Time Saving Lessons for Group Insurance

As a small business owner, you’re looking for the right kind of group health plan for your employees. You’ve waded through that insurance plan literature trying to balance premiums against deductibles and co-pays and make sense the limitations and exclusions.

You’re running a business, who has time for old-fashioned, legwork-based comparison shopping, numbers crunching and research? But you respect your employees and want to hold onto them, while staying attractive to potential ones. Now’s the time to cross insurance hunting off your “to do” list.

Four Time-Saving Easy Lessons to Finding the Right Insurance Plan

• Know Which Benefits Your Employees Need: You need a thorough understanding of your employees’ healthcare needs before you start to shop for a plan. Does your staff require frequent care or rarely need to see their doctors? Do they prefer preventive care and checkups or an “only in case of emergency” plan? What about prescription or maternity benefits?
• Comparison Shop Thoroughly: Find the best deal by asking for multiple quotes on multiple plans from multiple insurance carriers. Don’t want to call all the insurers in your neighborhood? Try a licensed agent online. A good insurance agent will discuss the pros and cons of a wide variety of carriers and plans, provide free quotes, and offer you personalized advice.
• Do Your Insurance Shopping Online: Being wired pays off when insurance shopping. You can obtain an assortment of group plan quotes before you ever have to call a broker. You’ll also find that the easiest way to contact an agent is via the Internet.
• Take Advantage of Every Available Tax Break: Employers that offer their employees health benefits get significant tax benefits. You may be able to deduct 100%- of any qualifying group health plan premiums. Look into benefits of the newly approved HRAs and HSAs (Health Reimbursement Arraignments and Health Savings Accounts). Both are tax-exempt savings accounts designed to pay for your employees medical expenses. Don’t forget to ask us for info on HSA-eligible plans.