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
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
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.