Group Health Insurance Plans: Effective Ways to Cut Costs

Group Health Insurance Plans: Effective Ways to Cut Costs

Jul 21, 2022


Group Health Insurance Plans: Effective Ways to Cut Costs

Offering a competitive insurance plan is easy to attract better talent to your business. However, this also means larger premiums. This blog will help you learn how to lower your company's group health insurance plan costs while still maintaining its competitive edge.

Here are seven effective ways to reduce the cost of group health insurance plans:

  1. Emphasize Preventative Care

    Preventive care is not only cost-effective but also essential to maintaining good health and reducing costs in the long run. If employees feel well cared for, they will be more productive at work and less likely to get sick or injured on the job.

  2. Implementing Co-Payments

    Co-payment is a cost-sharing strategy that describes how healthcare costs are split between you and your employees. In other words, you can provide comprehensive health plans to your employees while not bearing the entire cost.

    When your employees claim the corporate health insurance plan, you as the employer will pay a fixed charge at the time of service, with the employee covering the remaining cost.

  3. Hire Young Employees

    The younger an employee is, the less likely they are to have major health issues. That is why intelligent organizations hire more than experienced professionals. They also employ young, healthy people who use health care services less frequently.

    The healthier your workforce, the fewer claims your firm will have to file. As a result, your insurance premiums will be lower.

  4. Compare Insurance Companies

    Each provider offers a unique package because insurance plans fluctuate considerably. That's why you should shop around before deciding on an insurer. However, consider that lower premiums may compel you to forego more extensive coverage.

  5. Selecting Affordable Healthcare Centers

    As a business, you should deal with hospitals that you know will provide the most acceptable treatment for your employee at an affordable rate. Choosing in-network medical professionals saves money since insurance companies negotiate reduced rates with in-network providers.

  6. Employee Telehealth Services

    Another way to save costs is to use telehealth services or 'virtual healthcare' platforms on mobile devices, which provide employees with direct access to medical specialists.

    Your employees can get medical treatment and advice without visiting a clinic, saving time and money.

  7. Exclude Dental and Vision Coverage

    Reducing coverage is one of the simplest methods to keep your business's insurance prices low. However, this may not sit well with employees accustomed to typical insurance policies.

    Most employers no longer provide dental and vision insurance, so your employees might not be too shocked.

Solutions to Prefer:

There are numerous solutions available if you want to lower the healthcare expenses for your company. The best way to determine which choice is right for you depends on how much you want to spend on healthcare insurance and what kind of benefits you wish to offer.

This blog discusses effective methods to reduce your employee coverage costs. Do you need a low-cost group health insurance plan? Contact us at Bell Black Insurance to learn how you can save more money with one of our personalized insurance plans.