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Tips and resources for best prices on group health insurance

Getting a group health insurance price that is affordable can be an excellent way to save some money while at the same time giving some incentives to your staff that will ensure their retention. The rising cost of the ‘fee for checkups’ has made numerous households to struggle financially. This has brought the need for a health care insurance plan.

It is important for the employer to compare the health quotes of the different insurance companies before making a decision on the company to insure with. It is important for the insurer to also remember that the cheapest insurance is not necessarily the worst. Also the most expensive prices do not mean it’s the best. Therefore it would be important for the insurer to try and compare the quotes from the different companies. Where an employer decides to consult an expert on the best policy, it is important for him to talk to an insurance broker other than an agent. This is because a broker usually has health quotes from different companies unlike an agent who sells plans for a specific company.

Alternatively the employer can also look for information on various websites and brochures in order to be able to compare the health insurance prices. After comparing the prices on offer from the different insurance companies and also their service plan, it would be important for you to also have a look at the start date and the end date of the policy. Most of the insured are usually shocked when they come to realize later that the insurer the policy had stated that the insurer would only start covering them from the third installment. Therefore it would be important for you to be keen before making the correct decision.

In order to be able to lower your health insurance prices, it might be necessary for you to increase cost sharing amounts by your employees. This helps to reduce some unnecessary use of health services. You can also come up with a ‘flexible spending account” that allows your staff to pay for their premiums with pretax dollars. This ensures that the employees save up to 35 cents on the dollar since the income tax of the federal government and the taxes on the social security taxes are also not imposed. The employer also saves on the base salary which it pays other taxes such as the social security taxes.

The employer can also transfer the high risk employees to the state high risk pool and then negotiating for lower premiums on the lower risk pool. This is necessary as employees with diseases such as cancer can tend to significantly increase the premiums payable. If you have any other plan other than a HMO, it would be important for you to consider switching to it. This is because unlike the other health plans, it covers all the medical bills and also other services such as the routine medical care.

As an employer, however the most important thing would be to compare the various health plans available in different companies. You can be able to do this by entering your zip code above.