Small Business Health Insurance
Obtaining small group health insurance coverage for business owners can be difficult and time consuming. Most companies choose to work with an insurance broker to simplify the process. It is important, however, to work with an independent broker (or agency) who is licensed with several insurance carriers. A knowledgeable broker will allow the business owner to compare several plans from competing companies. Using an independent representative also allows for easy transitions should the company need to change carriers in the future.
Claims Experience will Increase Rates
One major claim against a group health insurance policy can cause a significant monthly or yearly rate increase to the business owner. At this point, the administrator might consider changing plans to a competing carrier in order to reduce premiums. In many cases, a new health plan will allow for similar coverage at a lower rate while not sacrificing benefits.
Additionally, recent legislation passed by Congress allows business groups to purchase high deductible health insurance coupled with a health savings account. These plans are also known as HSA's. Qualified health savings accounts (coupled with high deductible insurance) are usually less expensive and will also provide tax advantage for the insured and/or the business purchasing the coverage.
Maintain Key Employees with Favorable Benefit Packages
Offering an attractive a benefits package is an integral part of any successful business plan. Owners need competitive benefits to maintain key employees and to attract new hires as operations expand. Business owners, however, also need to balance their health, life, dental and vision benefits with the costs associated with such plans. Gaining access to several competing insurance illustrations can make this possible for an employer group.
In summary, maintaining necessary benefits while keeping benefit packages affordable is a balancing act for most companies. An experienced agency or independent broker can help to make this process a comfortable one for the business owner.
Contact us to receive an Ohio small business or group health insurance quote
A.M. Hyers has been working in the insurance and investment industry for over ten years. He owns and operates Hyers and Associates, Inc. an independent insurance agency doing business in Georgia, Illinois, Indiana, Missouri, and Ohio.
His agency offers insurance products in the individual, family, and small business group marketplace. They use the leading national insurance carriers to quote health insurance, health savings accounts, dental, and vision plans.
Other lines of insurance offered include life insurance, disability insurance, and long term care insurance. They use several carriers to quote Medicare supplement plans and Medicare Part D coverage for seniors. Additionally, the independent agents of Hyers and Associates Inc. offer fixed, indexed, and immediate annuity policies for individual and group retirement plans.
Insurance quotes in Georgia, Illinois, Indiana, Missouri, and Ohio
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