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Florida Small Business Group Health Insurance

Based on current Florida insurance laws, small groups (under 51 employees) are quoted within certain guidelines regardless of your prior claims history. That does not mean that they cannot "punish" you for a lot of claims. It only means that there are limits as to high much they can increase your premium over a group with no claims at all. No matter how you slice it, Florida group health insurance for small businesses is expensive and getting more so each year.

There are some things you can do to hold down the rate increases.

Use individual plans - Florida group insurance is guaranteed to issue. This means that you can call me up and tell me that you have twenty employees all waiting for liver transplants. I would still have to insure your group and cover everyone's medical expenses. You can imagine how thrilled the insurance companies are about this. That is why if you are not a large group, they really don't care if you take your business elsewhere. Also, you can see how much more expensive this insurance is going to be.

If you have a major preexisting condition such as diabetes, colitis, heart condition, etc., you have no choice but to obtain group coverage. However, if you and your group is relatively healthy, you could save thousands on individually underwritten policies. There are some limitations and inconveniences, but it is definitely worth exploring. We can usually tell you in minutes if this is an option for you.

Offer your employees two levels of coverage - With certain carriers and group sizes, we can offer a low cost plan along with a high cost plan. The employer can ask for a higher contribution for the more expensive coverage while still providing very adequate coverage to the bulk of the employees.

HSA and HRA plans - Today's Florida small business group health insurance plans do not take into consideration that most of your employees will not have significant claims. Actually, it is a rarity for someone to even meet their deductibles. Nevertheless, the insurance company looks at each employee as having the potential of generating millions of dollars in claims. Their rates reflect medical costs that your employees never incur. So why should you be paying for benefits you never or rarely use? The HSA (Health Savings Accounts) and HRA (Health Reimbursement Arrangements) coupled with supplemental benefits, permit the employer to shift their plans to lower cost, high deductible plans without decreasing employee benefits. The net effect is a savings in premium and greater stabilization of your premiums for years to come.

Low cost medical indemnity plans - in certain industries low-wage employees cost employers 25% or more of their salary in health insurance benefits alone. This is only a small part of the total burdened tax and benefit costs faced by an employer. Placing family members on the group plan becomes an absurd proposition when the worker is asked to pay a month's salary for family health insurance coverage.

Through the use of specially designed medical indemnity plans, we can cut the cost of health insurance in half. While these plans do have somewhat limited benefits, they provide important coverage for most medical expenses.

Please call us at 800-986-4786 for more information about these and other Florida small business group health insurance plans.