- Providing world class service and value for employee benefit group plans since 1987
It is proven that providing low cost group health insurance is one of the best ways to attract and retain employees. A lot of a business’s success is due to its ability to create a professional and motivated work environment. If there is something every professional wants out of a job, it’s a way to care for the health and future of themselves and their families. Health insurance coverage is much cheaper for individuals when it is offered to them through their work. Both the employer and the employees split the monthly premiums.
Trying to calculate the costs of your desired group health insurance plan isn’t easy. Although a lot of providers will list their plans and premiums online, you can’t necessarily go be these rates, unless you find a plan that you have no interest in modifying. It is unusual for a business not to tailor the plan they buy to appease the needs of their employees.
Going through a licensed insurance broker is the one of the wisest ways to find cheap health insurance plans that will satisfy your employees. A broker with experience will have connections with the most dependable and affordable carriers around. Based on the information you provided them with as well as your business’s budget, they’ll go into their database to find what plans and carriers meet your expectations.
Insurance brokers have the ability to tailor plans to satisfy their clients. They are also capable of negotiating the costs and premiums associated with the plan chosen. They’ll do everything they can to stay under your business’s budget. A broker will also make sure that your plan is in constant compliance with the ACA and all local, state and federal laws. This will qualify your business for yearly tax breaks and other incentives.
The minimum number of employees required to qualify for a group health insurance plan usually starts at two or more, depending on the insurance carrier and state regulations. Some plans are designed for small businesses with just a few employees, while others are aimed at larger organizations. There is generally no strict maximum number of employees for a group plan. As your company grows, the plan can often accommodate more employees, and larger groups may even have access to additional plan options or lower rates due to the size of the group. It is important to check with your insurance provider to understand the specific eligibility requirements for your business.
Employers can consider higher deductible plans, wellness programs, or Health Reimbursement Arrangements (HRAs) to lower premiums while keeping meaningful benefits for employees.
Preventive services such as annual checkups, screenings, and wellness programs help identify health issues early. Early treatment often reduces expensive medical claims later. Encouraging preventive care can improve employee health while helping employers control long-term insurance expenses.
Businesses can lower group health insurance costs by choosing higher deductibles, encouraging preventive care, and offering tiered plan options so employees select coverage that fits their needs. Using in-network providers, reviewing plans annually, and improving employee wellness programs can also help control long-term premium increases.
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 just started working with Taylor Benefits and could not be happier. Todd gave us quite the education as well as some time saving tools to help us manage our HR and save money too. We are looking forward to a long relationship!”
-Carol, Accounting Manager, recruitment marketing company, Campbell, CA
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