How To Get Affordable Group Health Insurance

Affordable group health insurance will allow you to contract with an insurance company to provide your employees excellent coverage without burning a whole in your profits. Group health insurance is not required by state law, but it will increase your employee retention rate. To get affordable group health insurance, take into account the needs of your company and your employees.

Consult with an Insurance Agent
An insurance agent is specialized in determining which plans work best for an individual or group. It is common for agent fees to be built in to the cost of your group health insurance. An insurance agent will provide advice based on the size and needs of your company. For example, if you have 6 employees, you will have different needs than a company with 400 employees. Certain insurance companies provide more affordable group health insurance plans for small companies. An insurance agent will have a relationship with those companies. This relationship allows them to find you the most customized plan available. You should seek an insurance agent with a specialty in employee benefits insurance for the best results.

Pick the Benefits You Will Provide
You have a choice about which types of benefits you provide your employees. Some states regulate benefits for accidental death and dismemberment and require they be provided. Check your state regulations to determine what is required. Benefits are part of the total compensation package that you will provide. By giving more benefits, you may choose to lower the average pay you provide.

Determine Which Portion You Will Pay
You do not have to pay 100% of the cost for your affordable group health insurance. It is common for employers to pay about 50% of the contribution and require employees contribute the other 50%. Some employers also do not provide benefits until an employee has been with the company for a set period of time, usually three months. This protects you from paying insurance for employees who are not with the company for very long. If you set reasonable limits to what you will contribute and when, you will pay less over time.

Educate Your Employees
Providing benefits to your employees is an extension of goodwill. Your employees should know what you are giving them each month. They should also know how to responsibly manage costs on their end. You can give your employees tools to reduce the number and size of claims. Strategies may include access to a nurse hot-line, first aid in the office or employer-paid wellness checks.


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