June 27, 2022
One of the most frequently voiced concerns we hear from our group health insurance customers, is how substantially premiums have increased for employee health benefits. And they couldn’t be more right. Just when a business begins to get comfortable with their new premiums, find themselves shocked to learn that their renewal rates are exceedingly more costly than anticipated.
We could dedicate an entire article to why group healthcare premiums have seen such drastic increases over the past few years. But for now, let’s explore what today's small and medium-sized businesses can do to ensure that their premiums are in-line with their needs, budget and the level of benefits being provided.
Take Some Time to Better Understand Your Plan
If you own or manage a small business, spending hour upon hour dealing with employee health benefits is something that can quickly invade both your productivity and your profits. Still, it's essential to know exactly what you're paying for when it comes to your employee medical benefits. If you haven't taken the time to look closely at your existing healthcare plan, this would be an ideal time to get in touch with an agent who can help you understand where you could be doing better.
Don’t Automatically Renew without Exploring the Options
Blindly renewing your existing healthcare plan without first reviewing all of your options, is arguably one of the most effective ways to waste hard-earned money. There are new group plan options available to businesses each year, though not every agent will have the insight or integrity to disclose them to you. From individualized groups to innovative combination plans, knowing all of your options can realistically save considerable amounts of money, depending on the size of your business.
Work with an Agent Who Understands the Industry
We're constantly hearing stories about insurance agents who rarely, if ever, take time to discuss alternative options with their group clients. This is unfortunate, considering how drastically the process of offering your employees health and medical benefits has changed in the past decade. If your broker isn't actively addressing the needs of you and your staff, it's time to work with one who thoroughly understands the industry, new plan options from the major carriers, and the complexities of healthcare reform.
Free Group Health Plan Consultations in Chicago
Before automatically renewing an existing employee health insurance plan that you don’t fully understand, we invite you to get in touch with our office in Lisle, IL to schedule a free plan review and benchmark assessment. Our staff of licensed agents is vastly experience working with groups of all sizes, to ensure that you're in a plan that's affordable, versatile, and tailored around the evolving healthcare needs of your staff.
To learn more about how Premier can help reduce your company's group health premiums without sacrificing the quality of coverage you provide, call Premier today at 800-369-0287 or write to us through our secured contact page.