Three Ways to Minimize the Soaring Expense of Group Health Insurance Benefits
According to the experts, the economy is starting to bottom out and a turn around is expected by 2011. You want to offer your employees good health insurance benefits but you need to do a plan check up and keep your benefits costs within a budget. Here are three tips to help you save money on your group health insurance plans for your business.
1. Are all of your plans up to date?
Have you adjusted copays and deductibles to reflect inflation and the competitive marketplace? If not, you're probably taking on a greater share of employee health expenses with each passing year. Adjust your copays accordingly, most plans now offer $30 and $40 copay plans. Ask your agent what other business owners are currently offerring their employees.
2. Are you offering a plan with not enough providers?
The more doctors in your provider network the better in network coverage for you and your employees that more cost savings. Doctors and Hospitals in networks have negotiated lower rates that they may charge and will be reimbursed up to that limit. There are many networks available and some insurance companies have several networks to choose from. If your doctors change networks ( most likely they are not getting their bills reimbursed ), that may be a clue to change insurance companies for your group.
3. What do your employees think?
Schedule a focus group or survey so employees can give their input on the strengths and shortcomings of their current coverage. The results may surprise you and give you the go green light to increase deductibles, copays or drop coverage that nobody uses. This is task is easy and gives you a great idea of what your employees expect in coverage and how they are currently utilizing the plan. You may be currently offering a PPO plan only, see if your employees would like an HMO option or an HSA option. Most insurance companies will let you offer up to three different plan designs for your employees.
Don't wait until your scheduled renewal time to try and save money, do it now and start saving money next month.
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