar business practices. As such, any insurance firm that the company is thinking of partnering with should be thoroughly investigated.

Start by looking up their evaluation in the top ratings books, which are maintained by agencies such as Standard & Poor’s;  if they check out, still pay rapt attention to every line of legalese that you find in an insurance agreement before signing on behalf of the business.

Read the fine print carefully, as provisions that restricts coverage for something as little as crossing state lines exist in many agreements. If you uncover inconsistencies, work with the insurer to have them struck down; if they resist, seek out a different provider for the company’s insurance needs.

About A Neumann & Associates, LLC

A Neumann & Associates, LLC is a professional mergers & acquisitions and business brokerage firm having assisted business owners and buyers in the business valuation and business transfer process through its affiliations for the past 30 years. With an A+ Better Business Bureau rating, the company has senior trusted professionals with a deep knowledge based in multiple field offices along the East Coast and has performed hundreds of business valuations in its history. The firm’s competitive transaction fees are based on successfully completing transactions. For more information, please contact A Neumann & Associates at 732-872-6777 or info@neumannassociates.com

Comments are closed.

Any questions? Please contact us at 732-872-6777
Call Now

Client Testimonials

“ I appreciate your diligent approach to screening buyers and sellers as well as the high quality CIM that you produce.”

Andrey O, Investor

“Finally enjoying retirement after recently selling my business using the services of A Neumann & Associates. Joe Oddo provided the conduit to a successful transaction. Joe knew when to inject input and when to simply listen and allow the buyers to vent, step back and regroup. The outcome met our expectations and got us to the finish line, which included my staying with the company six months in order for the buyers to get their footing and keep our workforce in the loop. He helped at every step by providing his expert guidance & resources. Thank you!”

Emily Parker Myers, Co-Owner - Myers McRae

“I had been in touch with Karin and Gary from A Neumann & Associates regarding some opportunities and was looking forward to meeting with them. Hence, when they organized a seminar in Princeton, NJ, I was quick to sign up. The seminar was very informative as the team walked the attendees through various scenarios and referenced real life buying/selling situations they had been through. The sessions by Gary, Karin and Achim were crisp and focused and brought clarity to potential seller and buyers. I strongly recommend the team and look forward to continue working with them.”

Gaurav Tyagi

“Thank you for your Event on "How to value, Sell, and Buy A Business for Maximum Profit" and the insight into ANA’s approach on what is involved in the Business Exit for sellers. Garys Hervieiou's "Business Valuation", Achim's "Deal structure" presentation and Karin’s "Preparing the Package" are real street knowledge shared. They answered attendees questions which makes it more interesting for learning from others. Great for small businesses like us. The presentations were totally worth our time and travel for the event to Princeton, NJ from Rockville MD. Ravi Bhutani, President, CIPS”

Ravi Bhutani

“Gary, this is to thank you for an excellent job done in selling our business. We could never have done it without your professional expertise, dedication and time put in without reservation to make it happen. We will gladly and highly recommend you to anybody in our position.  It was a pleasure to work with you.”

Pat Iammatteo, Owner

“Your vetting is simply outstanding, among the best I've seen from a broker.”

Eric H., Investor

“I recently contacted A. Neumann and Associates about getting a valuation of my business done. I spoke with Marc, who explained the process in detail. After meeting with Marc in order to get a clear understanding of my business, and what I was hoping to accomplish. His patience in answering all my questions and his knowledge of the proper way to market my business gave me great confidence that this is the firm I will be using to sell my business for max value. Working with Marc at A Neumann & Associates was very easy and professional. I did not know all that was going to be involved in selling my business but they helped me through the process. What I thought was going to be a just another one of those pushy sales companies was just the opposite. Polite, knowledgeable, and a pleasure to talk to and deal with. I highly recommend this firm to anybody who wants to sell now or down the road. Marc not only knows his stuff, but actually is a real nice guy.”

Double Diamond

“Used A Neumann & Associates to sale my business. could not imagine having done it with out the patience and experience Gary provided. Thanks Gary,”

Dennis Frazier

“Working with Marc and his company was a pleasure. What I thought was going to be a just another one of those pushy sales companies was just the opposite. Polite, knowledgeable, and a pleasure to talk to and deal with. Marc handled most of the interaction and he has one of the greatest demeanors. Again, it was a pleasure working with him and his firm.”

Douglas DiCeglio

“I recently completed an acquisition using A Neumann & Associates. Tony Valentino was very helpful and accessible during the entire process. They do a thorough job vetting both parties and got us to the finish line.”

Srini Mudambi
view all testimonials

Contact A Neumann & Associates, LLC

If you are considering selling your business, please contact us to learn more about our comprehensive service spectrum. Our experienced professionals will answer all your questions about selling a privately held business in complete confidentiality. Please fill out our contact form, or call us at 732-872-6777. We will contact you directly and will never identify ourselves to your employees.

call us now
Contact Us for a Free, Confidential Consultation

Experienced M&A Advisors available

Full Name
Email Address
Phone Number
Message