With hundreds of options to to choose from with all the various carriers, how do you know what group insurance policy is right for you and your company? We can help! The professionals at Southern Insurance Group have provided quality group health insurance for our clients by showing unique innovative ways to structure your health coverage at affordable prices for both the employer and employee.
Here are some helpful tips in structuring your group coverage. Most insurance carriers will allow you to offer several plans to your employees. E.g. tier one, two and three as far as benefits and costs. You should select several plans for your company as you most likely have different needs among the group. We recommend that you set up a tier one base plan as well as one to two other plans with richer or better benefits. By doing this, you as the employer will only need to pay 50% for the lowest cost tier. If your employees want to upgrade to a better plan, they pay the difference at their expense. By doing this it keeps the employer’s cost at a minimum.
Another tip is concerning your employees. It seems like a mortgage payment for them to insure their spouse and kids under the group plan. Why not consider insuring their dependents on an individual plan and save 40-50% on their premiums? I find it amazing that most people don’t realize that you can do this. Let me add that this option is only available for the dependents and the individual policy is subject to medical underwriting.
These tips and much more are what you’ll expect when you contact our agents at Southern Insurance Group. We represent all the major carriers and have a 24 hour turnaround on quote requests. We look forward to serving you and your company.
With the changes taking place in our health care system and the volume of people uninsured due to financial reasons or just choosing to go without coverage, insurance premiums are going to continue to increase.
There are some things that you can do to reduce your premiums. The first is to shop your insurance policy yearly. Companies are constantly coming out with new products so what you have now may not be the best product that is out there. We at Southern Insurance Group are independent agents so we can quote your insurance policies through all the major players in the insurance marketplace.
Another thing I recommend to my clients is to take dependents off the group health and insure them individually on a non-group policy. A non-group policy is typically 40% less than the group side. Yes, it is a misnomer that group insurance is cheaper than non-group insurance. At least it has been this way for the past 24 years that I have been selling insurance.
My recommendation on how to structure a group plan is to have a base plan that the company pays 50% for that plan. But also consider one or two upgraded plans that can be offered to the employees if they need richer benefits due to health issues. If the employee upgrades to the richer plan they pay the difference out of their pocket. This way you as the employer can keep your cost constant.
Benefits being offered to your employees are one of the major reasons employees stay at their job. In addition, it may be the difference between you landing the best employee for you company.
Are you paying too much for your group health insurance? You might be.
If so, is this the time to be doing that? What if you could offer your employees the same or better coverage for less money?
Or what if you didn't offer health insurance to your employees at all? After all, there is no law that says you have to provide it.
However, if you paid your best employee the same as a competitor but the competitor offered health insurance, would your employee leave? Probably. If not right away, he or she would be looking, which would be very disruptive for your business. As you know, many good workers take jobs just for the health insurance.
So, you do want to offer health insurance to your employees.
But with the way the economy is, it might be time to reassess your provider. Are you receiving the best for your employees and your business? The group health insurance professionals at Southern Insurance Group will procure several plans for you. From deductibles to the physician network to coverage offered, we will help you sort out the programs that work best for your situation.
But with the way the economy is, it might be time to reassess your provider. Are you receiving the best for your employees and your business? The group health insurance professionals at Southern Insurance Group will procure several plans for you. From deductibles to the physician network to coverage's offered, we will help you sort out the programs that work best for your situation.