Prestizia Insurance Blog
Good health insurance shouldn’t break the bank. More often than not, health insurance becomes expensive when you take the wrong approach. If you have a small business where you cannot afford to splurge on health insurance, you’d want to find ways on how to avoid high renewal increases. While saving money is key, it’s also essential for you and your staff to have the best health insurance coverage today or the costs to your company could be even worse.
To help you out, here are some tips that you can follow to avoid health insurance renewal increases.
Take Advantage of the Renewal Time
The renewal time is the best time to evaluate your current health insurance and study how it affected you and the employees. Before signing to a new contract, talk to your current broker about better deal. Schedule an appointment with one of the insurance agent and make sure to ask all of the questions that you have.
Contribution Strategy Should Not be a BurdenThe traditional group health insurance may seem to be the only way to offer quality health benefits. Some companies consider it as a headache year after year—but, it is not. To control the annual cost, you may choose to pay a “defined contribution” to employees’ individual health insurance. This is an easier option instead of paying for premiums.
Maximize Technology In this technology driven age, there is an app or a cloud-based software that administer health benefits. Most of these applications are available for free download. All you have to do is to explore!
Plan Employee Benefits Accordingly
This is also a good time to review your company’s employee benefits. Start by checking if your employees are satisfied with their coverage. Based on your data, customize and provide health benefits based on bona-fide job criteria such as weekly hours worked, location, job role, and family status.
Provide a Defined Contribution
Provide a defined contribution instead of contribution to a group health insurance plan. If employees purchase individual health insurance, they have access to the tax subsidies, and are reimbursed by the business for the non-subsidized portion of their premium.
Simply Put, Comply
Your company may be short on budget, but don’t ignore employee health benefits. Aside from a bunch of disappointed employees, you will also compromise your company. A lawsuit from one of your employees can definitely affect your reputation and you can be seriously fined for non-compliance to federal rules and regulations.
The best health insurance for your employees may not necessarily be the most expensive one there is. Choose what is best for your company. Prestizia Insurance has its clients as their first priority with affordable rates and comprehensive policies. To learn more about how we can help you please contact our agency at (855) 436-6353 or Click Here to request a free quote.