Cost of Group Health Insurance Coverage

Wednesday, March 13, 2024 03:16 Posted by Admin

The strongest concern for most businesses seeking employee group health insurance plans is the cost. Luckily, group health insurance coverage is kept affordable due to the ACA and local, state and federal laws. The monthly premiums for group health insurance are split between the employer and employee.

Cost of Group Health Insurance Coverage

There is no simple way to determine the cost of a group health plan before it is created and certain details have been taken into consideration. It’s good to be knowledgeable of the things that do affect the premiums and rates. Below are some of the things that help determine the cost of a group health insurance plan for an employee.

  • Age
  • Location
  • Whether they’re a smoker or non-smoker
  • What category their plan falls under.
  • The carrier they went through and the type of plan chosen

Why it’s Wise to go through an Insurance Broker for the Lowest Premiums and Rates

Some business owners go straight through an insurance provider. However, hiring a broker provides more advantages. A licensed insurance broker will already have relationships with leading insurance companies. Through networking, they’ll tailor a group health plan based on the needs you expressed as the business owner. They’ll also work with the carriers to get the cheapest possible rate.

Instead of taking time out of your own busy schedule to search for group health insurance coverage, let a broker do it. They’ll make sure they save you money wherever they can. They’ll even see that you earn yearly tax break for complying with all insurance laws. When you want the lowest possible premiums and the greatest coverage to offer your employees, call upon the assistance of a local insurance broker.

How Buying Health Insurance Plans Can Help Your Business

Buying group health insurance coverage will help your business thrive. It’ll attract professionals when you have a position to fill. It will also help you to retain employees which will save you money on the costs involved with the hiring and training process. Employees will also have the ability to seek immediate medical attention, making it less likely for them to call off work for prolonged periods of time due to illness. Overall, your business will see an increase of profit as time passes. There are so many advantages of group health insurance plans.

Written by Todd Taylor

Todd Taylor

Todd Taylor oversees most of the marketing and client administration for the agency with help of an incredible team. Todd is a seasoned benefits insurance broker with over 35 years of industry experience. As the Founder and CEO of Taylor Benefits Insurance Agency, Inc., he provides strategic consultations and high-quality support to ensure his clients’ competitive position in the market.

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