Employer-sponsored health insurance is becoming scarcer and more expensive .Premiums for group health insurance plans have increased by double digits over the past three years - and the smallest companies have had to shoulder the biggest increases. Even worse, it’s likely that this trend will continue for the foreseeable future.
As a business owner, you know that medical coverage can be vital to employee morale. What’s more, the ability to provide a group health insurance plan gives your company an important competitive advantage. But as rates continue to skyrocket, how do you go about finding a good plan that won’t wreck your budget?
The good news is that the right plan for your company is out there, and you can find it if you’re willing to shop around. But that’s the key phrase-shop around. Get a number of quotes and compare them until you come up with a group health insurance plan that provides a reasonable balance between premium cost and health benefits.
When you’re ready to purchase coverage, complete and submit applications to several top insurance brokers. A licensed agent in your area will contact you about your coverage options. That agent makes sure you receive the best quotes and helps you to determine your insurance purchase.
Premiums for job-based health insurance rose 9.2 percent on average nationwide in 2005, about three times the general rate of inflation, according to the annual health coverage survey of the Kaiser Family Foundation and Health Research & Educational Trust. Nonetheless, that increase marked the first year since 2000 in which the increase was less than 10 percent Meanwhile, the percentage of businesses offering health benefits to employees dropped to 60 percent in 2005, down from 69 percent in 2000.
Keep in mind that there are now insurance brokers that are in business to specifically serve the owners of small business enterprises. These specially trained and experienced insurance brokers can be a godsend to you if you are trying to work through the insurance needs of your own small business enterprise.
In order to find a broker for your small business enterprise, you will want to obtain references. Visit with other small business owners to see who they have utilized when it comes to an insurance broker. If you can identify an insurance broker who has served his or her clients well in the past, you can likely expect good service for your own small business enterprise as well.
So if you are one of the businesses that still offers employee insurance it is imperative that you find the very best insurance product available for your needs at the least cost to you.
