Each year the cost of offering health insurance benefits to your staff seems to increase, which means each year more and more business owners and HR professionals are faced with the dilemma of finding clever ways to keep premiums manageable; all without compromising the quality of health benefits provided to their staff. The staff needs medical benefits, the company needs to stay profitable… so what’s an employer to do?
If you’re in the process of renewing your company’s group health benefits, here are a few things to be mindful of as you make your preparations.
Employee Health Insurance Benchmark Assessments
A group plan benchmark assessment should be done prior to automatically (or verbally) renewing your existing plan. In short, it will tell you where your company’s benefits stand compared to others in your industry and rating area. You’ll know where you’re overpaying, under-covering, as well as other considerations to help determine which plan best suits your group’s needs.
Explore New Plans & Options
Some of the industry’s top carriers announced new group plans in 2018, several of which offer comprehensive benefits at significantly reduced rates. These include combination plans, group HRA and a variety of others. Exploring them in detail with a qualified agent may be able to help you lower your monthly and annual health insurance expenses.
Work with an Agent Specializing in Groups
Many agents dabble in everything from auto to health, though not all of them focus their efforts on group plans. As a result, agents specializing in individual plans gets thrown into the fire and often find themselves learning as they go along. Choose an agent with a proven track record of group plan success and they’ll be happy to walk you through each step of the renewal process.
Consider HRA and Partially-funded Plans
Of all the ways to reduce group health plan premiums, few are as popular and partially self-funded plans. HRA’s, or health reimbursement accounts, are a favorite among many businesses, as they allow you to pay only for those employees who are using their insurance. And when you understand that roughly 80 percent of all claims come from about 20 percent of the average staff, the potential savings begin to make sense.
Have Your Group Health Plan Reviewed for Free by a Local Expert
To learn more about how to keep your company’s employee health insurance premiums under control, or to schedule a time to meet with an agent who specializes in group plans, Premier can help. We’re an independent agency located in Lisle IL, and there are no fees for any of our group services.
Call Premier today for a no-obligation review of your existing group plan, and learn more about why so many other local businesses continue to trust in our integrity, honest and professionalism. We can be reached by phone at 800-369-0287 or by e-mail through our secure contact page.