Business owners know all too well how expensive it can be, to provide employees with reliable, affordable health insurance in Chicago. For as long as there has been employee benefits, those who offer it to their employees have been looking for ways to reduce their monthly health care premiums. Traditional methods involve looking for ways to eliminate unnecessary benefits and services, while focusing more intently on what each member of the group genuinely needs. Recently, however, a trend has been emerging; a trend that has the potential to save small business owners thousands of dollars annually on their group health plans.
Keeping Employee Health Insurance Premiums Affordable
One of the most common complaints among Chicago business owners and HR executives is, unfailingly, the ever-increasing cost of employee medical benefits. Not only have they continued to increase in price over the years, they seem to get more complicated and difficult to understand as time passes. So much so, that many would rather pay more money, than spend the necessary time looking for a more suitable and affordable healthcare options. This can have a demoralizing effect on companies who are just starting out, as well as those who have been significantly affected by inflation, regulation and highly-competitive markets.
Benefits of Individualized Group Plans
To help offset the rising cost of Illinois health insurance, many Chicago businesses are turning to a new tactic: individual policies. Instead of purchasing a traditional group plan which provides benefits to all employees, many companies are opting towards individual accounts for each of their employees. Under a group plan, employees usually have the option to choose between an HMO and PPO plan, with limited options regarding deductibles, out-of-pocket expenses, copayment and other factors.
Reduced Premiums, Increased Flexibility
In addition to the significant cost savings this offers, it also allows the employee to select a plan that is more in line with their personal healthcare needs. Allowing employees to choose from a wide selection of plans allows greater freedom over their health insurance needs, while reducing the premiums and contributions paid by both employee and employer.
At Premier, we understand the frustration that many businesses face, when it comes to employee health benefits. You want to offer your staff the coverage they need, while not allowing premiums to demolish your profitability. The good news is that there are options; many options, actually. If you suspect that your company is paying too much for its group benefits plan, you just might be. Let us help you put the issue to rest for good or ill.
How Much are You Overpaying for Group Benefits?
Contact our Chicago health insurance office today, for a free group plan review. We can help you better understand your current policy, while offering suggestions on how to lower your premiums, while still providing your staff with the benefits they need to thrive.
To schedule your complimentary group plan review, please e-mail us or call 800-369-0287.