With Health Reform, there have been price increases for all of us, whether you have Small Business Health Insurance or a complete Employee Benefits for your business. The price increases have come about mostly because of the increased mandates put on insurance companies and compliance issues that all business have to adhere to now. All business health plans have to have what they call “essential benefits” embedded into each plan, no matter what carrier. There are still strategies for companies that have employees paying too much for their Health Insurance or Business Health Insurance. The strategy involves helping employees “insure their deductibles” with other quality insurance products.
Helping employees with strategies for their Group Health Plans with the company
Most of us don’t have thousands of dollars lying around to pay for medical bills. When an employee of a company that has a Group Health Plan or Employee Benefits, they typically have a deductible that has to be satisfied before certain medical services are available. That deductible could be several thousands of dollars. One way to help strategize that is to help employees “insure their deductible” when they have Business Health Plans with their company. Certain insurance products will pay for most, if not all, of the deductible when you go into the hospital or have an accident. The products are to help companies that offer Employee Benefits to their employees and are looking for other non traditional ways to cover costs
Reducing Health Insurance costs for businesses that offer Employee Benefits to employees
When a company offers Health Insurance to their employees, they are helping them pay for the Employee Benefits as a way to incentivize potential employees and retention of current employees. With Health Reform and the constant yearly increases of premiums, some companies have either dropped coverage or passed the increased cost to employees. There is a better way. Many companies have found ways to strategize the increases by moving to a plan with a higher deductible and then helping employees “insure” their deductible. At Brauer Insurance, I use the strategy with my own employees. We have a “supplement plan” that covers most of the deductible if we end up going into the hospital or having an accident. Brauer Insurance is the leader of unique ways of reducing costs and helping companies that offer Group Health Plans, the ability to continue to afford them for their people.