Business Health Insurance Savings

This latest economic downward spiral negatively affects the bottom line for many corporations. Companies both large and small have been laying off workers at record levels in order to maintain profitability. Many companies are simply looking for immediate ways to cut costs. A simple but effective solution is to buy a cheaper group health insurance coverage.

Change in plans for health insurance or switch carriers, the group does not necessarily mean less coverage for the business and its employees. Many carriers are willing to negotiate monthly premiums to maintain the value of a client or get a new one. An important part of business is insurance agent or agency.

independent agents and agencies

an independent advocate can be a valuable tool for any business owner. Experienced agents will be licensed with several carriers and can "shop" coverage with several reputable carriers such as Anthem, Aetna, American Community, Assurant, Medical Mutual, TPAC, United Healthcare, and others.

Independent agents also have a direct line of insurers operating in the preferred insurance company. By opening a dialogue with those who determine the price, negotiations are taking place to reduce risk factors. Less risk and lower premiums will save the business owner valuable dollars.

For a business owner, it's worth knowing that the agents are usually paid a commission based on the amount of premium they bring to the health carrier. Instead, most are compensated based on the number of insured employees in the group. In this way, the agent will work hard to negotiate lower rates for new and old customers alike. When the rate increases occur, the agent can bid a group policy with the new carriers, and maintain their books of business.

HSA and HRA Plans

knowledgeable agents can also recommend a suitable plan for a new job, or for companies looking to change coverage plans. HRA and HSA Qualified plans are innovative features of the employer market is worth exploring. Typically, health savings account qualified plans will have a higher deductible, but much lower premiums. Employers can make contributions to employee health savings account to help offset the change in the deductible. Employees may use accumulated funds for routine medical expenses, as well as meeting the deductible. In addition, HSA contributions to provide tax benefits for companies and policyholders.

In short, there are many options available for the benefit of group health insurance market. Independent agents work through several carriers can be a valuable tool for corporations. Negotiation with preferred carriers and implementation of innovative products can reduce monthly premiums substantially for business owners.