Average Cost of Group Health Insurance

There is one thing that businesses can do to increase the interest of those seeking a job within the same industry. That is by offering a cheap yet comprehensive group health insurance plan. This also helps to increase the morale in the work environment and the longevity of your employees’ stay with your business.

While there are many advantages for businesses that offer group health insurance plans, some owners are afraid to purchase insurance and employee packages due to the cost. Fortunately, it isn’t hard to find affordable group health plans, especially if you go through a broker. They’ll work with you and act as the middleman between you and the best insurance carriers around. They’ll modify plans according to your employees’ needs and make sure they negotiate to get the cheapest premiums and rates.

According to the 2016 Employer Health Benefits Survey, the average premium for employee-sponsored group health insurance for family was $18,142 for the year. The employee average was $5,277. That is a slight 3% increase from the prior year.

What Affects the Cost of Group Health Insurance Plans?

There are several things that affect the cost of group health insurance plans. Local, state and federal laws even have an impression on the cost. The demographics of the employee, the location, and the carrier also affect your quote for insurance.

All health insurance plans fall under a “metal” category. These categories are bronze, silver, gold, platinum, and catastrophic. The bronze category is the cheapest while catastrophic is the most expensive. The catastrophic category isn’t used nearly as frequent as all other metal categories.

Hire an Insurance Broker for the Lowest Insurance Quotes

An experienced, licensed insurance broker is capable of finding the cheapest health insurance plans while still meeting your needs and appeasing the ACA and all other laws. Staying in compliance with the laws will help your business avoid penalties. It will also qualify your business for tax breaks and incentives. Not only will a broker do whatever they can to keep the cost of your group health insurance plan low, they’ll make sure it still appeals to all the needs of your employees. Hiring them is the easiest and quickest way to get what you want out of a group health insurance plan.