The costs associated with health insurance plans are dependent on many things. It’s always wise to know what these factors are before you begin searching for the most affordable and flexible plan. An insurance broker is a great help and will have no problem explaining anything you want to know about health insurance plans.
Perhaps the first thing to know is the difference between individual and group health insurance plans. An individual plan is a type of health policy that employees can purchase for themselves and their families. This means that the individual sought out their own insurance plan outside of their employment. A group health plan is one that is purchased by a business for their employees. The health insurance is also available to the employee’s dependents. The business owner will choose the group health insurance plan they want to offer their employees. The premium is split between the employer and employee.
Individual health insurance is a lot less expensive than group health insurance plans. In fact, they’re about 50% less.
There are a lot of things that an insurance company must consider when calculating the costs of their group plans. State and local laws must also be minded when determining premiums and rates. Compliance with the ACA and other laws will qualify your business for tax breaks and other perks.
Aside from local, state and federal laws, there are other things that affect the costs of health insurance. For an employee or individual seeking health insurance, some of these factors include:
Older individuals will pay more than young persons, while smoker will pay more than non-smokers. These are just two examples of how these things affect the cost of insurance.
By going through an insurance broker for health insurance plans, a business owner will have a lot less responsibility. An experienced and licensed broker will compare plans and costs while also modifying individual and group health plans to meet the needs of their clients. They are also able to get cheaper rates by using their negotiating skills.
We’re ready to help! Call today: 800-903-6066