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Saving On Your Group Health Insurance Premiums

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This most recent downward economic spiral is negatively impacting the bottom line for many corporations.  Companies both large and small are laying off employees at record levels in order to maintain profitability.  Many businesses are simply looking for immediate ways to lower costs.  A simple, yet effective solution is to purchase less expensive group health insurance coverage.

Changing health insurance plans or switching group carriers does not necessarily mean less coverage for the business and its employees.  Many carriers are willing to negotiate monthly premiums to maintain a valued client or to procure a new one.  An important piece of the transaction is the insurance agent or agency.

Independent Group Health Insurance Agents and Agencies

An independent agent can be a valuable asset to any business owner. Experienced agents will be licensed with several carriers and can “shop” the coverage with several reputable carriers such as Anthem Blue Cross & Blue Shield, Aetna, Assurant Health, Humana, Medical Mutual, United Healthcare and others.

Independent agents might also have a direct line to the underwriter working at the preferred insurance company.  By opening up a dialogue with those who determine price, negotiations can take place in order to reduce the group risk factor. Less risk and lower premiums will save the business owner valuable dollars.

For the business owner, it is worth knowing that agents are not usually paid a commission based on the amount of premium they bring to the health carrier.  Rather, most are compensate based on the number of insured employees in the group.  In this way, an agent will work hard to negotiate a lower rate for new and old clients alike.  When rate increases occur, the agent can price the group policy with new carriers and maintain their book of business.

HSA, FSA, HRA and Self Insurance Group Health Insurance Plans

Knowledgeable agents can also recommend a suitable plan for a new business or for a company looking to change coverage plans. HSA and HRA qualified plans are innovative options in the employer market worth exploring. Typically health savings account qualified plans will have a higher deductible, but much lower premiums. Employers can make contributions to the employees health savings account which will help offset a change in deductible. Employees can use the accumulated funds for routine medical expenses as well as meeting the deductible. Additionally, contributions to an HSA provide tax advantages to the company and the insured.

In summary, there are many benefit options available in the group health insurance market.  Independent agents and group health insurance agencies like ours working through several carriers can be a valuable asset to your corporation.  Negotiating with the preferred carrier and implementing innovative products can lower monthly premiums significantly for the business owner.

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Category: Group Health Insurance