Employers, Money-Saving Tips for Group Health Offerings
Posted on: March 23, 2016 by elite
In order to be aligned with ACA regulations, employers are obligated to offer health insurance to their employees. While this may be difficult for some smaller companies, the direct correlation between offering comprehensive benefits and employee retention are staggering. In order to save money on your Miami FL Group Health Insurance, consider the following advice.
Choose a high deductible.
A higher deductible means a lower monthly premium for your business. Since you’re paying for insurance for everyone, the costs can get pretty steep. According to TMA, your employees would pay the out of pocket expenses for doctor visits until the deductible for each person is met. This is especially favorable for individuals that are in relatively good health and don’t visit their doctor’s office much.
Give employees some options.
While the deductible may be high, you can offer multiple insurance plans for your employees to choose from. Choose a few different plans with the same carrier to give some options for high and low deductibles to all of your employees. This way, your company won’t break the bank and your employees will have some variety to keep them satisfied, as well.
Enroll in a Health Savings Account (HSA).
These are used with high deductible insurance plans and are owned by the employees. Both the employee and the employer can make contributions to these accounts to help with the insurance costs and the funds are not subjected to federal taxes. Bear in mind, that the only way an individual can be eligible for an HSA is they are enrolled in a high deductible plan, not eligible for Medicare and aren’t insured by any other plans, says the article.
At iSure Brokers, we specialize in group health insurance plans. We will evaluate your risks and needs and provide a tailored solution that best fits your practice’s exposures. For more information about our products, contact our experts today at (305) 223-2544.