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Health insurance premiums will rise year over year for most Ohio businesses. In some cases, rate increases will be well above 10%. Fortunately for business owners, the group health insurance market is a competitive industry.

There are several insurance companies willing to undercut their competitors in order to enroll new clients. A business entity, depending on its size, might save thousands of dollars by changing carriers.

Compare Multiple Group Health Insurance Plans and Prices

In most cases, the group coordinator only needs to request multiple quotes from a licensed agency. The agency (us) will need detailed information about the group such as the number of participants, gender, age, and health history. With this information, the insurance carriers can establish a risk factor for the group. Once the carrier is satisfied they have a good understanding of the plan participants, they are able to provide an accurate quote.

There are several major players in the group health insurance market in Ohio – including Aetna, Anthem Blue Cross & Blue Shield, Assurant Health, Humana, Medical Mutual of Ohio, United Health Care, and others. It is surprising to see the differences in premiums from one company to the next. Depending on group size, location and previous claims experience – one insurance carrier might be much more competitively priced than another. The easiest way for a business owner to lower their premiums is to simply shop their plan around.

Group Health Savings Account Qualified Plans

Often times groups might change to a different health plan altogether. Recently, health savings accounts (HSAs) have become a popular alternative to traditional coverage. HSAs can shift more of the responsibility to the insured, thus reducing the employer’s cost. The business owner might choose to mitigate a perceived reduction in coverage by contributing tax deferred dollars to the employee’s health savings account. Factoring in the employer contribution, HSA group health insurance plans are still less expensive than their more comprehensive counterparts.

In summary, it is wise for business owners to request new quotes on their group plans every year or two. By working with an independent agency like Hyers and Associates, groups can compare several plans and usually achieve significant savings by changing carriers or negotiating with their present insurance provider.

Contact us today to learn more about how we can help your business reduce your group premiums.

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Category: Group Health Insurance