How to Save When Shopping for Group Health Insurance

Friday, April 5, 2024 17:21 Posted by Admin

If there’s one thing we can all agree on about health insurance is that it is expensive. Reports show that employers pay about 83% of health insurance coverage for individual plans. But, offering health benefits to your workers can come with a lot of perks, such as increased employee loyalty and retention, increased job satisfaction, as well as happier and healthier employees.

So, is it possible to offer health insurance without stretching your budget to the maximum? Here are some tips for saving money when shopping for large group health insurance.

Shop Around and Consider Different Health Plans and Types

And when we say that, we don’t mean that you should look for the cheapest plan. A low premium plan may cost less, but it may also limit your network access and affect the quality of health care your employees can get. That’s why it’s a good idea to consider not only the price tag but the benefits the plan will provide too.

In addition to checking different health insurers, you should also examine various health plan types and see which one fits your company best. For example, if you are a local, small business, then an EPO (Exclusive Provider Organization) may make more sense for you as it offers a local network of doctors and hospitals you can choose from.

Consider Offering an HSA-Compatible Plan

Firstly, we need to make one thing clear. An HSA (Health Savings Account) is not a health insurance plan, but a tax-deductible savings account that can be paired with an HDHP (high-deductible health plan.) An HSA can offer numerous financial benefits to your employees as the money can be used at any time. Moreover, the money accumulates in the savings account regardless of whether the employee changes jobs or remains with the same company for years to come.

HSA-compatible plans also provide significant benefits for employers too as they have lower monthly premiums.

Offer a Variety of Options to Your Employees

Different employees have different health needs and the plans you offer should reflect that. Think about it this way: if you offer the same plan to healthy employees who don’t go to the doctor as often as well as the ones who have chronic or ongoing medical problems, then you are paying for coverage that the first group isn’t really using.

Individualized plans that take into account your employees’ health and needs can cost you less in the long term.

Focus on Preventive Care

Prevention is often the best medicine and is also true in the case of health insurance premiums. One report found that some companies saved as much as $4 for every dollar invested in preventive health care.

What is preventive care exactly? For example, making sure that your employees get their annual flu shots, go to cancer screenings, and so on, can encourage them to stay healthy, thus keeping your premiums under control.

Work with a Health Insurance Broker

Navigating the numerous health insurance plans and types can be confusing and overwhelming, to say the least. A broker can help you better understand each option and choose a plan that fits your company’s budget and your employees’ needs.

How Taylor Benefits Can Help

With over 35 years of experience in the trade, we here at Taylor Benefits Insurance Agency know the ins and outs of the healthcare insurance segment for businesses. Due to our extensive experience, we have access to virtually every competitive carrier in the market and can help you shop around and find the right group health insurance plan for your business.

But, our job doesn’t stop just at helping you find a good plan. We can also keep your company up to date with compliance issues and new regulations.

If you are looking to purchase or change your group health insurance plan and are not sure where to start, then you should get in touch with Taylor Benefits Insurance Agency. Call us now at 800-903-6066 or go to our website and fill out the online form to get a free proposal.

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.

We’re ready to help! Call today: 800-903-6066