Businesses, especially those with fewer than 5 employees, are really bearing the brunt of the rate increases. However, there are still options out there to save you and your employee’s money.
Carriers are constantly revising their portfolios to meet your needs. For example, Anthem Blue Cross expanded its portfolio to include four new HMO options.
Other ways to save on your Group Health Coverage may be to consider adding on the Section 125 Premium Only Plan. This allows employees to pay certain medical expenses (i.e. their portion of the premium) before taxes are deducted from your paycheck. This increases the employee’s take home pay, and reduces Employer taxes.
Carriers are also offering programs to rival their competitors. For example, small businesses with a lower “Risk Adjustment Factor” may qualify for substantial rate reductions by changing to another carrier. Sometimes even just adding dental and life plans to your current group coverage can also aid in reducing your overall premium.
Please call us today to discuss your current group coverage and ways we can help you to save!
Tags: group health
